As a business owner, it’s important to be aware of tax filing deadlines to avoid penalties and fees. However, keeping track of taxes can be complicated for businesses, especially for those who are new to the process.
That’s why we’ve included the most important dates to know below based on your business type. Learn more about each deadline below, and add any relevant business tax filing deadlines to your calendar.
Forms Need to File
Sole Proprietors and Single-Member LLCs: These entities report business income and expenses on Schedule C, which is filed with the personal tax return (Form 1040).
Partnerships and Multi-Member LLCs: These businesses file an informational return (Form 1065) and distribute K-1 statements to each partner or member, detailing their share of profit or loss.
S-Corporations: S-corps file their taxes using Form 1120S, providing shareholders with Schedule K-1 for personal tax reporting.
C-Corporations: C-corps file Form 1120. C-corps are taxed separately from their owners, potentially leading to double taxation on income and dividends.
Business Tax Filing Deadlines in 2024
January 31st: Deadline to send W-2 forms to employees, 1099-K, and 1099-NEC forms to non-employee contractors.
February 28th: Deadline for paper filings for 1099’s and 1099-DIV
March 15th: Deadline for partnerships, multi-member LLCs, and S-corps to file Form 1065 or Form 1120S, respectively. Partners and shareholders should receive K-1 forms by this date.
April 1st: This is the efiling deadline for most information returns such as 1097, 1098, 1099s – Excluding NEC, 3921, 3922, W-2G
April 15th: The primary deadline for filing individual tax returns (Form 1040), C-corporations (Form 1120), and the first quarterly estimated tax payment for the current year. This is also the deadline for filing an extension and it is the FBAR filing deadline, (FBAR has an automatic extension to October 15th)
September 16th: Final deadline for partnerships, multi-member LLCs, and S-corps that filed an extension by the March 15th deadline.
October 15th: Final deadline for sole proprietors, single-member LLCs, and C-corporations that filed an extension by the April 15th deadline.
December 31st: This is the Beneficial Ownership deadline for companies registered before January 1, 2024. If your company was started after January 1, 2024, then you have 30 days after you register to submit the report.
Small Business Payroll Tax Deadlines
Every organization with employees must also handle payroll tax filing and payments. You are required to file a payroll tax form with the IRS.
Those deadlines are:
• First Quarter, January – March: Filing Due March 31, 2024; Payment Due April 30, 2024
• Second Quarter, April – June: Filing Due June 30, 2024; Payment Due July 31, 2024
• Third Quarter, July – September: Filing Due Sept. 30, 2024; Payment Due October 31, 2024
• Fourth Quarter, October – December: Filing Due Dec. 31, 2024; Payment Due Jan. 31, 2025
Running a small business involves frequent contact with the IRS. From payroll taxes to estimated quarterlies, the tax deadlines for your small business are important to keep up with so that you don’t end up incurring penalties or fees.
Tips for Tax Planning
Good financial advice isn’t just for individuals. Financial advisors can also help you if you have a business and need better tax planning or management. Finding a financial advisor doesn’t have to be hard. If you’re ready to find an advisor who can help you achieve your financial goals.
Small businesses have their own set of credits, deductions, expenses, and more. Make sure that you claim everything that you’re entitled to, so you can keep those taxes as low as possible.
Reach Out for Help
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