As the new year rings in, so too does the inevitable dance with deadlines, especially for businesses navigating the labyrinthine world of taxes. Fear not, tax warriors! This article breaks down the key tax deadlines for businesses in 2024, ensuring you stay compliant and avoid penalties.

First Quarter:

  • January 16 (moved from 15th due to holiday): Pay the final installment of your 2023 estimated taxes. Farmers and fishermen, this is also your estimated tax payment due date for 2023. Don’t miss it! If you skip it, you’ll need to file your 2023 return and pay all taxes due by March 1, 2024, to avoid the penalty.
  • January 31: Send out W-2 forms to your employees and file certain 1099 forms with the IRS. This includes Forms 1099-NEC for non-employee compensation and Forms 1099-MISC for certain types of payments. Make sure your employees and recipients have their documentation in time!
  • March 15: For partnerships, multi-member LLCs, and S corporations, this is your tax filing deadline for 2023. Remember, if you missed the estimated tax payment on January 16, you can still avoid penalties by filing and paying everything today.

Second Quarter:

  • April 15 (April 17 in Maine and Massachusetts): This is the big one! C-corporations, this is your tax filing deadline for 2023. Individuals and sole proprietors, you have until this date to file if you paid your 2023 estimated taxes on time.
  • April 15: This is also the estimated tax payment due date for the first quarter of 2024. Get those calculations done and make sure your payment is in on time.
  • June 16: Your second quarter estimated tax payment for 2024 is due. Stay on top of it!

Third and Fourth Quarters:

  • September 16: Extended deadline for filing partnership and S corporation returns from 2023. Take a breath, but don’t leave it to the last minute!
  • October 15: Extended deadline for filing C-corporation returns from 2023. Don’t procrastinate, get it done!
  • December 16 (C corporations) or January 15, 2025 (individuals): Your final estimated tax payment for 2024 is due. Make sure you’ve accurately estimated your income for the year to avoid a surprise at the end.

Pro Tip: This is just a snapshot of key deadlines. Depending on your specific business type and filing status, there may be additional deadlines that apply. Stay informed by regularly checking the IRS website or consulting with a tax professional.

Bonus Tip: Automate and file electronically whenever possible! Not only will you save time, but you’ll also minimize the risk of errors and missed deadlines.

Remember, staying informed and organized is key to navigating the world of business taxes. Mark these deadlines in your calendar, set reminders, and get your documents in order. With a little planning and preparation, you can conquer tax season like a pro!