Tax

2024 Tax Deadline Calendar

Posted on by Whittaker

As the new year rolls in, so does another tax season. For businesses, staying informed about each tax filing deadline and important dates is crucial to ensure compliance and avoid penalties. Whether you’re a seasoned entrepreneur or just starting out, understanding the tax calendar can help you plan and prepare effectively. In this guide, we’ll walk you through the key tax dates and deadlines for businesses in 2024. For the ease of understanding the deadlines we are going to put them into three categories.

Income Filing Deadlines

  • April 15, 2024: Individual Tax Filing Deadline and First Quarter Estimated Tax Payments Due
    • For most individuals, including sole proprietors and single-member LLCs, the deadline to file federal and state income tax returns falls on April 15th. Additionally, April 15th is the deadline to pay any remaining taxes owed for the previous year. It’s also the due date for first quarter estimated tax payments for the current tax year.
  • March 15, 2024: S Corporation and Partnership Tax Filing Deadline
    • March 15th marks the deadline for S corporations and partnerships to file their tax returns (Form 1120S for S corporations and Form 1065 for partnerships) or request an extension. It’s essential to organize your financial records and complete the necessary forms accurately to meet this deadline. If you need more time to file, you can request an automatic six-month extension using Form 7004.
  • October 15, 2024: Extended Tax Filing Deadline
    • If you filed for an extension for your business tax return (Forms 1120S or 1065), the extended deadline is October 15th. Keep in mind that an extension to file is not an extension to pay any taxes owed. Ensure that you estimate and pay any remaining taxes by the original due date to avoid penalties and interest.

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Estimated Tax Payment Deadlines

  • January 15, 2024: Fourth Quarter Estimated Tax Payments Due
    • For businesses that pay estimated taxes quarterly, the deadline for the fourth quarter payment falls on January 15th. This payment covers income earned from October 1st to December 31st of the previous year. It’s essential to calculate your estimated tax liability accurately to avoid underpayment penalties.
  • April 15, 2024: Individual Tax Filing Deadline and First Quarter Estimated Tax Payments Due
    • For most individuals, including sole proprietors and single-member LLCs, the deadline to file federal and state income tax returns falls on April 15th. Additionally, April 15th is the deadline to pay any remaining taxes owed for the previous year. It’s also the due date for first quarter estimated tax payments for the current tax year.
  • June 17, 2024: Second Quarter Estimated Tax Payments Due
    • If you pay estimated taxes quarterly, the deadline for the second quarter payment is June 17th. This payment covers income earned from April 1st to May 31st. Be sure to calculate your estimated tax liability accurately to avoid penalties for underpayment.
  • September 16, 2024: Third Quarter Estimated Tax Payments Due
    • The deadline for the third quarter estimated tax payment is September 16th. This payment covers income earned from June 1st to August 31st. As with previous estimated tax payments, it’s essential to calculate your liability accurately to avoid penalties.

Employer Reporting Deadlines

  • February 15, 2024: Deadline for Employers to Provide W-2 Forms
    • If you’re an employer, you must furnish W-2 forms to your employees by February 15th. W-2 forms report employees’ annual wages and the amount of taxes withheld from their paychecks. Ensure that your payroll records are up to date and accurate before issuing W-2 forms to avoid discrepancies.

Conclusion

Navigating tax season can be complex, but staying informed about important dates and deadlines can help California businesses avoid unnecessary stress and penalties. By marking your calendar with these key dates and staying organized throughout the year, you can ensure compliance with tax laws and keep your business finances in order. If you ever have questions or need assistance, consider consulting with a qualified tax professional who can provide guidance tailored to your specific situation.

 

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