Business Tax Deadlines for 2024: Key Dates to Remember

## Important Tax Deadlines ### January 31, 2024 - **Form W-2 and Form 1099-NEC**: Employers must provide employees with Form W-2 and independent contractors with Form 1099-NEC by this date. Additionally, these forms must be filed with the Social Security Administration (SSA) and the IRS, respectively. ### March 15, 2024 - **S Corporation and Partnership Returns**: S Corporations (Form 1120-S) and Partnerships (Form 1065) must file their tax returns by this date. If you need more time, you can file for an extension using Form 7004, which will give you until September 16, 2024. ### April 15, 2024 - **C Corporation Returns**: C Corporations must file their Form 1120 by this date - **Q1 Estimated Tax Payment**: First installment of estimated tax payments for 2024 - **Individual Tax Returns**: Deadline for filing or requesting a six-month extension ### June 17, 2024 - **Q2 Estimated Tax Payment**: Second installment of estimated tax payments is due ### September 16, 2024 - **Extended Deadline for S Corporations and Partnerships**: Final deadline for those who filed extensions - **Q3 Estimated Tax Payment**: Third installment of estimated tax payments is due ### October 15, 2024 - **Extended Deadline for C Corporations**: Final deadline for C Corporations that filed extensions ## Employment Tax Deadlines ### Quarterly Filing Requirements Form 941 (Employer's Quarterly Federal Tax Return) due dates: 1. Q1: April 30, 2024 2. Q2: July 31, 2024 3. Q3: October 31, 2024 4. Q4: January 31, 2025 ### Monthly Deposit Schedule Businesses must deposit employment taxes by the 15th day of the following month. ## Extension Options * Partnerships and S-corporations: File Form 7004 by March 15 for a 6-month extension * C-corporations: File Form 7004 by April 15 for a 6-month extension * Sole proprietors: File Form 4868 by April 15 for a 6-month extension ## Tips for Staying Compliant 1. **Set Reminders**: Use digital calendars or tax software to set reminders for each deadline 2. **Organize Financial Records**: Keep your financial records organized throughout the year 3. **Consult a Tax Professional**: Consider hiring a tax professional to ensure compliance 4. **Use Tax Software**: Leverage tax software to streamline the filing process ## Record Keeping Best Practices * Keep receipts for at least 3 years * Document business expenses regularly * Back up digital records * Store tax documents securely ## Penalties for Missing Deadlines * Late filing penalty: up to 5% per month * Late payment penalty: 0.5% per month * Interest charges on unpaid taxes ## Resources - [IRS Tax Calendar for Businesses and Self-Employed](https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar) - [Form 7004: Application for Automatic Extension of Time](https://www.irs.gov/forms-pubs/about-form-7004) - [Estimated Taxes](https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes) - [IRS Partnership page](https://www.irs.gov/businesses/partnerships) - [Electronic Federal Tax Payment System (EFTPS)](https://www.irs.gov/payments/eftps-the-electronic-federal-tax-payment-system) > Remember to verify all dates through official IRS channels and consult with a qualified tax professional for specific advice regarding your business situation.

Business Tax Deadlines for 2024: Key Dates to Remember

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