Essential Business Tax Filing Deadlines for 2024
Businesses face specific filing deadlines based on their structure. Here are the key dates and associated forms for each type.
Corporation Filing Deadlines
Corporations must adhere to distinct filing deadlines. For calendar-year C corporations, the federal income tax return (Form 1120) is due on April 15, 2024. S corporations, on the other hand, must submit Form 1120-S by March 15, 2024, along with Schedule K-1 forms for each shareholder, outlining their share of income, deductions, and credits. If an extension is needed, corporations can file Form 7004 for a six-month extension, though taxes owed remain due by the original deadline.
Corporations are also required to submit employee-related tax forms early in the year. Businesses must provide W-2 forms to employees and file Form 3921 (if applicable) by January 31, 2024. For corporations filing Form 3921 electronically, the deadline is April 1, 2024.
Partnership and LLC Deadlines
Partnerships and LLCs classified as partnerships must file Form 1065, the partnership return of income, by March 15, 2024. Partnerships must also distribute Schedule K-1 forms to partners by this date, detailing each partner’s share of income and deductions. For calendar-year partnerships, filing Form 7004 provides a six-month extension to September 16, 2024, while taxes owed should still be paid by the original deadline.
Sole Proprietorship Filing Deadlines
Sole proprietors report business income on Schedule C, attached to their personal tax return, Form 1040. For the 2023 tax year, Schedule C and Form 1040 must be filed by April 15, 2024. Sole proprietors may file Form 4868 for an automatic six-month extension until October 15, 2024. However, any taxes owed are still due in April.
Important Payment Deadlines for Business Taxes
Businesses must pay taxes throughout the year under the IRS “pay-as-you-go” system. Corporations with an expected tax liability of $500 or more must make quarterly estimated tax payments. The estimated tax payment deadlines in 2024 are April 15, June 17, September 16, and December 16, 2024. Partnerships, S corporations, and sole proprietors must also make estimated payments if they expect to owe $1,000 or more.
Businesses with employees must make regular payroll tax deposits. Employers are responsible for withholding and depositing income tax, Social Security, and Medicare taxes, with monthly or semiweekly deposit schedules based on the previous tax period’s amount withheld. Monthly deposits are due by the 15th of the following month, while semiweekly deposits must be made within three business days after the payday.
Additional Filing Deadlines in 2024
Alongside income tax deadlines, businesses must file other forms:
- Form 1099-B (for stock transactions) must be sent to recipients by February 15, 2024.
- Forms 1099-MISC and 1099-NEC (for nonemployee compensation) must be provided to recipients by January 31, 2024. Paper filings to the IRS are due February 28, 2024, while electronic filings are due April 1, 2024.
Adjustments for Holidays and Weekends
Federal tax deadlines that fall on a weekend or holiday are pushed to the following business day. The IRS recognizes federal holidays, D.C. legal holidays, and applicable state holidays if a state IRS office is involved. For instance, if a deadline is on a Saturday, it moves to the next business day, typically Monday.
Extensions for Natural Disasters and Unforeseen Events
The IRS often extends tax deadlines for areas affected by federally declared natural disasters, such as wildfires, hurricanes, and floods. Businesses in disaster areas are eligible for filing and payment extensions. Additionally, following the October 7, 2023, attacks in Israel, the IRS extended filing deadlines to October 7, 2024, for affected businesses operating in or tied to Israel, Gaza, and the West Bank.
State-Specific Tax Deadlines for 2024
Many states align their income tax deadlines with federal ones, but some may differ. For instance, Pennsylvania requires corporate income tax returns one month after the federal deadline. States also set deadlines for sales, property, and excise taxes, so it’s important to check with the state tax agency where your business operates.
Conclusion: Staying Ahead of Business Tax Deadlines
Staying organized with tax deadlines is essential for avoiding penalties and ensuring timely compliance. Tracking due dates for federal income tax returns, payroll deposits, and information forms can be challenging, especially for growing businesses. Setting reminders or working with a tax professional can help keep you on track, allowing you to focus on your business growth without unexpected tax issues.
For expert support, consider partnering with WiseWay Partners. With tailored tax solutions and a deep understanding of business needs, WiseWay Partners can help you manage tax filings, optimize deductions, and streamline your compliance process. Let WiseWay handle the complexities so you can confidently navigate tax season and dedicate more time to growing your business.