As a small business owner, staying on top of tax deadlines is crucial to avoid penalties and maintain financial compliance. To help you plan ahead and stay organized, we've compiled a comprehensive guide to the key tax deadlines for the year 2024. Mark your calendars and take note of these important dates:
1. January 15, 2024: Fourth Quarter Estimated Tax Payment Due
Self-employed individuals and small business owners who make quarterly estimated tax payments must submit their fourth-quarter payment for the tax year 2023 by this date.
2. March 15, 2024: S-Corporation and Partnership Tax Return Due
S-Corporations (Form 1120S) and partnerships (Form 1065) must file their tax returns for the fiscal year ending December 31, 2023, by this deadline.
Deadline for filing extensions for S-Corporation and partnership tax returns.
3. April 15, 2024: Individual Income Tax Return Due
Deadline for filing individual income tax returns (Form 1040) for the tax year 2023.
Deadline for making contributions to individual retirement accounts (IRAs) for the 2023 tax year.
Deadline for first-quarter estimated tax payments for the tax year 2024.
4. April 15, 2024: C-Corporation Income Tax Return Due
C-Corporations (Form 1120) must file their tax returns for the fiscal year ending December 31, 2023, by this deadline.
Deadline for filing extensions for C-Corporation income tax returns.
5. June 15, 2024: Second Quarter Estimated Tax Payment Due
Self-employed individuals and small business owners who make quarterly estimated tax payments must submit their second-quarter payment for the tax year 2024 by this date.
6. September 15, 2024: Third Quarter Estimated Tax Payment Due
Self-employed individuals and small business owners who make quarterly estimated tax payments must submit their third-quarter payment for the tax year 2024 by this date.
7. October 15, 2024: Extended Individual Income Tax Return Due
Deadline for filing extended individual income tax returns (Form 1040) for the tax year 2023 for taxpayers who filed for an extension by April 15, 2024.
8. October 15, 2024: Extended S-Corporation and Partnership Tax Return Due
Deadline for filing extended S-Corporation (Form 1120S) and partnership (Form 1065) tax returns for the tax year 2023 for taxpayers who filed for an extension by March 15, 2024.
9. December 31, 2024: Last Day for Tax Planning
Last day for implementing tax-saving strategies, making deductible purchases, and conducting other year-end tax planning activities for the 2024 tax year.
Final Thoughts: Staying informed about tax deadlines is essential for small business owners to avoid penalties and maintain compliance with tax laws. Be sure to mark these dates on your calendar and plan ahead to meet your tax obligations promptly. If you need assistance with tax preparation or have any questions about tax planning strategies, don't hesitate to reach out to Rich Acres Solutions for expert guidance and support.
This content was generated using the GPT-3 language model available through OpenAI's platform