When Are Business Taxes Due (2024)

Every year, as the calendar pages turn, there’s a familiar apprehension that looms large for many: tax season. It’s a time marked by meticulous record-keeping, forms, and, of course, deadlines. While the process might seem daunting, being prepared can make all the difference.

In this comprehensive overview, you’ll gain insights into the crucial dates that matter most for the upcoming tax year. Consider setting aside a moment to mark these pivotal dates in your calendar to keep the IRS deadlines at your fingertips.

When is “tax day”?

“Tax Day” is a colloquial term that refers to the deadline for individual taxpayers to submit their annual income tax returns to the Internal Revenue Service (IRS). For most taxpayers in the United States, Tax Day typically falls on April 15th. If you’ve ever heard friends or colleagues lamenting about the approaching mid-April date, it’s likely they’re referring to the impending need to finalize and submit their tax paperwork.

Special Circumstances Affecting the Date

Special circumstances can change this date. For example, when April 15th falls on a weekend or a legal holiday, the next business day becomes the deadline. The IRS may also push the deadline back in cases of significant natural disasters or other unexpected events. Notably, some taxpayers, like those living overseas or those in specific military roles, may face different filing deadlines. Always check the IRS guidelines or consult a tax professional to know the precise date and possible extensions.

Don’t forget, even though people often use “Tax Day” informally, penalties await those who miss this deadline. So, always be ready and mark your calendars! Moving forward, let’s delve into the “Key Tax Deadlines for 2024” to ensure you’re well-prepared and ahead of the curve.

Key deadlines for business taxes 2024

Corporate Tax Return Deadline: April 18

What it means: All corporations, including C Corporations, need to have their tax returns filed by this date.
Details: If you operate a corporation, ensure that you’ve gathered all necessary financial statements, deductions, and credits. If you anticipate needing more time, consider filing for an extension.

Partnership Tax Return Deadline: March 15

What it means: Partnerships, and entities like LLCs treated as partnerships for tax purposes, must file their returns by this date.
Details: Partnerships don’t pay income tax. Instead, income, deductions, and credits flow through to partners. Ensure all partners have the information they need to file their individual returns.

Estimated Tax Payment Concept and Deadlines

What it means: Individuals and businesses with income not subject to withholding (e.g., self-employment, interest, rent) may need to make estimated tax payments.
Details: These are quarterly payments. Use Form 1040-ES to calculate and pay your estimated tax.

Important dates for taxes in 2024

October 16:

Extended Deadlines: If you’ve filed for an extension, this is your new deadline for C corporations and sole proprietorships.
- Form 1120, U.S. Corporation Income Tax Return

November 1:

Strategic Tax Moves: Begin planning and implementing end-of-year tax strategies to optimize your tax situation.

December 31:

Final Tax Moves: Last day for any 2024 tax strategies.
Solo 401(k) Setup: If you’re self-employed, this is your deadline to establish a solo 401 (k).

Filing taxes for 2024? Important tax dates for 2024.

January 16:

Individuals: Make final installment of 2024 estimated tax using Form 1040-ES.

If unable to file by January 31, file and pay by April 15 (April 17 for Maine or Massachusetts residents).

January 31st:

Distribute Form W-2 to employees.

File Form 1099-NEC for nonemployee compensation paid in 2024.

File Form 945 to report income tax withheld on nonpayroll items.

File Form 941 for the fourth quarter of 2024.

File Form 940 for Federal unemployment (FUTA) tax.

February 15:

Provide annual information statements to recipients of certain 2024 payments using Form 1099 or other information return.

February 28:

All businesses: File information returns for certain payments made during 2024.

Note: Form 1099-NEC reporting nonemployee compensation must be filed by January 31.

March 1:

Distribute Form 1095-B for health coverage reporting.

March 15:

Partnerships: File 2024 calendar year return (Form 1065) and provide each partner with a copy of their Schedule K-1 (Form 1065).

S corporations: File 2024 calendar year income tax return (Form 1120-S) and provide each shareholder with a copy of their Schedule K-1 (Form 1120-S).

April 1:

Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G.

April 15:

Individuals: File 2024 Form 1040 or Form 1040-SR. Maine or Massachusetts residents may file by April 17.

Corporations: File 2024 calendar year income tax return (Form 1120).

June 17:

U.S. citizens or resident aliens abroad: File Form 1040 or Form 1040-SR.

Individuals: Make second installment of 2024 estimated tax using Form 1040-ES.

Corporations: Deposit second installment of estimated income tax for 2024.

July 31:

File Form 941 for the second quarter of 2024.

File Form 5500 or 5500-EZ for employee benefit plans.

September 16:

Individuals: Make third installment of 2024 estimated tax using Form 1040-ES.

Partnerships: File 2024 calendar year return (Form 1065) if 6-month extension was requested.

S corporations: File 2024 calendar year income tax return (Form 1120-S) if 6-month extension was requested.

Corporations: Deposit third installment of estimated income tax for 2024.

October 15:

Individuals: File Form 1040 or Form 1040-SR if 6-month extension was requested.

Corporations: File 2024 calendar year income tax return (Form 1120) if 6-month extension was requested.

December 16:

Corporations: Deposit fourth installment of estimated income tax for 2024.

Fiscal Year Taxpayers:

Adjust dates based on fiscal year end. Key forms include Form 1040, Form 1065, Form 1120, Form 1120-S, and Form 2553.

Employer’s Tax Calendar:

Form 940: Due the last day of the first calendar month after the calendar year ends.

Form 941: Due the last day of the first calendar month after the calendar quarter ends.

How to file taxes: Mailing vs. e-filing

Filing taxes is an annual responsibility that every eligible individual and business must undertake. While the process might seem daunting, understanding your options can make it more manageable. Two primary methods exist for filing taxes: traditional mailing and electronic filing (e-filing). Here’s a breakdown of each method to help you decide which is best for you:

Mailing (Paper Filing):

Pros:

Tangibility: Some individuals prefer having a physical copy of their tax return, feeling more secure with a hard copy in hand.
No Need for Internet: For those without reliable internet access, mailing can be a more feasible option.

Cons:

Slower Processing: The IRS typically takes longer to process paper returns, which can delay any refunds.
Potential for Errors: Manual entry increases the risk of mistakes, which can lead to audits or penalties.
Postage Costs: Mailing your return requires postage, which can add up, especially for bulky returns.

How to Do It:

Obtain the necessary tax forms, either from the IRS website, local libraries, or post offices.
Fill out the forms, ensuring all information is accurate.
Attach any required documentation, such as W-2s or 1099s.
Mail the return to the appropriate IRS address for your region.

E-Filing:

Pros:

Faster Refunds: E-filing typically results in quicker processing times, meaning you’ll receive your refund sooner.
Accuracy: Many e-filing systems offer built-in error checks, reducing the risk of mistakes.
Immediate Confirmation: Once you e-file, you’ll receive a confirmation of receipt, ensuring your return reached the IRS.

Cons:

Technical Glitches: Like any online system, e-filing platforms can experience downtimes or glitches.
Security Concerns: While e-filing is generally secure, there’s always a risk of data breaches.

How to Do It:

Choose a reputable tax software or online platform. Many options are available, including some free ones for eligible taxpayers.
Follow the platform’s step-by-step guide to input your tax information.
Review your return for accuracy.
Submit your return electronically and save the confirmation for your records.

Understanding tax extensions

An extension gives taxpayers extra time to file their tax returns. However, it’s crucial to understand that an extension gives you more time to file, but not to pay any due taxes. If you think you’ll owe taxes, estimate the amount and make the payment by the original deadline to prevent penalties and interest.

How Do You File for an Extension?

Businesses: Corporations, partnerships, and some other entities should file Form 7004, titled “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.”

Special Circumstances:

While the standard tax deadlines apply to most taxpayers, there are specific situations where individuals may receive an extension due to special circumstances. Recognizing these exceptions can be crucial for those who qualify. Here’s a breakdown of these special circumstances:

Deadlines for Those Living Abroad:

If you’re a U.S. citizen or resident alien living overseas, or if you’re in the military on duty outside the U.S., you’re granted an automatic 2-month extension to file your return without requesting an extension. This typically pushes the deadline to June 17. However, it’s essential to note that while the filing deadline is extended, any payment due is still subject to interest from the original April deadline.

Deadlines for Military Personnel:

Members of the military serving in combat zones receive an automatic extension for filing and payment. Typically, they have 180 days after they leave the combat zone to file and pay any taxes due. Additionally, those serving in support of armed forces in a designated combat zone may also qualify for this extension.

For military members stationed outside the U.S. and Puerto Rico, the same 2-month automatic extension that applies to citizens living abroad is granted.

Deadlines in the Event of Natural Disasters:

The IRS often provides tax relief to victims of natural disasters, such as hurricanes, wildfires, or floods. In these circumstances, the IRS will announce extended deadlines for both filing taxes and making tax payments. The specific extension period can vary based on the severity and impact of the disaster. Taxpayers in federally declared disaster areas can often postpone tax filing and payment deadlines, allowing them to recover and rebuild. It’s crucial to monitor IRS announcements or check their Disaster Assistance and Emergency Relief page for updates related to specific events.

Navigating the complexities of tax deadlines is crucial, but equally important is understanding the repercussions of missing them. Let’s delve into the “Penalties for Late Filing and Payment” to grasp the potential consequences fully.

Penalties for late filing and payment

Meeting tax deadlines is not just a matter of civic duty; it’s also a way to avoid the financial repercussions that come with delays. The IRS imposes penalties and interest for late filing and payment, which can add up quickly and become a significant burden. Here’s what you need to know:

Overview of Penalties and Interest:

Late Filing: If you file your taxes late, the IRS typically charges a penalty of 5% of the unpaid taxes for each month or fraction of a month. This penalty can reach up to 25%. If your filing is over 60 days late, the minimum penalty becomes either $435 or the total of the unpaid tax, whichever amount is less.
Late Payment: Paying your taxes after the deadline usually incurs a penalty of 0.5% of the unpaid amount for each month or fraction thereof, up to 25%. This penalty increases to 1% if you don’t pay within 10 days of receiving an IRS intent to levy notice.
Interest: Besides penalties, the IRS also applies interest to the unpaid amount. This interest compounds daily at a rate equal to the federal short-term rate plus 3%.

How to Avoid or Minimize Penalties:

File Promptly: If you can’t settle your tax bill by the deadline, ensure you either file your return or seek an extension to prevent the late filing penalty.
Pay Whatever You Can: If you can’t clear the entire amount, make an effort to pay as much as you can by the deadline. This action will decrease the sum subjected to penalties and interest.
Arrange a Payment Plan: The IRS provides installment agreements, letting you spread out your tax debt payments. Though you might still face some penalties and interest, they’re generally lower than if you neglect to pay altogether.

IRS Fresh Start Program:

The Fresh Start initiative offers a helping hand to taxpayers burdened with substantial tax debts. This scheme simplifies the process for individuals and businesses to clear their tax dues and dodge tax liens. Notable aspects are:

Installment Agreements Threshold: Individuals owing up to $50,000 can arrange a monthly payment plan spanning six years.
Tax Lien Thresholds: The IRS has raised the threshold for filing a Notice of Federal Tax Lien, providing relief to many taxpayers.
Offers in Compromise: Taxpayers have the option to negotiate and settle their tax debt for an amount less than they owe, particularly if paying in full would strain their finances.

The IRS doesn’t just set penalties and interest for those who don’t comply; they also pave ways for taxpayers to manage their tax duties effectively. By staying ahead of the game, grasping the potential penalties, and leveraging tools like the Fresh Start program, you can navigate the tax landscape with more confidence and ease. As we navigate the intricacies of tax penalties and extensions, a common question arises: “When can I start filing taxes for 2024?” Let’s dive into it.

When can I start filing taxes for 2024 tax year?

The IRS typically begins accepting individual tax returns in late January. For calendar year 2024 tax year, you can expect the IRS to start processing returns around January 16, 2024. It’s advisable to prepare early by gathering all necessary documents, such as W-2s and 1099s, which employers and other institutions should send by January 31,2024.

Early preparation ensures a smoother filing process and potentially quicker refunds, especially if you opt for e-filing and direct deposit. If you’re unsure about any aspect of your tax return or want to optimize deductions, consider consulting a tax expert for guidance. Always keep an eye on official IRS announcements for any changes or updates to the start date.

After understanding the timeline for filing taxes, a pressing question on many taxpayers’ minds is, “When will I get my tax refund?” Let’s explore the factors that influence the timing of your refund and what to expect.

When will I get my tax refund?

Receiving a tax refund can be a much-anticipated financial boost. Once you’ve filed your taxes, the waiting game begins. Here’s what you need to know about the refund process:

General Refund Timeline:

The speed at which you receive your refund largely depends on how you filed your return:

E-file with Direct Deposit: This is the quickest method. If there are no issues with your return, you can typically expect your refund within 21 days of the IRS acknowledging receipt of your electronically filed tax return.
Paper Filed Returns: If you opted for the traditional paper filing method, the process takes longer. Refunds from paper-filed returns can take 6 to 8 weeks from the date the IRS receives it.

It’s essential to note that these are general timeframes, and individual experiences may vary, especially if the IRS requires additional information or if there are errors on the return.

IRS “Where’s My Refund” Tool:

To help taxpayers track their refund status, the IRS offers the “Where’s My Refund?” tool. Available both on the IRS website and as a mobile app called IRS2Go, this tool provides real-time updates on your refund status. You’ll need your Social Security number or ITIN, your filing status, and the exact refund amount to use the tool. Updates are usually made daily, typically overnight, so you can check back regularly for the most recent information on your refund’s progress.

While waiting for a tax refund requires patience, tools and resources provided by the IRS make it easier to stay informed. If your refund seems delayed or if you have concerns, don’t hesitate to consult a tax professional or use the IRS resources to get clarity.

Frequently Asked Questions (FAQs)

1) What are the tax deadlines for 2024 tax year?

For 2024 tax year, individual tax returns are due on April 15. Other specific deadlines include January 16 for the final estimated quarterly tax payment of the previous year, March 15 for S Corporations and Partnerships, and April 15 for C Corporations. It’s essential to consult the IRS calendar or a tax professional for a comprehensive list of deadlines.

2) What is the C Corp tax extension deadline for 2024?

For C Corporations seeking an extension in 2024, the extended deadline to file their tax returns is October 16.

3) What is the due date for corporate tax returns?

The standard due date for corporate (C Corporation) tax returns is April 15.

4) What happens if you miss the corporate tax deadline?

If a corporation misses the tax filing deadline, it may incur penalties and interest. The penalty for late filing is typically 5% of the unpaid taxes for each month or part of a month the return is late, up to a maximum of 25%. If taxes remain unpaid, additional penalties and interest may apply.

5) What happens if you file corporate taxes late?

Filing corporate taxes late can result in penalties. The failure-to-file penalty is usually 5% of the unpaid taxes for each month or part of a month the return is late, up to 25%. If the return is over 60 days late, there’s a minimum penalty, either $435 or the total amount of tax due, whichever is smaller. Interest will also accrue on the unpaid amount.

When are business taxes due (2024)

Table of Contents

When is “tax day”?