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When Are Business Taxes Due in 2024? Key Deadlines and Important Dates

Introduction

As a business owner, keeping track of tax deadlines is crucial to avoid penalties and maintain compliance with the IRS. Missing a tax deadline can lead to interest charges and fines, making it essential to mark your calendar with the key due dates.

In this guide, we’ll break down when business taxes are due in 2024, covering deadlines for different business structures, estimated tax payments, and extensions. Let’s dive in!

Business Tax Deadlines for 2024

The due dates for business taxes vary depending on your company’s structure. Below is a breakdown of deadlines based on the type of business entity you operate:

1. Sole Proprietorships & Single-Member LLCs

  • Tax Due Date: April 15, 2024
  • Tax Form: IRS Form 1040 with Schedule C
  • Details: If you operate as a sole proprietor or a single-member LLC, your business income is reported on your personal tax return. The deadline to file is the same as the individual tax filing deadline.

2. Partnerships & Multi-Member LLCs

  • Tax Due Date: March 15, 2024
  • Tax Form: IRS Form 1065 (Partnership Return)
  • Details: Partnerships and multi-member LLCs must file an informational return (Form 1065). Each partner receives a Schedule K-1, which reports their share of business income to be included in their individual return.

3. S Corporations (S Corps)

  • Tax Due Date: March 15, 2024
  • Tax Form: IRS Form 1120-S
  • Details: Similar to partnerships, S Corporations pass their income, deductions, and credits to shareholders, who then report them on their personal tax returns. The business itself does not pay federal income tax but must file an informational return.

4. C Corporations (C Corps)

  • Tax Due Date: April 15, 2024
  • Tax Form: IRS Form 1120
  • Details: Unlike pass-through entities, C Corporations are taxed separately from their owners. They must file Form 1120 and pay corporate income tax by the deadline.

Estimated Tax Payment Deadlines for 2024

If your business does not have taxes withheld throughout the year (common for self-employed individuals and corporations), you may need to make quarterly estimated tax payments. The due dates for 2024 estimated taxes are:

  • First Quarter: April 15, 2024
  • Second Quarter: June 17, 2024
  • Third Quarter: September 16, 2024
  • Fourth Quarter: January 15, 2025

Missing these deadlines could result in penalties, so it’s essential to stay on top of them.

Filing for a Business Tax Extension

If you need more time to prepare your tax return, you can request an extension. Here’s how:

  • Partnerships and S Corps: File Form 7004 by March 15, 2024, to extend the deadline to September 16, 2024.
  • Sole Proprietors and C Corps: File Form 4868 by April 15, 2024, to extend the deadline to October 15, 2024.

Remember, an extension only applies to filing your tax return, not paying your taxes. You must estimate and pay any owed taxes by the original due date to avoid penalties.

Key Takeaways

  • March 15, 2024: Filing deadline for Partnerships and S Corporations
  • April 15, 2024: Filing deadline for Sole Proprietors, Single-Member LLCs, and C Corporations
  • Quarterly estimated tax payments are due on April 15, June 17, September 16, and January 15 (2025)
  • Tax extensions are available, but taxes owed must still be paid by the original deadline

Final Thoughts

Staying on top of your business tax deadlines for 2024 can help you avoid penalties and ensure smooth tax compliance. Whether you’re filing as a sole proprietor, partnership, or corporation, knowing the due dates is essential.

If you’re unsure about your tax obligations, consider consulting a tax professional or using accounting software to keep your business finances in order.

Need more tax tips? Stay updated with our latest guides on business finance and tax planning to keep your business running smoothly!

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