Forget Halloween, tax season is the spookiest fall affair for a lot of businesses! To make sure that you don’t miss any important deadlines, we have them all laid out for you here, as well as some tips to get prepared early - you don’t want it to sneak up on you. Mark your calendars for:
September 16, 2024: This is the deadline for pass-through entities (sole proprietors, partnerships, LLCs) to file and pay their third-quarter estimated tax payment and for corporations to pay their third estimated tax installment, both using Form 1040-ES. Additionally, S corporations and partnerships that requested a six-month extension on their 2023 income tax return must file by this date using Form 1120-S and Form 1065, respectively. S corporations must also send copies of Schedule K-1 Form 1120-S to shareholders by this date.
October 16, 2024: This date marks the deadline for filing and paying income taxes for sole proprietors and corporations that requested a six-month extension on their income taxes. Pass-through entities will use Form 1040 or Form 1040-SR, while corporations will use Form 1120.
October 31, 2024: This is the deadline for all businesses to file and pay withheld income tax, Social Security, and Medicare for Q3 of 2023 using Form 941. However, businesses that made full payments on time have until November 10, 2024. Businesses that owed more than $500 through September must also deposit federal unemployment tax by this date.
December 15, 2024: Corporations must deposit their estimated income tax for Q4 of 2023 by this date using Form 1040-ES.
Do these early to avoid any late start scares:
Set internal deadlines
Gather financial records
Update your estimated tax payment calculations
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