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Is your business ready for the upcoming tax season? 

As the calendar year comes to a close, companies of all sizes must begin to plan for the tax season. Although filing taxes isn’t the most thrilling part of running your business, it is an important part that helps you stay compliant with tax laws and manage your finances efficiently. 

10 Key Tax Deadlines for Businesses

Mark these important dates in your calendar so you do not miss them:

January 16, 2024:

Fourth quarter 2023 estimated tax payment due.

If you file your 2023 return by Jan. 31, 2024, and ensure that your entire balance owed is submitted with that return, you do not have to make the Jan. 16 2024 payment.

January 31, 2024:

Employers need to send W-2 forms to their employees.

The W-2 form is a commonly used tax document prepared by the employer for their employees, displaying the complete earnings and tax deductions for an employee throughout the calendar year.

January 31, 2024:

Send 1099 forms out.

If you are using the form 1099 to report payments to independent contractors, you must also correctly classify your workers as employees or independent contractors.

February 28, 2024:

 Report employee ISO exercises.

Form 3921 must be filed by mail. This form is required for all corporations that have employees who exercised incentive stock options (ISO) during the financial year. Each employee who exercised an ISO must file a separate form 3921. 

The date is extended to April 1, 2024, for filing electronically.

March 15, 2024:

Taxes due for partnerships, multi-member LLCs, and S-Corporations.

If your business falls under the above categories, mark your calendars for March 15th. This is the deadline to file forms 1065 or 1120S.

April 15, 2024:

Taxes due for C-Corporations.

If your business runs on a calendar year, you need to file a form 1120 as a C-Corporate by April 15th, 2024.

May 15, 2024:

Return of Organization Exempt from Income Tax.

As a tax-exempt organization, you have to file your form 990 by May 15th, 2024. If you need an extension, you can file form 8868 by November 15th.

September 16, 2024:

Deadline for Extended Partnership and S-Corporation Returns.

In case you have filed for an extension, you have until September 16th to submit your completed partnership or S-corporation returns and also this is the deadline for estimated tax payments as well.

October 15, 2024:

Deadline for Extended C-Corporation Returns.

C-Corporations with extensions have until October 15th to file their completed returns.

January 15, 2025:

Tax payment due in the fourth quarter of 2024.

This is your last estimated quarterly tax payment due in 2024. If you decide to pay your entire tax liability from your previous tax year, any outstanding taxes will be due at the time you file your 2024 Individual Tax Return by the April 2025 due date.

Final Words

It is important to remember that the most effective way to prepare for tax season is to begin planning ahead of time, maintain a well-structured workflow, and make the most of available resources. With these tips in mind, you can approach the tax season with peace of mind.

Furthermore, if you are in need of expert support for State(s) and Federal withholding tax filing, deposits, HR, compliance, or related services, we are here to help. Contact us for your outsourcing needs. For more in-depth information, browse through our additional blog content.

Reference Links

https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/important-tax-deadlines-dates/L7Rn92V1d

https://www.taxfyle.com/blog/important-2024-tax-deadlines-every-tax-deadline-2024-tax-season-irs-income-tax-for-the-2023-tax-return-year

https://carta.com/blog/business-tax-deadlines/ 

https://www.irs.gov/charities-non-profits/political-organizations/exempt-organization-filing-requirements-form-990-due-date 

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