Navigating the complex landscape of tax regulations and deadlines is crucial for small business owners to maintain compliance, avoid penalties, and optimize financial strategies. And determining all the complicated tax filing deadlines for 2024 for startups can feel like an impossible task! Whether your business operates as a sole proprietorship, partnership, Limited Liability Company (LLC), S-corporation (S-corp), or C-corporation (C-corp), understanding your tax obligations and their deadlines is essential. This guide provides a detailed overview of 2024 tax filing deadlines for small businesses, offering clarity and assistance for the upcoming tax season.
What Forms Do I Need to File Based on my Business Structure
- Sole Proprietors and Single-Member LLCs: These entities report business income and expenses on Schedule C, which is filed with the personal tax return (Form 1040).
- Partnerships and Multi-Member LLCs: These businesses file an informational return (Form 1065) and distribute K-1 statements to each partner or member, detailing their share of profit or loss.
- S-Corporations: S-corps file their taxes using Form 1120S, providing shareholders with Schedule K-1 for personal tax reporting.
- C-Corporations: C-corps file Form 1120. C-corps are taxed separately from their owners, potentially leading to double taxation on income and dividends.
Key 2024 Business Tax Filing Deadlines in 2024
- January 31st: Deadline to send W-2 forms to employees, 1099-K and 1099-NEC forms to non-employee contractors.
- February 28th: Deadline for paper filings for 1099’s and 1099-DIV
- March 1st: Delaware Franchise Annual Report & Tax payments are due.
- March 15th: Deadline for partnerships, multi-member LLCs, and S-corps to file Form 1065 or Form 1120S, respectively. Partners and shareholders should receive K-1 forms by this date.
- April 1st: This is the efiling deadline for most information returns such as 1097, 1098, 1099s – Excluding NEC, 3921, 3922, W-2G
- April 15th: The primary deadline for filing individual tax returns (Form 1040), C-corporations (Form 1120), and the first quarterly estimated tax payment for the current year. This is also the deadline for filing an extension and it is the FBAR filing deadline, (FBAR has an automatic extension to October 15th).
- June 1st: This is the Delaware Franchise Annual fee due date for LLC’s incorporated in Delaware.
- September 16th: Final deadline for partnerships, multi-member LLCs, and S-corps that filed an extension by the March 15th deadline.
- October 15th: Final deadline for sole proprietors, single-member LLCs, and C-corporations that filed an extension by the April 15th deadline.
- December 31st: This is the Fincen Beneficial Ownership deadline for companies registered before January 1, 2024. If your company was started after January 1, 2024 then you have 30 days after you register to submit the report.
Fiscal Deadlines
The standard Federal tax deadline if not using the Dec 31st year end date is 3.5 months after the end of the month where the tax year ends.
One exception- tax years that end in June have a Sept 15th due date. (June 30th is Australia’s year end, so a lot of companies that have their US fiscal year match their Australian activities can be affected by this).
Common fiscal years – we also see are March 30th for UK related companies, and January 31st for tech companies that want to emulate Salesforce.
Dissolution: When companies close they use a fiscal year end date for their deadlines after the month they dissolve with the state.
Quarterly Estimated Tax Payments
Businesses and self-employed individuals must make quarterly estimated tax payments if they expect to owe $1,000 or more in taxes for the year. The deadlines are:
• April 15th,
• June 15th,
• September 15th,
• December 15th (for C-corps), and
• January 15th of the following year for individuals, partnerships and S-corps.
Special Considerations for Business Tax Filing Deadlines in 2024
Extension Requests: To request an automatic 6 month extension, businesses use Form 7004, and individuals use Form 4868. These forms must be filed by the original tax return due date (March 15th for partnerships, multi-member LLCs, and S-corps and April 15th for individuals, single member LLCs and C-corps). Please note that the extension is an extension to file your tax return, not an extension for making any payments for taxes owed.
State Tax Deadlines: State filing deadlines may differ from federal deadlines. Business owners should check with their state of incorporation and any states where they do business to ensure compliance.
Franchise Tax Deadlines: State franchise tax deadlines vary depending on your state of incorporation. For instance in Delaware C-corps must file and pay their franchise tax by March 1, 2024 whereas in California the deadline is April 15th.
The Requirements and Deadlines Can Be Confusing- Stay in the know!
Staying informed about tax filing deadlines and requirements is vital for small business success. Early planning, thorough record-keeping, and consulting with tax professionals can help navigate tax season confidently. By understanding and adhering to these guidelines, small business owners can avoid penalties, take advantage of tax benefits, and secure their business’s financial stability and growth.
Common questions:
How can I get a filing extension for my business?
You can file an extension with the IRS and receive an automatic 6 month filing extension. This is a service we provide free to our clients. If you would like us to file an extension for you, please register today!
What happens if I file a tax return late?
Generally speaking you will owe a failure to file penalty. This penalty starts at $485 for returns filed after 12/31/2023. You may also have other penalties such as a late filed form 5472 ($25,000 penalty) or a late filed form 5471 ($10,000 penalty).
