Navigating the intricacies of tax deadlines is a crucial aspect of financial planning for businesses and individuals alike. As we step into the fiscal landscape of 2024, it becomes paramount to stay informed about the key dates that can significantly impact your financial responsibilities. 

In this comprehensive guide, we will delve into the essential 2024 tax deadlines that demand your attention, ensuring you stay ahead of the curve and meet your obligations with precision.

January 15, 2024

Fourth Quarter Estimated Tax Payments Deadline

Estimated quarterly payments are prepayments of income taxes made by individuals, businesses, or self-employed individuals throughout the year. Instead of paying taxes in one lump sum at the end of the tax year, estimated quarterly payments help distribute the tax burden evenly. 

These payments are typically based on an estimate of the taxpayer’s expected annual income and are intended to cover both income and self-employment taxes. The IRS requires taxpayers to make these payments on specific dates throughout the year to ensure a steady and timely contribution toward their annual tax liability.

Form to consider:

• Form 1040-ES

January 31, 2024

W-2 Filing Deadline

If you are an employer then a Form W-2 is going to be required for each employee. You will need to complete 2. One will be submitted to the IRS and the other is sent to your employee. 

Forms to consider:

• Form W-2 (To complete & submit)
• Form W-4 (Information needed to complete W-2 form, recommended to complete during the employee onboarding process.)

Form 1099-NEC Filing Deadline

If you hire independent contractors then you will need to complete a Form 1099-NEC for each contractor. Two will need to be completed, one for the IRS and one to the contractor.

Forms to consider:

• Form 1099-NEC (To complete & submit)
• Form W-9 (Information needed to complete 1099-NEC, recommended to complete during the contractor onboarding process.)

Form 1099-MISC Payee Filing Deadline

If you need to issue Form 1099-MISC, whether you are filing a soft or hard copy, one copy needs to be completed and sent to the payee by this deadline. This form is used for miscellaneous income and needed in cases of rent, prize month, and other types of income payments.

Forms to consider: 

• Form 1099-MISC 

February 28, 2024

Form 1099-MISC Paper Filing Deadline

If you are issuing a 1099-MISC via hard copy, you will need to submit your copy to the IRS by this deadline. If you miss this deadline you do have the option to file electronically on March 31, 2024. 

Form to consider:

• Form 1099-MISC

March 15, 2024

S Corporation & Partnership Return Deadline

For Partnership and S Corporation owners, this is the deadline to file your tax return. If you need more time to file your return than this is the deadline to file your extension. It is not required to make payments by this date since tax payments are paid by the shareholders or partners of the entities.

Forms to consider:

• Form 1120-S (For S Corporations)
• Form 1065 (For Partnerships)

March 31, 2024

Form 1099-MISC Electronic Filing Deadline

This is the due date for electronic copies of your 1099-MISC forms. One copy must be provided to the IRS and the other provided to the recipient.

Form to consider:

• Form 1099-MISC

April 15, 2024

Q1 Estimated Tax Payment

For business owners that make estimated tax payments, now is the time to make your Q1 estimated tax payments for 2024.

Form to consider:

• Form 1040-ES

Individual Tax Returns

This is the deadline for individuals to file their tax return. Extensions are available which allows you to push your filing back to October, however, you must still make your tax payment for 2023. 

Form to consider:

• Form 1040

C Corporation Returns Due

This is the deadline for C Corporations to file their tax returns. Like individuals, you can file an extension that will give you until October to complete your return. 

Form to consider:

• Form 1120

Additional Considerations

You also need to consider your state tax return. Each state has a different deadline for their tax returns so be sure to consider which deadline is applicable to you.

June 17, 2024

Q2 Estimated Tax Payment

For business owners who make estimated tax payments, now is the time to make your Q2 estimated tax payments for 2024.

Form to consider:

• Form 1040-ES

September 16, 2024

Q3 Estimated Tax Payment

For business owners who make estimated tax payments, now is the time to make your Q3 estimated tax payments for 2024.

Form to consider:

• Form 1040-ES

Extension Deadline for Partnerships and S Corporations

If your business filed an extension back in March, this is your deadline to file your return. 

Forms to consider:

• Form 1120-S (S Corporations)
• Form 1065 (Partnerships)

October 15, 2024

Extension deadline for individual, sole proprietors, and C Corporations

If you filed an extension in April, this is the deadline for you to submit your return.  

Forms to consider:

• Form 1040 (Individual)
• Form 1120 (Corporation)

At first, it may appear there are a number of deadlines to remember but many of these apply to businesses and can be further filtered down depending on the business structure you have. Understanding which deadlines, forms, and how to complete the forms is best done with the help of an accountant.

If you are looking for an accountant to help you navigate your taxes through 2024, consider sending us a message to get started.