Published November 29, 2023 – As a small business owner, staying on top of tax deadlines is crucial. With 2024 around the corner, it’s time to prepare. Let JTC CPAs be your guide through this maze of dates and requirements.
General Tax Calendar Overview
The IRS General Tax Calendar is an invaluable tool for small business owners. It outlines the major filing deadlines and various other important dates related to estimated tax payments, payroll taxes, and more. Understanding this calendar helps in planning financial strategies and ensuring timely compliance. For instance, different types of businesses, like sole proprietorships and corporations, have varied deadlines. Familiarizing yourself with these specifics can save you from last-minute hassles and penalties.
Key Deadlines for Individuals
For individual taxpayers, including sole proprietors, the primary deadline is April 15, 2024, for filing Form 1040 or 1040-SR. If this date falls on a weekend or a holiday, the deadline shifts to the next business day. Additionally, estimated tax payments are due quarterly: typically on April 15, June 15, September 15, and January 15 of the following year. These are crucial for those who don’t have taxes withheld from their income sources, like freelancers or independent contractors.
Partnerships: What You Need to Know
Partnerships, which play a vital role in the business ecosystem, must file Form 1065 by March 15, 2024. This form is essential for reporting the partnership’s income, deductions, gains, losses, etc.. Each partner must receive a Schedule K-1, which breaks down their share of the partnership’s income and losses. Timely filing and distribution of these forms are critical to ensure that partners have accurate information for their tax returns. Extensions are available, but planning ahead is key to smooth tax handling.
Corporations and S Corporations Deadlines
For corporations, the deadline for filing Form 1120 falls on April 15, 2024. However, corporations with a fiscal year different from the calendar year must adjust their deadlines accordingly. S Corporations, filing Form 1120-S, face a March 15 deadline. These forms are integral to reporting income, losses, dividends, and other financial information. Corporations with a fiscal year ending on June 30 have unique filing requirements, reflecting the IRS’s approach to varied business structures and fiscal timelines.
Navigating 2024 Business Tax Deadlines with JTC CPAs
Remember, these deadlines are just the tip of the iceberg. Navigating tax laws can be complex, but you don’t have to do it alone. JTC CPAs specializes in helping small businesses like yours stay compliant and financially healthy. Contact us for personalized tax planning and support.
Stay informed, stay ahead, and let JTC CPAs take the worry out of tax season!
Sources:
- Internal Revenue Service. (2023). Publication 509 (2023), Tax Calendars. https://www.irs.gov/publications
Contributor: Caleb Sapp