Small Business Tax Deadlines for 2024

For most Americans, tax day comes once per year. That’s not the case for businesses though. If you own a business, you have to file tax forms on a regular basis. There are deadlines you must stay on top of from quarterly income taxes to paying payroll taxes. Below are the deadlines that small businesses need to worry about and when they will occur in 2024. If you’re looking for tax automation for your small business, consider working with a financial advisor.

Small Business Estimated Tax Deadlines

Everyone who makes money independently, from a business to a freelancer, needs to file estimated income taxes. These are commonly known as “quarterlies,” because you file them roughly every quarter.

The IRS requires this for several reasons. The main reason is to smooth out the agency’s income. Instead of collecting its money once per year, estimated taxes ensure that it has money coming in on a regular basis. Quarterly payments also make it more likely that any given business or individual will have money on hand. Many small businesses fail to properly set aside their tax money, so the IRS would have trouble collecting if it waited for a full year’s taxes all at once.

Quarterly tax payments are the estimated amount of income tax that you owe based on your income since your last estimated payment (typically the past three months). You can either make a complete calculation of all income, deductions and expenses to determine your correct current tax bracket or you can apply your past year’s tax bracket to the past quarter’s income; this is why it is called an “estimated” tax payment because the IRS allows back-of-the-envelope calculations.

In 2024, you must file quarterly taxes on the following dates:

First Quarter, January – March: Due April 15, 2024
Second Quarter, April – May: Due June 17, 2024
Third Quarter, June – August: Due Sept. 16, 2024
Fourth Quarter, September – December: Due Jan. 15, 2025

Small Business Income Tax Deadlines

Just like individuals, businesses must also file their income taxes each year. The deadlines for when you must file these taxes differ based on the nature of your business, but these are the deadlines by which you must either file your taxes or file for an extension:

Partnerships, LLCs and S Corporations Using A Calendar Year: Due March 15, 2024
C Corporations and Sole Proprietors Using A Calendar Year: Due April 15, 2024

The IRS has scheduled Tax Day for Monday, April 15, 2024.

Note that these deadlines do not apply to corporations using a fiscal year system. If you use fiscal year accounting, then you must file your taxes by the 15th of the fourth month after the close of your fiscal year, adjusted for any holidays or weekends.

And remember, when it comes to IRS filing deadlines two rules usually apply: First, if you submit electronically then it is considered on time as long as you get your forms in by midnight of your local time zone on the day it’s due. Second, if you submit your forms in hard copy then they are considered on time as long as they are postmarked by the due date.

Small Business Tax Form Deadlines

Running any business requires relatively frequent contact with the IRS, as you manage to report for both your and your employees’ money. We will not go into the complete list of monthly payroll tax filings, for that level of granularity sees the IRS’ complete tax calendar. However, the important unique deadlines you need to know are:

Employees Must Receive W-2 Forms: Jan. 31, 2024
Independent Contractors Must Receive 1099 Forms: Jan. 31, 2024
Switch Business Election to S-Corporation for 2024 Taxes: March 15, 2024
File Business Taxes After An Extension, Partnerships, LLCs and S Corporations Using A Calendar Year: Sept. 15, 2024
File Business Taxes After An Extension, C Corporations and Sole Proprietors Using A Calendar Year: Oct. 15, 2024

There are a few critical things to remember. First, the deadline for employees and contractors to receive their tax paperwork is different than most other IRS deadlines. In that case, Jan. 31 is the date by which they must have the documents in hand, either electronically or in hard copy.

Second, while a tax extension gives you six extra months to file your paperwork, you still must make an estimated tax payment in March or April (depending on the nature of your company). If your estimated payment is significantly less than the taxes that you end up owing, the IRS will charge you an underpayment penalty.

Small Business Payroll Tax Deadlines

Every organization with employees must also handle payroll tax filing and payments. You are required to pay your employees’ payroll taxes and income tax withholding regularly, typically on either a monthly or biweekly basis depending on the nature of your business.

In addition to making these payments, you must also regularly file a payroll tax form with the IRS. While some very small businesses can do this by filing Form 944 with their annual returns, most businesses will handle payroll tax filings by filing Form 941 every quarter. If this paperwork shows any additional taxes owed beyond the deposits you have already made, those payments will be due one month after you file.

Those deadlines are:

First Quarter, January – March: Filing Due March 31, 2024; Payment Due April 30, 2024
Second Quarter, April – June: Filing Due June 30, 2024; Payment Due July 31, 2024
Third Quarter, July – September: Filing Due Sept. 30, 2024; Payment Due October 31, 2024
Fourth Quarter, October – December: Filing Due Dec. 31, 2024; Payment Due Jan. 31, 2025

Bottom Line

Running a small business involves frequent contact with the IRS. From payroll taxes to estimated quarterlies, the tax deadlines for your small business are important to keep up with so that you don’t end up incurring penalties or fees. In fact, you could even be forced to disband your legal entity for your business if you don’t meet certain deadlines. It may be best to hire a professional to manage all of these deadlines for you if it’s too much to focus on.

Tips for Tax Planning

Good financial advice isn’t just for individuals. Financial advisors can also help you if you have a business and need better tax planning or management. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Small businesses have their own set of credits, deductions, expenses and more. Make sure that you claim everything that you’re entitled to, so you can keep those taxes as low as possible.