For the majority of small businesses, the deadline to file federal tax returns is April 15, 2024. That’s just the major one, though. There are multiple dates for business taxes to remember, and if you’re not a sole proprietor, many of them may differ.
What is the 2024 deadline for company taxes?
April 15, 2024 is the date for filing federal income taxes for the year 2023. The deadline for filing Schedule C and personal tax returns (IRS Form 1040) for sole owners is this date.
(C-corporations also have a deadline of this kind, albeit they are less common.) Therefore, this date applies to you if you are an independent contractor, self-employed person, or gig worker.
When is tax day?
15 April 2024. The deadline is March 15, 2024, if you are an S-corporation or a commercial partnership, including LLCs.
Deadlines for state business taxes
State and federal tax deadlines don’t usually occur on the same day. To find out more about the rules in your state, contact the tax office or a qualified tax expert.
Every state determines its tax rates in a slightly different way. Generally speaking, you file corporation tax returns if your business is incorporated.
If your business is a limited liability company (LLC) or a sole proprietorship, you have to pay personal income tax.
When to make quarterly estimated tax payments 2024
A lot of small firms don’t pay their taxes in full until April. Contractors frequently pay their taxes on a quarterly basis in order to minimize their tax liability through annual filings.
2020 Dates for employment taxes and payroll
Payroll involves much more than just writing checks; employment taxes must also be paid. Fortunately, accounting software is widely used by small business owners to determine their outstanding debts and send payments.
Either a semiweekly or monthly deposit plan will be followed by you. Just so you know, the schedule is determined by a lookback period rather than by you.
Generally speaking, you pay on a monthly basis if your company paid $50,000 or less in employment taxes. By the fifteenth day of the next month, payments are expected.
In case your company has to pay employment taxes over $50,000, payments will be made on a semiweekly basis, according to your paycheck.
You have until the following Wednesday to deposit these taxes if your payday falls on a Wednesday, Thursday, or Friday.
Your paycheck is due on the following Friday if it falls on a Saturday, Sunday, Monday, or Tuesday.
How to prepare your taxes
Assist a licensed accountant in ensuring that your business taxes are filed by the due date. Your taxes will be correct and thorough thanks to a tax preparer.
They might also be aware of certain business-specific tax deductions that could lower your tax liability. Your business receipts can be tracked and stored with assistance from your accountant or tax preparer.
You will have to provide evidence of the validity of your deductions in the event of an audit. Maintaining accurate books helps make sure your small business doesn’t miss out on a possible tax write-off that can benefit you.
Don’t wait until the business tax deadline to complete tasks if you want to keep your small business running smoothly. Initiate the procedure as soon as possible to ensure that you can claim deductions and stay clear of fines.
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