Small Business 2024 Tax Deadlines — What You Need to Know

FOMO, as you probably know, is the abbreviation for “fear of missing out.”

FOMYTD is closely related (and something I just made up), and it’s short for “fear of missing your tax deadlines.”

Fear no longer. This guide will walk you through the different 2024 tax filing deadlines you should be aware of as a small business owner.

An important update regarding Form 1099-K.

A Form 1099-K is used if your customers or clients pay you directly by credit, debit, or gift card, or if they use an app, such as PayPal or Venmo. In previous tax years, if you had more than 200 transactions totaling more than $20,000 from a single provider, such as Venmo, you would receive a form.

That threshold was scheduled to change for the 2023 tax year to $600 and more than 200 transactions (which may have meant a greater chance of you receiving a Form 1099-K). However, that threshold is delayed for tax year 2024. A new threshold of $5,000 and more than 200 transactions will go into effect for next year (tax year 2024).

When can you file taxes in 2024?

According to the IRS, the tax filing season begins in early 2024.

Knowing when federal taxes are due in 2024 can be a lot to keep track of, but we’re here to help.

Small Business Federal Tax Deadlines in 2024

January 16, 2024

Estimated quarterly payments

Your final 2023 estimated quarterly tax payment is due by January 16, 2024. You should use Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 4).

January 31, 2024

The end of January marks the deadline for issuing tax documents for your employees and contractors.

Form W-2 Deadline

If you have employees, you’ll need to file a Form W-2 for each of your employees. One copy is required to the IRS. The other copy should be sent to the employee. Both need to be sent to them by January 31, 2024 (via mail or electronically).

You can get the Form W-2, Wage and Tax Statement, free from the IRS.

Form 1099-NEC Deadline

IRS Form 1099-NEC, Nonemployee Compensation, is similar to the W-2, except that it's used by independent contractors.

When is Form 1099-NEC due?

Copy A must be filed (paper or electronic version) with the IRS, and Copy B must be sent to the contractor by January 31, 2024.

Form 1099-MISC Copy B Deadline

Use this form to report payments other than nonemployee compensation made by a trade or business to others. This includes payments of at least $600 in rents, royalties, prizes, and awards.

As with the Form 1099-NEC above, Copy B must be sent to the payee by January 31, 2024.

Februrary 28, 2024

Send Form 1099-MISC Copy A to the IRS.

While you are required to send Copy B to payees by January 31, Copy A needs to be filed with the IRS by February 28 (March 31, if filing electronically). To order Copy A for filing with the IRS, go here. Click on the “Online Ordering for Employer Returns” link, follow the instructions, and the IRS will mail you the form.

Form 1096 must accompany all paper submissions.

March 15, 2024

Due date for S Corporation and partnership tax returns.

If your business is structured as a partnership (Form 1065) or S Corp (Form 1120-S), your tax returns typically must be filed by the 15th day of the 3rd month following the end of the tax year — in this case, March 15, 2024. Please note that in years where this date falls on a weekend or legal holiday, the deadline will generally be moved to the next eligible business day.

This also is the deadline to file for an extension for S Corp and partnership tax returns.

March 31, 2024

Due date for electronic filing of Form 1099-MISC Copy A.

As we mentioned above, this is the date for filing Copy A of this form with the IRS. Please be advised that this due date is for electronic filings only.

April 15, 2024

Individual and business tax returns are due

This year’s deadline for individual filers, sole proprietors, and C corporations falls on April 15, 2024, for most filers (note: businesses that do not follow a calendar tax year may have a different filing date). Due to state holidays in Maine and Massachusetts on April 15, residents in those states have until April 17 to file their Federal returns.

Estimated quarterly payments

For many taxpayers, April 15, 2024, is the deadline for filing individual income tax returns and often represents the end of the annual tax season. However, if your business pays taxes each quarter, the cycle begins anew.

Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 1) must be filed with your first 2024 estimated quarterly tax payment. This form helps you calculate your estimated quarterly payment.

You may be able to qualify for Free File software from the IRS if your adjusted gross income is $73,000 or less. According to the IRS, you’ll need a computer and an email address in order to get started on the Free File website.

Reporting Income or Loss as a Sole Proprietor

You’ll need to use Schedule C (Form 1040) to report income or loss from a business that you operated as a sole proprietor. The IRS considers you a business if:

• Your primary purpose for engaging in the activity is for income or profit
• You are involved in the activity with continuity and regularity

2024 Tax Deadline Extensions

Tax deadlines can sneak up on us. If you find yourself needing more time to complete your tax forms, you can file for an extension. While that may buy you some time, there are some important things to be aware of.

It’s more time to file, not more time to pay — Using Form 4868 gets you only more time to file your tax forms. If you owe money to the IRS, you’re required to make a payment by April 15, 2024.

It can be better to overpay — If you’re unsure regarding the amount you may owe, some filers find it a good idea to send the IRS a bit more. If, in the end, you overpay, you’ll get a refund. On the other hand, if you end up underpaying, you’ll likely have to pay interest on the additional amount you owed. A tax accountant can help you with these types of decisions.

Disaster situations

Individuals and businesses affected by tornadoes, hurricanes, and other natural disasters can be granted extensions and other tax relief from the IRS. If natural disasters have had a negative impact on you or your business, you can find out about any potential extensions or other relief on the IRS website.

C Corporation tax return deadline

April 15 is the deadline for filing C Corporation tax returns (Form 1120) for calendar year taxpayers. It’s also the deadline if you need to file for an extension (Form 7004).

State tax returns

Laws and requirements for filing taxes vary among states. You can get some quick information about your particular state here.

June 17, 2024

Estimated quarterly payments deadline

This is when your second 2024 estimated quarterly tax payment is due. You should use Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 2).

September 16, 2024

Estimated quarterly payments deadline

Time for Round 3 of your estimated quarterly tax payments. You’ll need to complete Form 1040-ES, Estimated Tax for Individuals (Payment Voucher 3).

S Corporation extension due date

If you filed an extension for your S Corporation or partnership, your tax return must be filed by September 16, 2024.

Here are two forms you may need:

Form 1120S, Income Tax Return for an S Corporation

Form 1065, U.S. Return of Partnership Income

October 15, 2024

C Corporation extension due date

If your business is a C Corporation and you filed for an extension, your time is up. This also includes for sole proprietorships. Corporations will use Form 1120, while sole proprietorships should file with the appropriate individual income tax return.

November 1, 2024

Time to consider tax planning

This is more of a suggestion than a strict due date. This time of year can be a good opportunity to speak with a financial professional and plan for the next year of tax deadlines.

Making the right end-of-year tax moves may not only help reduce tax-related stress, it also could reduce your tax burden.

This would be a good time to talk with your accountant or tax preparer to see what the best steps are for your business.

We also recommend checking out these handy guides:

8 Self Employment Tax Deductions That Could Save You Big Money

How to Make the Most of Small Business Tax Deductions

December 31, 2024

End of the tax year

Remember those steps you discussed with your tax professional back in November? This is the last day you can implement them for the 2024 tax year.

Are you self-employed and thinking about setting up a solo 401(k) for the coming year?

If the range of your thinking and planning extends beyond the upcoming tax cycle and into your retirement years, you may want to look into the tax and other advantages of a solo 401(k) plan.

And check out this helpful guide:

How to Save for Retirement as a Small Business Owner

January 15, 2025

Estimated quarterly payments deadline

OK, we may be jumping the gun a bit here by looking into 2024, but if you’re making your last estimated payment for 2023, it’s helpful to know that your 2023 fourth payment is actually due in January 2025.

Looking for Help to Keep Track of Tax Deadlines for Your Small Business?

In any given tax year, there’s a lot you need to be aware of. Missing a deadline can land you in trouble and can often cost you money as well, so it makes sense to stay on top of key tax dates throughout the year.

The good news is that there are a number of tools that can help you. Even better, some of the most helpful ones come free from the IRS. Here’s a short list to get you started.

• An online Tax Calendar. You also can check it out on your mobile device.
• Emailed calendar reminders. Once you sign up, the IRS will email you reminders one or two weeks in advance of when a payment is due.
• Tax calendar import. You can subscribe or download the IRS’s Tax Calendar so it shows up in your Outlook email program.

One more thing to consider: Find a good accountant or tax professional. Many of them are small business owners themselves, so they know what it’s like to run a business and stay on top of changing tax regulations and annual deadlines.

Many of the dates provided in this article were taken from this article by the small business tax experts at Bench.co.