Small Business Tax Day 2024

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Written by: Chloe Silverman, Senior Writer at The Hartford
Reviewed by: Gene Marks, CPA, Author & Small Business Owner
 

When Are Business Taxes Due in 2024 for Businesses?

small business owner looking up important dates for tax day 2024For most small businesses, taxes are due on April 15, 2024. Multimember LLCs, S corporations and partnerships, however, must file tax returns by March 15, 2024. With each new year, it’s a good idea to review your small business insurance and the deadline for filing your tax return.
 

Income Tax Deadlines for 2024

Most small businesses need to submit federal tax returns annually. These taxes are based on the revenue your company earns each year.1
 
The forms you’ll need for your income tax return depends on your business’ structure. For instance, you may need these Internal Revenue Services (IRS) forms:2
 
Keep in mind that most small businesses are pass-through organizations. This means business income is treated as the owner’s personal income. So, if this is how you’re structured, you’ll need to finish filing your return on March 15, 2024.
 

Quarterly 2024 Tax Deadlines for Businesses

The quarterly estimated taxes you’ll need to file also depend on your business’ structure and if you have employees or not. Sole proprietors without employees do not need to file estimated tax payments. However, they still need to file annually for income taxes.
 
If your business does have employees, you’ll need to use Form 941 for federal purposes to file the income, security and Medicare taxes withheld from your employees’ paychecks quarterly. You’ll also need to file any excise taxes quarterly with Form 720.3 On top of these, you may also need to file state tax forms, depending on where you live.
 
If you need more time to finish your taxes, you can request a tax extension. Keep in mind that when filing for an extension, you’ll still need to fill out an estimate of what you owe. Individuals can use Form 4868 and small businesses can use Form 7004 to request a tax extension.
 
Some important quarterly tax dates for 2024 to keep in mind include:
 
  • Jan. 15, 2024: Fourth-quarter 2023 estimated tax payment due
  • April 15, 2024: First-quarter 2024 estimated tax payment due
  • June 17, 2024: Second-quarter 2024 estimated tax payment due
  • Sept. 16, 2024: Third-quarter 2024 estimated tax payment due, deadline for extended partnership and S-corporation returns
  • Oct. 15, 2024: Deadline for C-corporation returns and individual filers with an extension
  • Jan. 15, 2025: Fourth-quarter 2024 estimated tax payment due
To learn more about the estimated tax payments you’ll need to submit, you can work with an accounting firm. They can provide personalized tax services for your business that can make tax season easy. You can also use tax software, like Quickbooks, to help manage your business’ taxes.
 

Employment Tax Deadlines 2024

Your employment taxes are where you’ll need to report wages, tips and other compensation that you’ve paid your employees. You’ll need to prepare W-2, Wage and Tax Statements for each of your workers, which report your employees’ earnings.
 
As an employer, you’ll have to mail out employee W-2s by Jan. 31, 2024. To keep your employees updated, let them know that they may not receive their W-2s until after Jan. 31, 2024.
 
You may also need to file Form 1099-NEC and Form 1096 with the IRS if your business paid more than $600 in 2023 for services by a non-employee. Be aware that you’ll also have to send Form 1099-NEC by Jan. 31, 2024.
 
You can view other important tax due dates on the IRS’ Employment Tax website.
 

Excise Tax Deadlines 2024

business owner reads up on important tax deadlines in 2024You’ll have to file excise taxes if you:5
 
  • Manufacture or sell products
  • Use certain equipment, facilities or products
  • Receive payment for certain services
You can use Form 720 to file excise taxes in these categories:6
 
  • Environmental
  • Communications and air transportation
  • Fuel
  • First retail sale of heavy trucks, trailers and tractors
Some other tax forms you may need to fill out include:
 
  • Form 2290: This is for certain truck, truck tractors and buses used on public highways that are a gross weight of 55,000 pounds or more.
  • Form 730: If you’re a business that accepts wagers or do a pool or lottery, you may have to file an excise tax on wagering. This form helps you figure out the tax on the wagers you receive.
  • Form 11-C: This form allows you to register for any wagering activity and to pay the tax on it.

Payroll Withholding and Employment Tax

If you have employees, you’ll need to pay employment taxes. These include:
 
  • Social Security and Medicare taxes
  • Federal income tax withholding
  • Federal unemployment (FUTA) tax
You’ll need to report these payroll taxes on Form W-2 to your employees. Your employees then need to include this information on their tax return, which is Form 1040 or 1040-SR.7
 

Wage and Non-Employee Compensation Tax

Non-employee compensation is the money you pay to independent contractors that work for your business. This includes:
 
  • Wages
  • Non-employee compensation
  • Dividends
  • Royalties
  • Profit-sharing distributions
You’re required to report this on Form 1099-MISC. You’ll also need to pay self-employment taxes on it. The deadline to file this is Feb. 28, 2024 if filing by paper or March 31, 2024 to file electronically.8
 

Learn More About When Corporate Taxes Are Due in 2024

Business owner learning about when are taxes due in 2024
Make sure you have enough time to file your taxes. It’s important to learn about 2024 tax filing deadlines early because if you file late and have a tax bill, it can lead to penalties and interest. Also, keep in mind that you may qualify for credits or deductions for certain expenses.
 
There are also ways you can reduce taxable income, like selling property that has no value to your business anymore. On top of this, your business can also get a tax refund if you paid more than you needed to during the year.
 
You may be wondering, “Is business insurance tax deductible?” Yes, business insurance is tax deductible.
 
If you need small business insurance coverage, you can easily get a quote online today. We’ve been helping small businesses get the right insurance for over 200 years, so we know the unique risks they face.

2024 Small Business Tax Deadlines FAQs

If your business is organized as a C-Corporation, or C-Corp, and you requested an extension to file your taxes, then you have until Oct. 15, 2024 to submit your return.
As a small business owner, paying your taxes and knowing when to file returns is essential so you don’t risk paying a penalty. Some important tax deadlines for 2024 include:
 
  • Jan. 16, 2024: Fourth-quarter 2023 taxes due
  • April 15, 2024: First-quarter 2024 estimated tax payment due, deadline for individual filers
  • June 17, 2024: Second-quarter 2024 estimated tax payment due
  • Sept. 16, 2024: Third-quarter 2024 estimated tax payment due, deadline for extended partnership and S-corporation returns
  • Oct. 15, 2024: Deadline for C-corporation returns and individual filers with an extension
Business tax returns can be extended six months. You can use Form 7004 when filing a tax extension. Be aware that you still need to estimate the taxes owed and pay it by the due date.
If you don’t owe any taxes or have a tax refund, there’s no penalty for filing a late return.
 
 
Last Updated: January 12, 2024
 
This article provides general information, and should not be construed as specific legal, HR, financial, insurance, tax or accounting advice. As with all matters of a legal or human resources nature, you should consult with your own legal counsel and human resources professionals. The Hartford shall not be liable for any direct, indirect, special, consequential, incidental, punitive or exemplary damages in connection with the use by you or anyone of the information provided herein.
 
1,2 Internal Revenue Service (IRS), “Which Forms Must I File?”
 
3 FindLaw, “Filing Quarterly Taxes”
 
4 Internal Revenue Service (IRS), “Understanding Employment Taxes”
 
5,6 Internal Revenue Service (IRS), “Business Taxes”
 
7 QuickBooks, “W-2 Employee Forms: A Small Business Owner’s Guide to Filing”
 
8 Internal Revenue Service (IRS), “Instructions for Forms 1099-MISC and 1099-NEC”
 
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