Tax Deadlines Demystified: A Month-by-Month Guide for Small Businesses in 2024

Conquer the tax year with confidence! This guide clarifies 2024's key deadlines for small businesses, transforming "tax season" from a monster into a manageable path to financial health. Ditch the confusion, grab your calendar, and navigate the year ahead with ease.

Staff Writer

1/11/20242 min read

a calendar with red push buttons pinned to it
a calendar with red push buttons pinned to it

For many entrepreneurs, "tax season" feels like a looming storm cloud on the horizon – a confusing jumble of dates, forms, and potential penalties. But fear not, brave business owners! By understanding the key deadlines throughout the year, you can transform tax season from a chaotic monster into a manageable march towards financial well-being. So, grab your calendars and pencils, because we're about to demystify those deadlines and empower you to navigate the 2024 tax landscape with confidence.

January:

  • Estimated Taxes: If you expect to owe more than $1,000 in taxes for the year, your fourth-quarter estimated tax payment is due on January 15th.

  • W-2 Forms: Ensure all employees receive their W-2 forms by January 31st to assist them with their own tax preparations.

February:

  • 1099 Forms: Distribute 1099 forms to contractors and any other individuals who received payments of $600 or more from your business by February 28th.

March:

  • 1065 and 1120S Filings: Partnerships and S corporations, if you operate on a calendar year, file your federal income tax returns (Form 1065 or 1120S) by March 15th.

  • Estimated Taxes: Make your first-quarter estimated tax payment for 2024 by March 31st.

April:

  • C Corporation Filings: C corporations, file your federal income tax returns (Form 1120) by April 15th.

  • Individual Filings: Sole proprietors and individual entrepreneurs, file your personal income tax returns (Form 1040) by April 15th.

  • Quarterly Payroll Taxes: If you have employees, file and pay your first-quarter federal payroll taxes (including income taxes, Social Security, and Medicare) by April 30th.

June:

  • Estimated Taxes: Submit your second-quarter estimated tax payment for 2024 by June 17th.

  • Quarterly Payroll Taxes: File and pay your second-quarter federal payroll taxes by June 30th.

September:

  • Estimated Taxes: Make your third-quarter estimated tax payment for 2024 by September 16th.

  • Quarterly Payroll Taxes: File and pay your third-quarter federal payroll taxes by September 30th.

December:

  • Estimated Taxes: File your fourth-quarter estimated tax payment for 2024 by January 15th, 2025.

Bonus Tip: Remember, state and local tax deadlines may differ. Contact us for specific dates and filing requirements.

Staying Prepared:

  • Mark your calendar: Set reminders for all relevant deadlines to avoid late filing penalties.

  • Organize your documents: Keep receipts, invoices, and other financial records well-organized throughout the year for easy access during tax season.

  • Consult a professional: If you're unsure about anything, seek guidance from a qualified accountant or tax advisor. They can help you ensure compliance and maximize your deductions.

By staying informed and organized, you can conquer your tax anxieties and navigate the 2024 tax landscape with confidence. Remember, knowledge is power, and when it comes to taxes, a little preparedness goes a long way towards financial peace of mind and sustainable business growth.

Now go forth, brave entrepreneurs, and conquer those deadlines!