ASK MICKEY, CPA: What are the Individual & Business tax due dates for 2024?
Individual Taxes: April 15 deadline applies to employees who receive a W-2, self-employed sole proprietors (including freelancers, independent contractors, or gig workers), retirees, multi-member LLCs, and corporate returns.
Depending on your tax situation and what kind of filer you are, there are different tax dates to be aware of. Below are the important tax dates and deadlines for individual filers, including those who are retired, an employee, or self-employed.
- Jan. 15, 2024– Tax payment due for 2023 Q4 estimated tax payments for self-employed individuals or those with other income without tax withholding.
- Jan. 23, 2024– The expected launch of tax season 2023. IRS is expected to start accepting and processing income tax returns for 2023 on this day.
- Jan. 31, 2024– Employers must send W-2 forms no later than this date (you still might receive yours in early February). This is also the deadline to send certain 1099 forms, including 1099-NEC, which reports self-employment income from side jobs or freelance work. You might also receive a Form 1099-MISC if you received income from interest or dividends, rents, royalties, or lottery winnings.
- Feb. 15, 2024– Deadline to reclaim your exemption from withholding. This applies if you choose to claim an exemption from your employer withholding taxes from your paycheck on your Form W-4. To continue to be exempt from withholding, you must give your employer a new Form W-4 by this date every year.
- April 1, 2024– Due date to take the required minimum distribution from your retirement account if you turned 73 during the 2023 calendar year.
- April 15, 2024– Tax Day deadline to file or e-file your federal income tax return (state tax returns) if applicable
- June 17, 2024– The due date for 2024 Q2 estimated tax payments.
- Sept. 16, 2024– The due date for 2024 Q3 estimated tax payments.
- Oct. 15, 2024– If you filed for an extension, this is the deadline to file your 2023 income tax return.
- Jan. 15, 2025– The due date for 2024 Q4 estimated tax payments.
Business Taxes:
- Jan. 15, 2024– The Due date for 2023 Q4 estimated payments.
- Jan. 31, 2024– Deadline for employers to send W-2 forms to their employees. This is also the deadline to send out certain 1099 forms such as 1099-MISC, 1099-NEC, or 1099-K.
- March 15, 2024– Taxes are due for partnerships, S corporations, or multi-member LLCs taxed as partnerships. This is the due date for calendar year business filers. If your business uses a fiscal year instead, your tax due date is the 15th day of the third month after the close of your tax year. For example, if your business’s fiscal year is June 1 – May 31, your business tax return due date would be Aug. 15 — three months and 15 days after May 31.
- March 15 is also the deadline for the above-mentioned business types to request an “Extension” and the deadline to file Form 2553 to switch your business election to an S Corp for tax year 2024.
- April 15, 2024– Tax filing deadline for C Corporations (Form 1120), sole proprietors (Schedule C), single-member LLCs, and LLCs taxed as corporations. If your business uses a fiscal tax year, you must file your business tax return by the 15th day of the third month after the end of your tax year. (This is also the deadline for the above-mentioned types of businesses to file for a tax extension.
- June 17, 2024– The due date for 2024 Q2 estimated tax payments.
- Sept. 16, 2024– The due date for 2024 Q3 estimated tax payments. And the deadline for partnerships & S corps that filed a tax extension to submit their tax returns.
- Oct. 15, 2024– The tax deadline for C corporations that filed a tax extension.
- Jan. 15, 2025– The due date for 2024 Q4 estimated tax payments.IRS TAX TIP info@onealcpa.net
