With tax season in full swing, it’s essential to know when all important dates and deadlines are. Your tax accountant will also need you to be aware of these dates, as it can impact their requirements to receive information from you. This fact is especially true if you expect to request an extension on your tax filing for this year. This article provides an overview of all the important dates and information you need during the 2024 tax season.
Individual filers and companies have different tax deadlines and required actions. A summary of the essential dates and deadlines in 2024 for individuals and independent contractors includes:
- January 16: Individuals making quarterly payments on their taxes must make their final contribution for 2023 on this date.
- January 29: The IRS begins accepting 2023 returns.
- January 31: 1099 forms used by independent contractors and self-employed individuals must be submitted by this date or the following business day if it falls on a weekend.
- February 15: W-4 filings are due for individuals who want to claim an exemption in their tax withholding from the previous year.
- April 15: This is the deadline for individual filers to submit their return. It may be moved if it falls on a weekend. Final contributions to IRAs or HSAs for the 2023 tax year must also be made on this date.
In addition to these dates, quarterly estimated tax payments are due on April 15, June 17, and September 16, 2024. The final fourth quarter payment must be made by January 15, 2025.
Important Tax Accounting Dates for Businesses
For companies, the tax filing deadlines may vary depending on how the entity is registered. An overview of these deadlines includes the following:
- January 15: Businesses must make their final quarterly estimated tax payment for 2023 by this date.
- January 31: Employers must have submitted their W-2 forms to all employees by this date. This date is also the deadline to submit all 1099 forms to contractors used by the company.
- March 15: This date is the deadline for tax filings for partnerships, multi-member LLCs, and S-corporations. Entities in this category who follow a calendar year must file their Form 1065 or 1120S by this date. However, if they use a fiscal year, they will have until the 15th day of the third month after the end of the 2023 fiscal year to file.
- April 15: This date is the tax filing deadline for C-Corporations using a calendar year. These entities that use a fiscal year will have until the 15th day of the third month after the end of fiscal year 2023 to file.
In addition to these dates, quarterly estimated tax payments for companies are due on April 15, June 17, and September 16, 2024. The final fourth quarter payment must be made by January 15. 2025.
If you need to request an extension for your tax filing, you should submit it well in advance of the due date of April 15. There are two tax extension forms: Form 4868 for individuals and businesses like sole proprietorships and single-member LLCs and Form 7004 for corporations, multi-member LLCs, and all other types of businesses.
To learn more about the current year’s tax filings and the benefits of working with a tax accountant, contact Parker Business Consulting today!
Parker Business Consulting & Accounting, P.C. is a unique firm with more than a combined 75 years of experience in private industry, coupled with a strong background in public accounting. This combination enables us to provide valuable assistance based on direct experience with many of our clients’ same issues.