Although tax season is still months away, it’s always better to prepare early and familiarize yourself with the IRS’s tax guidelines for the year. Starting your tax preparation in the fall gives your business ample time to organize and plan your financial strategies more efficiently.
Here are some essential fall tax tasks and upcoming deadlines your business can plan for now to get a head start.
When are the fall tax deadlines?
Here are the remaining tax deadlines for the 2024 calendar year. Keep in mind that not all businesses need to file for each deadline, so ask your CPA or financial advisor if you’re unsure if a deadline applies to you.
- September 16, 2024: This is the deadline for pass-through entities (sole proprietors, partnerships, LLCs) to file and pay their third-quarter estimated tax payment and for corporations to pay their third estimated tax installment, both using Form 1040-ES. Additionally, S corporations and partnerships that requested a six-month extension on their 2023 income tax return must file by this date using Form 1120-S and Form 1065, respectively. S corporations must also send copies of Schedule K-1 Form 1120-S to shareholders by this date.
- October 16, 2024: This date marks the deadline for filing and paying income taxes for sole proprietors and corporations that requested a six-month extension on their income taxes. Pass-through entities will use Form 1040 or Form 1040-SR, while corporations will use Form 1120.
- October 31, 2024: This is the deadline for all businesses to file and pay withheld income tax, Social Security, and Medicare for Q3 of 2023 using Form 941. However, businesses that made full payments on time have until November 10, 2024. Businesses that owed more than $500 through September must also deposit federal unemployment tax by this date.
- December 15, 2024: Corporations must deposit their estimated income tax for Q4 of 2023 by this date using Form 1040-ES.
Visit our guide for a complete list of tax deadlines throughout the calendar year.
[Read more: 3 Questions to Ask Your Accountant Before You File Your Taxes]
The consequences of missing a tax filing deadline depend on the specific deadline and whether your business owes money.
Fall tax checklist
Set your business up for success by handling these fall tax tasks well in advance.
Set internal deadlines
While the IRS has its own deadlines, it's advisable to set your internal deadlines further in advance to account for any hiccups or unexpected issues you may run into. Establish a timeline for your business that leaves ample time to prepare all your tax documents and make necessary adjustments to your tax planning strategies.
Gather financial records
Collect the financial records you’ve accumulated throughout the year, such as income statements and balance sheets. Income statements reflect your business revenue and expenses throughout the year, while balance sheets denote your equity, assets, and liabilities. These documents and others, like bank statements, payroll records, and asset schedules, will be essential when filing.
Update your estimated tax payment calculations
If you calculated your estimated tax payments last tax season based on your previous year’s income, fall is a great time to update those calculations with your actual 2024 income and expenses to avoid over- or underpaying on your remaining quarterly payments.
Your CPA or financial professional should be able to help you understand what you’ve paid so far and what you’re projected to owe for Q3 and Q4 based on your earnings and tax liabilities. If you’d prefer to do this on your own, the IRS provides worksheets to help you calculate estimated payments. Either way, it helps avoid any surprises come tax time and allows you to either save money (if you have less taxable income than you projected) or pay extra to avoid penalties (if you have more taxable income than you projected).
[Read more: What Are Estimated Tax Payments for Small Businesses?]
What if you miss the tax filing deadline?
The consequences of missing a tax filing deadline depend on the specific deadline and whether your business owes money. If you’re due for a refund, you likely won’t be penalized for filing late, as businesses have up to three years to claim a refund from the tax return due date. Unclaimed tax refunds become the U.S. Treasury property after three years, giving businesses until 2026 to claim 2023 refunds.
However, if you owe taxes and miss the deadline, rectify the situation immediately; businesses incur interest and IRS penalties for each late payment day.
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