The business tax deadline to file federal tax returns for most small businesses will be April 15, 2024. But that’s just the big one. There are several business tax deadlines to be aware of — and many of them are different if you’re not a sole proprietor.
Jump ahead to learn:
The federal income tax deadline for the calendar year 2023 is April 15, 2024.
This date is for sole proprietors who file Schedule C and personal tax returns (IRS Form 1040). (It’s also the deadline for C-corporations, but that’s a little less common.) So if you’re a self-employed individual, independent contractor or gig worker, this date applies to you.
April 15, 2024.
If you have a business partnership (including LLCs) or an S-corporation, your deadline is March 15, 2024.
Federal tax deadlines do not always fall on the same date as state tax deadlines. Check with your state’s tax agency or consult with a licensed tax professional to learn more about your state’s requirements.
Each state calculates its tax rates a bit differently. Generally, if your business is incorporated, you file corporate tax returns.
You pay personal income tax if you are a sole proprietorship or limited liability company (LLC).
Learn more about choosing a business structure for your small business.
Many small businesses don’t wait until April to pay their taxes in full. It is common for contractors to make quarterly tax payments to avoid a high tax bill with annual filings.
In 2024, the payments for sole proprietors, S-corporations or C-corporations quarterly taxes are due on:
Remember that since there is no self-employed tax withholding, those in business for themselves often pay nearly 30% of revenue to the IRS.
Fill out Form 1040-ES to make quarterly payments. That helps you calculate what you owe for business income tax, Social Security and Medicare.
Payroll is much more than cutting a check — you also have to pay employment taxes. Luckily, many small business owners use accounting software to calculate what’s owed and remit payment.
Payroll taxes with different deadlines include:
FUTA is a tax employers pay to fund unemployment programs. These taxes are not withheld from employee wages.
Usually, FUTA is due quarterly, but it also depends on your business’ tax liability for the current quarter.
| Tax liability | Payment cycle | When to pay FUTA |
| More than $500 annually | Quarterly payment | Last day of the month after the end of the quarter. (See next table) |
| Less than $500 annually | One-time payment | January 31 |
| Less than $500 quarterly | None | Carry it forward to the next quarter or until your cumulative FUTA tax liability is more than $500. |
Federal Insurance Contribution Act (FICA) taxes go towards supporting federal Medicare and Social Security programs. FICA is a tax that’s split between employers and employees, so employers will need to withhold their employee’s share.
Federal withholding taxes and FICA are due at the same time. However, that due date depends on your business; the IRS will tell you when to pay taxes.
You’ll follow either a semiweekly or monthly deposit schedule. FYI, you don’t get to choose the schedule; it’s based on a lookback period. Generally:
Work with a certified accountant to make sure you file your business taxes by the deadline. A tax preparer ensures your taxes are complete and accurate. They may also know potential tax deductions specific to your business to help you reduce what you owe.
Your accountant or tax preparer can also help store and track your business receipts. In the event of an audit, you’ll need to prove that your deductions are legitimate. Good bookkeeping helps ensure your small business doesn’t lose out on a potential write-off that could work in your favor.
To keep your small business on track, don’t wait until the business tax deadline to do everything. Start the process early so you’ll have the opportunity to claim deductions and avoid penalties and interest.
There are several deductions that self-employed workers and independent contractors can claim. Generally, you can deduct ordinary and necessary expenses to run your business.
Here are a few examples of small business tax deductions:
Keep track of everything you spend to run your business — those expenses may be deductible. Consult with a tax professional to make sure you remain in compliance.
Learn more about tax deductions for independent contractors.
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Wil Chan is a content writer at NEXT and has been a professional writer for more than ten years. His work has been featured in publications including Forbes and Greatist. He has run a freelance business since 2016 and feels passionate about helping self-employed people in all industries succeed.
