What is the business tax deadline in 2024?
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.
When is tax day?
April 15, 2024.
If you have a business partnership (including LLCs) or an S-corporation, your deadline is March 15, 2024.
State business tax deadlines
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.
When to make quarterly estimated tax payments 2024
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:
- April 15: payment for 1st quarter 2024 estimated business tax due
- June 17: payment for 2nd quarter 2024 estimated business tax due
- September 16: payment for 3rd quarter 2024 estimated business tax due
- January 15, 2025: payment for 4th quarter 2024 estimated business tax due
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 and employment tax deadlines 2024
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:
- Federal Unemployment Taxes (FUTA)
- Federal income taxes and Federal Insurance Contributions Act (FICA)
1. Federal Unemployment Taxes (FUTA)
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.
|When to pay FUTA
|More than $500 annually
|Last day of the month after the end of the quarter. (See next table)
|Less than $500 annually
|Less than $500 quarterly
|Carry it forward to the next quarter or until your cumulative FUTA tax liability is more than $500.
2. Federal income taxes and FICA tax
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:
- If your business paid $50,000 or less in employment taxes, you pay on a monthly schedule. Payments are due by the 15th day of the following month.
- If your business pays more than $50,000 in employment taxes, you pay on a semiweekly schedule based on your payday.
- If your payday is on Wednesday, Thursday and/or Friday, you must deposit these taxes by the following Wednesday.
- If your payday is on Saturday, Sunday, Monday and/or Tuesday, you must deposit these taxes by the following Friday.