When is the business tax deadline 2024?

When is the business tax deadline 2024?

Wil Chan
By Wil Chan
Dec 13, 2023
11 min read

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:

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:

  1. Federal Unemployment Taxes (FUTA)
  2. 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.

Tax liabilityPayment cycleWhen to pay FUTA
More than $500 annuallyQuarterly paymentLast day of the month after the end of the quarter. (See next table)
Less than $500 annuallyOne-time paymentJanuary 31
Less than $500 quarterlyNoneCarry 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.
April 2020 4b

How to prepare your taxes

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.

Common self-employed and business deductions

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:

  • Transportation. If you own or rent a business vehicle, you can claim those costs. You may also claim the expenses related to the business use of your personal vehicle.
  • Utilities. Your overhead costs, including commercial rent, electricity and telecommunications, may qualify as business expenses.
  • Insurance. You can claim the cost of your business insurance as a tax deduction. The insurance tax deduction applies as long as the coverage is for your business or trade.
  • Retirement accounts. If you establish savings or retirement plans out of your business for yourself or your employees, you may be able to deduct this as a business expense.

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.

How NEXT helps small business owners

NEXT provides an easy online option for business insurance for more than 1,300 types of small businesses and self-employed professionals. (Business insurance can be a tax write-off; consult with a licensed tax professional to see if you qualify.)

Answer a few questions, get a quote, purchase coverage and get your certificate of insurance in less than 10 minutes. Access your policy 24/7 via web and mobile app.

Start a free quote with NEXT today.

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Wil Chan
About the author

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.

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