Navigating tax deadlines can be overwhelming for small business owners. Missing a due date can result in penalties, interest charges, and lost deductions. Understanding the tax calendar and preparing in advance can help you stay compliant and optimize your tax situation. This guide covers essential tax deadlines small businesses need to know throughout the year.

Tax Deadlines by Business Structure

The tax filing deadlines vary depending on your business entity. Here’s a breakdown:

Sole Proprietorships

Filing Deadline: April 15 (Tax Day)

Form: Schedule C (attached to Form 1040)

Estimated Taxes: Quarterly payments due on April 15, June 15, September 15, and January 15 of the following year.

Partnerships

Filing Deadline: March 15

Form: Form 1065 (U.S. Return of Partnership Income)

Estimated Taxes: Partners report income on their personal tax returns (Form 1040) and pay estimated taxes quarterly.

Corporations (C Corporations)

Filing Deadline: April 15 (or the 15th day of the fourth month after the end of the corporation’s fiscal year)

Form: Form 1120 (U.S. Corporation Income Tax Return)

Estimated Taxes: Quarterly payments due on April 15, June 15, September 15, and December 15.

S Corporations

Filing Deadline: March 15

Form: Form 1120S (U.S. Income Tax Return for an S Corporation)

Estimated Taxes: Shareholders report income on personal tax returns and pay estimated taxes quarterly.

Limited Liability Companies (LLCs)

Filing Deadline: Varies based on classification (sole proprietorship, partnership, or corporation)

Forms:

Sole Proprietorship: Schedule C with Form 1040

Partnership: Form 1065

Corporation: Form 1120 or 1120S

For assistance with tax preparation and filing, visit Lodestar Taxes’ Tax Preparation Services.

Key Tax Deadlines for 2024

Below are essential deadlines for small business tax filings and payments:

Deadline

Description

January 15

Fourth quarter estimated tax payment for 2023 (if applicable)

March 15

Filing deadline for partnerships (Form 1065) and S Corporations (Form 1120S)

April 15

Filing deadline for sole proprietorships (Schedule C), C Corporations (Form 1120), and individual tax returns (Form 1040)

June 15

Second quarter estimated tax payment for 2024

September 15

Third quarter estimated tax payment for 2024

October 15

Extended filing deadline for sole proprietorships, C Corporations, and S Corporations if an extension was filed

December 15

Fourth quarter estimated tax payment for 2024

If you need tax planning assistance, check out Lodestar Taxes’ Tax Planning Excellence.

Estimated Tax Payments

Small business owners expecting to owe $1,000 or more must pay estimated taxes throughout the year:

Calculate Estimated Taxes: Estimate your annual income, deductions, and credits to determine your tax liability.

Quarterly Payments: Payments are due on April 15, June 15, September 15, and January 15.

Avoid Penalties: Failure to make estimated payments may result in fines from the IRS.

Understanding Extensions

If you need extra time to file, you can request a tax extension. However, an extension only applies to filing—not to paying any taxes owed.

Filing Extensions:

Sole Proprietorships: File Form 4868 for a six-month extension.

Partnerships and S Corporations: File Form 7004 for an automatic extension.

Payment Obligations:

Ensure taxes owed are paid by the original deadline to avoid penalties and interest charges.

For IRS resolution support and penalty mitigation, visit Lodestar Taxes’ IRS Resolutions Services.

Staying Organized for Tax Season

To simplify tax filing and avoid last-minute stress, follow these best practices:

Maintain Accurate Records: Use accounting software to track income, expenses, and deductions.

Set Reminders: Keep a tax calendar with deadlines and set alerts for upcoming payments.

Consult a Tax Professional: Get expert guidance to ensure compliance and maximize tax savings.

Work with a Trusted Tax Professional

Tax laws are complex and subject to change. Partnering with a tax professional can help you:

Stay Compliant: Ensure all filings and payments meet IRS requirements.

Optimize Deductions: Identify tax-saving strategies tailored to your business.

Plan for the Future: Develop a proactive tax plan to minimize future liabilities.

Final Thoughts

Understanding small business tax deadlines is essential for avoiding penalties and maximizing deductions. By staying organized, making timely payments, and working with a trusted tax professional, you can simplify tax season and focus on growing your business.

For expert assistance, reach out to Lodestar Taxes and let their experienced team guide you through the complexities of tax planning and preparation.