As a small business owner, keeping abreast of your tax dates and deadlines is not just a good practice—it’s essential for the health and legality of your business. Missing a tax deadline can lead to penalties, interest, and unnecessary stress. At Barta Business Group, with our expert bookkeeping and accounting services tailored for small businesses in Denver, Colorado, and Helena, Montana, we’re committed to ensuring you’re well-informed and prepared for all your tax obligations. Let’s dive into what you need to know for the 2024 tax year.
Understanding Your Tax Obligations
Before marking your calendar, it’s vital to grasp the various taxes that may apply to your business. Federal, state, and local tax obligations can differ significantly, and understanding these is the first step towards compliance. Common taxes for small businesses include:
- Income Tax: Generally, businesses are required to pay taxes on their income, the amount of which can vary depending on your business structure.
- Self-Employment Tax: For sole proprietors and partners, this covers Social Security and Medicare.
- Payroll Tax: If you have employees, you’re responsible for withholding their taxes and paying employer taxes.
Knowing which taxes apply to you is crucial for setting up your payment schedules accurately.
2024 IRS Tax Dates and Deadlines for Small Business Owners Should Remember
Quarterly Estimated Tax Payments
If your business pays taxes on a quarterly basis, these are the dates to remember:
- April 15, June 15, September 15, and January 15 (2025) for the respective quarters of the tax year.
Annual Tax Return Filing Deadlines
- April 15: Deadline for filing Form 1040 or 1040-SR for self-employed individuals.
- March 15: Form 1065 for partnerships and Form 1120-S for S corporations.
- April 15: Form 1120 for C corporations.
Payroll Taxes
Ensure you’re depositing payroll taxes and filing employment tax returns according to the IRS schedule, which can vary based on your total payroll size.
Information Reporting
- January 31: The deadline for issuing W-2 forms to employees and 1099-NEC forms to non-employee contractors, and for filing these forms with the IRS.
Tax Extensions and How to Request Them
It’s important to differentiate between an extension to file and an extension to pay. While you can request additional time to file your tax returns, taxes owed are still due by the original deadline. Filing Form 4868 can grant you an extension for your individual tax return, and businesses have similar forms depending on their structure.
Penalties for Missing Deadlines
Failing to meet tax deadlines can result in penalties and interest charges, which vary based on the tax type and the length of the delay. The IRS can impose failure-to-file and failure-to-pay penalties, emphasizing the importance of at least filing on time if you cannot pay your full tax bill immediately.
Tips for Staying Organized and Meeting Deadlines
To avoid penalties and ensure compliance, consider these tips:
- Keep meticulous records of all business transactions.
- Use reliable accounting software to track income and expenses.
- Set reminders for all crucial tax dates and deadlines.
Working with a professional bookkeeping and accounting firm like Barta Business Group can significantly reduce the burden of tax compliance, allowing you to focus on growing your business.
Are You a Small Business Owner That Needs Help? Contact Barta Business Group!
Being well-informed and prepared for 2024’s tax dates and deadlines is crucial for small business owners. With the support of Barta Business Group, you can navigate the complexities of tax season with confidence and ensure your business remains compliant and financially healthy.
Don’t let tax season catch you off guard. Contact Barta Business Group today for a consultation or assistance with your small business bookkeeping and accounting needs. With offices in Denver, Colorado, and Helena, Montana, we’re here to help you prepare for tax season and beyond.