The new tax season is approaching fast. Get ahead of your taxes by remembering the important tax dates. For the 2020 taxes you’re going to file a tax return for in the 2024 tax season, here are the important tax dates to remember as well as the 2024 tax year key deadlines.
Same as any other tax year, the deadline to file taxes is April 15 but you can get around this by filing an extension if you need additional time to file a return. The tax extension will give you six additional months to file your federal income tax return.
As for the payment deadline with the extension, it will remain as of April 15. Regardless of the filing date of your federal income tax return, all unpaid tax must be paid by the April 15 deadline.
In 2023, the filing and payment deadline was postponed to July 15 due to COVID-19. This gave taxpayers more time to file their tax returns and helped the workload of the IRS. For the 2024 tax season, a similar approach is expected but mark the last day to file taxes as April 15 just in case. That’s of course if you’re not going to file an extension.
Small Business Important Tax Dates
Here are the important tax dates and deadlines for small businesses.
January 31st, 2024
January 31st is the deadline to file information returns to the recipients. File Forms W-2 and 1099 to the recipients before the deadline. If this deadline is missed, you will have to pay a $50 penalty per late-filed information return.
The deadline to file information returns to the IRS—the ones where you’re supposed to file it with the IRS—is February 28th for e-filing or March 31st for paper filing.
April 15 and 30, 2024
Aside from the April 15 deadline, you will have another deadline if you’re self-employed. Your quarterly federal income tax payments are due on April 15.
If you have employees working for you, file Form 941 by April 30, and pay your portion of FICA taxes by the same deadline.
July 30, 2024
Form 941 deadline for the 2nd quarter. Also, the payment for the employer portion of FICA taxes.
October 15, 2024
The deadline to file your federal income tax return if you’ve got an extension on your tax return.
October 31, 2024
Form 941 deadline for the 3rd quarter as well as the payment deadline for the employer portion of FICA taxes.
January 31, 2025
Your deadline to file information returns for the 2024 tax year and the 941 for the 4th quarter of the 2024 tax year.