Important Business Tax Deadlines for 2024: Key Due Dates to Remember

Estimated Tax Payment and Key Tax Deadlines

Tax Due dates

Here are some of the important dates concerning the deadline for filing. Furthermore, tax advice and tax return due dates are also mentioned.

For Self-employed individuals

For self-employed individuals or you hold income without any tax withholding. If you make quarterly estimated tax payments, January 15, 2025, is the due date for 2024 tax year payments.

Federal Tax Return

January 29, 2025 is the date when the IRS will commence to accept and process 2024 federal income tax for individual or business tax return.

Due Date for W-2 forms

For making sure that you are able to fulfill your tax return on time, the IRS wants all employers to generate a W-2 before the due date January 31.

Other Tax Forms’ deadline

Multiple other forms like 1099-NEC, 1099-MISC, 1099-K, are utilized by tax professionals to store payments that normally an employer doesn’t have. For instance, if you work as an independent individual, or if you receive interest, prizes, dividends, etc.  The deadline for these forms is January 31, 2025.

Exemption Reclaiming from withholding

For those who have chosen to claim an exemption from your employer’s withholding taxes. The tax due date is February 18, 2025.

Tax Payment Due deadline for 2025

The close of your tax year 2024 deadline is April 15, 2025. This deadline typically falls on April 15 every year, but this can be delayed if it falls on a holiday or weekend. These federal tax deadlines can create problems like penalizations or interest.

Quarterly Tax Payments and Tax Deductions deadline for business tax and small business

First Quarter

The deadline for the first quarterly tax payment is April 15, 2025. Creating an estimated tax payment translates to how much-estimated income you’re able to make for the annual year and also finding out how much you will owe to the IRS.

Second Quarter

Even though the IRS puts emphasis on these payments by calling them quarterly estimated taxes, the due dates don’t fall within specified quarters, rather they come in within 3 months of tax payments.

Third Quarter

For the third quarter, the deadline day is September 15, 2025.

Fourth Quarter

The deadline for the fourth quarter of tax filing is January 15, 2026.

What if I miss a tax filing or business tax deadline

If you accidentally need to remember or have missed the tax deadline, there are specific options that you can consider. These options usually depend on whether the deadline was gone and if you owe money or require a refund.

Missing a filing deadline to file your taxes

If you miss a tax filing deadline and are in debt to the IRS, the file return should be completed as soon as possible. You’re breaking the law every day by not filing a return. Furthermore, the IRS usually takes interest and penalization, so you should complete your file return and submit the due balance.

The best method to file my tax return for tax season 2024

The most precise and reliable method right now for tax returns is to do it electronically.

E-filing a tax bill with the IRS is a convenient and credible way to file your business tax. Now that your tax is electronically submitted to the IRS, you don’t have to worry whether your return is due or not. It doesn’t matter if it’s a larger refund or a smaller tax; it will be recovered. Additionally, you can get other insights on the IRS portal, like estimated income tax, when your payment is due, and whether or not the IRS has received your income or not.