Tax Filing Deadlines for the 2024 Tax Year You Need to Know
- Front Range Biz Ops
- Jan 21
- 4 min read
As we move into 2025, it’s crucial for small businesses to stay on top of key tax deadlines and changes to federal tax laws. Failing to meet IRS deadlines can result in costly penalties, and missing out on new tax-saving opportunities can leave money on the table. Below is a comprehensive guide to the tax deadlines for the 2024 tax year, including extensions, Form 5500 deadlines, and other key dates.
Important IRS Deadlines for Businesses in 2025
Staying organized and planning ahead is essential when it comes to managing taxes for your business. Below are some of the key IRS deadlines businesses need to be aware of for the 2024 tax year.
January 2025
January 16, 2025: Q4 Estimated Tax Payment
Small businesses and self-employed individuals who make quarterly estimated tax payments must submit their fourth-quarter payment for 2024 by January 16, 2025. This applies to anyone expecting to owe at least $1,000 in taxes after subtracting withholding and refundable credits.
Tip: Use Form 1040-ES for individuals or consult your tax professional for accurate calculations.
Source: IRS Estimated Taxes
January 31, 2025: W-2 and 1099 Filing Deadline
W-2 Forms: Employers must provide their employees with Form W-2 by January 31, 2025. This form reports the wages earned and taxes withheld during the year. Make sure to also file a copy with the IRS by this date.
1099 Forms: If you’ve paid independent contractors $600 or more during 2024, you must issue Form 1099-NEC to them by January 31, 2025. The same deadline applies to filing these forms with the IRS.
Tip: Double-check the accuracy of Social Security numbers and taxpayer IDs to avoid errors and delays. Be sure to review your records early to ensure all contractor payments are reported accurately. Missing or incorrect filings can result in penalties.
March 2025
March 15, 2025: S-Corp and Partnership Tax Returns Due
For businesses operating as S-corporations or partnerships, the deadline to file their federal tax returns is March 15, 2025. These entities are considered pass-through businesses, meaning profits are passed to the owners and taxed on their personal returns. However, you’ll still need to file an informational return (Form 1120S for S-corps or Form 1065 for partnerships) by this date.
Tip: Start preparing early to gather K-1 forms and other necessary documents for partners and shareholders. If you need more time, you can request an extension until September 15, 2025, by filing Form 7004.
April 2025
April 15, 2025: Individual, C-Corp Tax Returns, and Q1 Estimated Tax Payments
Tax Filing Deadline: The filing deadline for individual tax returns and C-corporations is April 15, 2025. If your business is structured as a C-corp, you’ll need to file Form 1120 with the IRS. Sole proprietors, LLCs, and other pass-through entities report income on their personal returns.
Extensions: If you need more time to file your return, you can request an extension until October 15, 2025 using Form 4868 (for individuals) or Form 7004 (for businesses) to extend the deadline to October 15, 2025. However, remember that an extension to file is not an extension to pay taxes owed. Be sure to estimate and pay your tax liability by April 15 to avoid penalties.
May 2025
May 15, 2025: Nonprofit Organization Returns
Tax-exempt organizations must file Form 990 by May 15, 2025, to report financial activities for the 2024 tax year.
Extensions: File Form 8868 to request an automatic six-month extension, moving the deadline to November 15, 2025.
Source: IRS Form 990 Requirements
July 2025
July 31, 2025: Form 5500 Filing Deadline
Employers with employee benefit plans subject to ERISA must file Form 5500 by July 31, 2025. This includes retirement plans like 401(k)s and certain health plans.
Tip: Work with your plan administrator to ensure timely and accurate filing. File Form 5558 to extend the deadline to October 15, 2025.
Source: Department of Labor - Form 5500
September 2025
September 16, 2025: Partnership and S-Corp Extensions
If you filed an extension for your partnership or S-corp tax return, the new deadline is September 16, 2025 (since September 15 falls on a weekend).
October 2025
October 15, 2025: Extended Individual and C-Corp Returns
If you filed an extension for your individual or C-corp return, the extended deadline is October 15, 2025.
December 2025
December 31, 2025: End of the Tax Year
While not a filing deadline, December 31 marks the final date to make any financial moves that could impact your 2024 tax return, such as contributing to a retirement plan or making charitable donations.
Tips for Staying Organized and Avoiding Penalties
Use Accounting Software: Investing in accounting software like QuickBooks or Xero can simplify tracking income, expenses, and tax liabilities, helping you stay on top of your filing deadlines.
Consult a Tax Professional: Tax laws are complex, and the consequences of mistakes can be costly. Working with a CPA or tax professional ensures your business is taking full advantage of deductions and credits while staying compliant.
Keep Detailed Records: Ensure that you are keeping detailed records of all business transactions, including receipts, invoices, and payroll. This documentation is essential for accurate tax reporting.
Plan Ahead for Estimated Taxes: Review your quarterly estimated tax payments regularly to avoid underpayment penalties.
Conclusion
As we move into 2025, small businesses need to be prepared for upcoming tax deadlines. By staying organized, understanding key updates, and consulting with a tax professional, you can ensure that your business remains compliant and takes full advantage of available tax-saving opportunities.
Need help organizing your business finances? At Front Range Business Ops, we specialize in providing bookkeeping, financial organization, and operational support to help your business navigate tax season with confidence. Contact us today to see how we can support your business operations and keep you focused on what you do best!
コメント