### When is the Deadline to File Your 2023 Taxes? And Make Quarterly Payments in 2024? Request an Extension?
Many tax deadlines are fast approaching. This article covers the key dates small business owners need to know for filing their 2023 taxes, making quarterly payments in 2024, and requesting extensions.
#### Last Day to File Your 2023 Taxes or Request an Extension
The last day to file your 2023 federal and state taxes is April 15, 2024. This is also the deadline to request an extension for filing taxes using Form 4868. Additionally, it’s the final date for making IRA and HSA contributions for the 2023 tax year. If you request a federal tax extension, the filing deadline moves to October 15, 2024.
#### State Tax Extensions
While the IRS uses Form 4868 for tax extensions, each state has its own rules. Some states like Wisconsin, Alabama, and California offer automatic extensions, but others require a specific form to be filed by the original due date. Check with your state tax authority to know the exact steps you need to follow.
#### What If I Owe Money but Requested an Extension?
An extension to file your return doesn’t extend the time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to avoid possible penalties and interest.
#### Important Dates for Quarterly Tax Payments
For those who are self-employed or have other income without tax withholding and make quarterly estimated tax payments, the 4th Quarter 2023 Estimated Tax Payment is due on January 16, 2024, covering the period from September 1 to December 31, 2023. Here are the 2024 dates for quarterly payments:
– April 15, 2024 – for January 1 through March 31
– June 17, 2024 – for April 1 through May 31
– September 16, 2024 – for June 1 through August 31
– January 16, 2025 – for September 1 through December 31, 2024
#### Tax Deadlines for Various Business Types
**Partnerships, Multi-Member LLCs, and S-Corps:** These entities must file Form 1065 or 1120S by March 15, 2024, if they work on a calendar year basis. For those using a fiscal year, the deadline is the 15th of the third month after the end of the fiscal year. Extensions (IRS Form 7004) follow the same deadlines.
**C-Corporations:** They file Form 1120 to calculate the income subject to the 21% flat corporate rate. For a C Corp using a calendar year, Form 1120 is due by April 15, 2024. For a fiscal year C Corp ending on May 31, the form is due by September 15. An extension (IRS Form 7004) can be requested by the original tax filing deadline, allowing an additional six months to file.
#### Important 2024 Dates
– **Jan 31, 2024:** Employers send W-2 Forms to employees and certain 1099 Forms.
– **Mar 15, 2024:** Taxes due for Partnerships, Multi-Member LLCs, and S-Corps.
– **Apr 15, 2024:** Tax Day for federal income tax returns and extension requests, as well as the first quarter 2023 estimated tax payments and calendar year C-Corporation taxes.
– **Jun 17, 2024:** Second quarter 2023 estimated tax payment due.
– **Sep 16, 2024:** Third quarter 2023 estimated tax payment due and deadline for fiscal year C-Corps.
– **Oct 15, 2024:** Deadline to file extended 2022 tax returns.
– **Jan 15, 2025:** Fourth quarter 2024 estimated tax payment due.
#### Things to Do Before a Tax Deadline
To ensure a smooth tax-filing process, here are five things you should do:
1. **Gather Your Documents:** Collect all necessary documents like W-2 forms, 1099s, receipts, etc.
2. **Review Tax Code Changes:** Check for any updates in the tax code that might affect your return.
3. **Choose the Right Filing Status:** Selecting the correct status can impact your tax liability and refund.
4. **Calculate Deductions and Credits:** Identify and calculate deductions and credits you’re eligible for to lower your tax bill.
5. **File Electronically:** Filing electronically speeds up your refund process.
#### Tax Filing Resources
**Tax Preparation Services:** If you’re uncertain about filing taxes on your own, consider using professional tax services. They can help you navigate the complexities and ensure accuracy.
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