2024 Taxes: Key Deadlines for Individuals & Small Businesses

Taxes might not be the most thrilling topic, but paying attention to tax deadlines is critical for individuals and small businesses. Waiting until the last minute to sort out your taxes is a recipe for stress-induced chaos. You'll be scrambling through receipts and staring at spreadsheets, wondering how to comply while the deadline is coming up fast.

Taxes might not be the most thrilling topic, but paying attention to tax deadlines is critical for individuals and small businesses. Waiting until the last minute to sort out your taxes is a recipe for stress-induced chaos. You’ll be scrambling through receipts and staring at spreadsheets, wondering how to comply while the deadline is coming up fast.

 

Missing tax deadlines can quickly result in new problems. Penalties and interest can start piling up, and suddenly, what was a manageable tax bill turns into a financial headache.

 

That’s why it’s important for both individuals and small businesses to be on time with their taxes. When you’re on top of your tax deadlines, you have time to take on more enjoyable tasks

Key Deadlines for 2024

Don't Get Blindsided: Your Estimated Tax Dates for 2024!

Tax deadlines in the United States are divided into four payment periods, which translates to an every-quarter deadline. It’s important to take note of deadlines to avoid penalties. It is recommended to pay on or before the due date based on the period covered for the deadline.

PeriodDue Date
January 1 – March 31Due on April 15, 2024
April 1 – May 31Due on June 15, 2024
June 1 – August 31Due on September 15, 2024
September 1 – December 31Due on January 15, 2025 (Note: this falls on a Monday)

Calculating and prepaying estimated taxes can be tricky, but it’s essential to avoid penalties and interest charges from the IRS. For individuals, review your W-4 form to determine how much income tax is withheld from your paycheck. If you have significant income outside of your job or claim a few deductions, you may need to adjust your W-4 to avoid underpayment penalties. For businesses, filing your tax return early gives you a better understanding of your tax liability and allows you to adjust your estimated payments for the rest of the year.

Beat the Buzzer Tax Filing Deadlines for 2024

Beat the Buzzer: Tax Filing Deadlines for 2024

Individual:

      • April 15th: This is the standard deadline for filing individual federal income tax returns. If April 15th falls on a weekend or holiday, the deadline is extended to the next business day.

      • October 15th: Deadline for filing extensions for individuals.

 

Small Business:

      • April 18th: This is the standard deadline for filing most small business income tax returns (Form 1040, 1040-NR, 1065, 1120, etc.). If April 18th falls on a weekend or holiday, the deadline is extended to the next business day.
      • April 15th: If you owe estimated taxes and haven’t paid enough through withholding, the first estimated tax payment is due on April 15th.

 

Don't Miss a Beat: Other Key Tax Dates for 2024

Individual:
      • April 15th: Deadline to make a 2023 IRA contribution for individuals. This is the same deadline for filing your individual income tax return for 2023.

 

Small Business:
      • January 31st (following year): This is the deadline to file Form W-2s for your employees. The same deadline applies to 1099-NEC for independent contractors who earned $600 or more in non-employee compensation and 1099-MISC for independent contractors who earned $600 or more in miscellaneous income.

 

These are just some of the additional key tax dates. However, state and local tax deadlines may differ from federal deadlines. There may be additional deadlines for specific tax forms or situations. In the state of Georgia, for instance, the withholding tax can be filed on a semi-weekly basis. To be sure, it’s always best to consult with a tax professional or refer to the official IRS website for the most accurate and up-to-date information on tax deadlines.

Stay Tax-Ready: Tips for Staying Organized

A little planning goes a long way – let’s talk about keeping things organized when it comes to tax deadlines. Grab that calendar, whether it’s a physical one hanging on your wall or a digital one on your device. Mark important tax deadlines well in advance.

 

You can use your phone to set up reminders for key tax dates. Alternatively, leverage technology! There are apps and software designed to help you keep track of expenses, income, and, you guessed it, tax deadlines. From QuickBooks to Mint, there’s something for everyone.

 

Don’t wait until the last minute to gather your financial documents. Create a system – maybe folders for receipts, invoices, and important documents. If possible, don’t make tax-related activities a once-a-year affair. Regularly review your financial situation. It not only helps with taxes but also keeps you in the loop about your overall financial health.

When to Call a Pro for Your Taxes

Taxes can be overwhelming, especially for small businesses. If the tax process takes more time and resources, consider hiring a tax professional. They know the ins and outs of the tax code, which means they can help you navigate through the maze and identify opportunities for deductions and credits you might have missed. Hiring a professional can relieve the burden and ensure your taxes are filed accurately and on time.

 

If you are facing an IRS audit or have unresolved tax issues, seeking professional assistance is crucial. Tax professionals can guide you through the audit process and help resolve any outstanding tax matters.

 

Also, tax laws are subject to change, and staying updated can be challenging. A tax professional can help you understand recent changes and leverage new opportunities for tax savings.

Your Tax Toolkit: Resources to Conquer the Season

To help you further, here are some of the reliable resources to review when it comes to tax filing and deadlines:

 

     • IRS Online Tax Calendar: https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar
     • IRS Estimated Tax Worksheet: https://www.irs.gov/forms-pubs/about-form-1040-es
     • Publication 505 (2023), Tax Withholding and Estimated Tax: https://www.irs.gov/publications/p505

 

Here at Positive Rate Tax Advisors, we can help you stay compliant when it comes to 2024 tax filing in Atlanta, GA. Our tax experts can provide personalized guidance, helping you file taxes accurately while not dismissing any potential credits and deductions. When you schedule a consultation with us, you entrust your tax profile as an individual or business with a reliable tax professional.

 

Positive Rate Tax Advisors is on a mission to help individuals and small businesses sort out the tax filing process. Here are additional resources to help you with taxation:

 

     • Download our FREE “Tax Deadlines & Tips for Small Businesses” checklist.
      Schedule a FREE CONSULTATION with our tax experts for personalized guidance.

Tax Time Conquer 2024 with Confidence!

Tax Time: Conquer 2024 with Confidence!

Meeting tax deadlines is important for individuals and small businesses. Remember, the IRS can impose penalties of $50 per form for late filing, up to a maximum of $250,000. That’s why it’s best to take proactive measures in filing your tax returns.

 

Being proactive gives you more time to identify and document all eligible deductions and credits. When you engage in tax planning throughout the year, you can identify opportunities for deductions, credits, and other tax-saving strategies. This proactive approach can help optimize your tax situation and minimize your liability. You’re not hastily scrambling through receipts, potentially missing out on opportunities to save money.

 

By adopting these preparation strategies, you can streamline the tax filing process, reduce the likelihood of errors, and ensure you meet deadlines without unnecessary stress. Planning and staying organized will contribute to a smoother tax filing experience.

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Positive Rate Tax Advisors is your trusted partner in navigating the complex world of taxation. Our team of experts is dedicated to providing the highest quality service to our clients. Let us ease your tax burdens and assist you with all your tax planning and compliance needs. Contact us today to schedule a consultation.

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