Don't miss these key year-end tax deadlines for 2024!
Navigating tax extensions: Your business deadlines to stay compliant
As 2024 draws to a close, businesses need to act quickly to meet important tax deadlines in October, November, and December.
Failing to file or make payments on time can result in costly penalties and last-minute stress, so it's essential to stay ahead of the game. Below are the critical deadlines and required forms you need to stay compliant through the end of the year.
October 2024 Deadlines
October 15, 2024
- Final filing for C corporation tax returns:
If your C corporation filed for an extension, this is the final day to submit your 2023 federal tax return (Form 1120).
Late filing can result in penalties.
- Extended individual tax filing for sole proprietors and partners:
For individuals who filed for a tax extension, the same deadline applies.
- FinCEN Form 114 (FBAR):
U.S. businesses and individuals with foreign bank accounts must file the Foreign Bank and Financial Accounts Report (FBAR)
by this date. If you have over $10,000 in foreign accounts, ensure this is submitted electronically via FinCEN.
- Final payment for 2023 taxes:
Any remaining taxes owed for the 2023 tax year must be paid by this date, even if you filed for an extension.
December 2024 Deadlines
December 16, 2024
- Form 1120-W (estimated tax for corporations #4):
C corporations must make their final estimated tax payment for the 2024 tax year by this date.
December 31, 2024:
- Year-end payroll adjustments:
This is your last chance to make adjustments to employee compensation, bonuses, and benefits before year-end.
- 401(k) and retirement contributions:
Make sure employer contributions to retirement plans for 2024 are completed before December 31.
- Business expense deductions:
Finalize all business expenses to claim the maximum deductions for 2024.
Staying on top of these deadlines ensures your business remains compliant and avoids costly penalties.
Be sure to submit the correct forms on time and meet all payment deadlines before the year closes.
How Otterz can help with your business tax filings
Filing your business’s corporate tax returns doesn’t have to be a headache. With Otterz, you can delegate your tax preparation
to our skilled team, allowing you to focus entirely on driving your business forward.
Streamlined bookkeeping services
Our expert bookkeepers keep your financial records in order, compiling your books every month and preparing
comprehensive financial statements. This proactive approach means you’ll have everything ready for tax season,
ensuring a smooth and efficient filing process.
Why stress over tax filings? Otterz can manage the entire process for you, transforming tax time into a hassle-free experience.
With our support, you can wave goodbye to last-minute scrambles and penalties.
Empower your business with expert guidance
Choosing Otterz means you gain more than just a service; you gain a trusted partner in your financial journey.
Our tax advisory sessions provide valuable insights into your tax situation, ensuring you stay compliant with IRS regulations
while maximizing your savings. Enjoy unlimited consultations on everything from deduction limits to strategic entity reclassification.
Let’s simplify your tax process together! Contact us at hello@otterz.co discover how Otterz can elevate your business tax experience.
Sources:
https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar
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