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Important Dates
Partnerships (including LLCs), C-Corps (Form 1120), or S-Corps (Form 1120S):
For various types of business entities such as Partnerships (including LLCs), C-Corporations (Form 1120), or S-Corporations (Form 1120S), it's crucial to keep track of important deadlines.
- January 31, 2024: W-2 and certain 1099 forms must be distributed by this date.
- March 15, 2024: Tax filings are due for partnerships, multi-member LLCs, and S-Corporations operating on a calendar year basis. Partnerships, including multi-member LLCs, should file Form 1065, while S-Corps should file Form 1120S. Extensions of up to 6 months can be requested by filing Form 7004.
- April 15, 2024: Tax filings are due for C-Corporations operating on a calendar year basis. C-Corporations must file Form 1120 by April 18, 2024. Extensions of up to 6 months can be requested by filing Form 7004.
- September 16, 2024: Deadline for filing return extensions for Partnerships and S-Corporations.
- October 15, 2024: Deadline for filing return extensions for C-Corporations.
Note: Individuals and C-Corporations utilizing a fiscal year must file their tax return by the 15th day of the third month following the end of the tax year. Similarly, Partnerships and S-Corporations utilizing a fiscal year must file their tax return by the 15th day of the third month following the end of the tax year.
For individuals filing as employees, retirees, self-employed individuals, independent contractors, or gig workers:
- January 16, 2024: Payment deadline for the 4th quarter of 2023 taxes.
- January 31, 2024: Deadline for distributing W-2 and certain 1099 forms.
- February 15, 2024: Last day to reclaim income tax withholding exemption.
- April 15, 2024: Tax Day! This marks the final date for filing, paying, and/or requesting an extension for those following the calendar year.*
- June 17, 2024: Filing deadline for expatriates.
- October 16, 2024: Due date for individuals who filed for an extension, both residents and expatriates.
*Note: Quarterly estimated tax payments for 2023 are also due on specific dates:
- April 15, 2024: 1st quarter tax payment due.
- June 17, 2024: 2nd quarter tax payment due.
- September 16, 2024: 3rd quarter tax payment due.
- January 15, 2025: 4th quarter tax payment due.
Extension:
Individuals and businesses often face tight deadlines when it comes to filing taxes. However, there are options available to extend the filing deadline for those who need more time to gather information or prepare their returns.
For individuals, requesting an automatic 6-month extension can be done electronically through online filing services or by filing Form 4868. This extends the filing date to October 15th, 2024. Similarly, businesses can apply for a 6-month extension using Form 7004, with due dates varying depending on the type of company filed.
It's important to note that these extension forms do not extend the due date for the initial taxes owed, but rather provide additional time for filing. To avoid penalties and interest, it is recommended to pay the estimated taxes owed along with the filing of the respective extension form.
By taking advantage of these extension options, individuals and businesses can ensure compliance with tax requirements while allowing for adequate time to prepare accurate returns.
Amend a return:
Even with the most meticulously maintained financial records, errors can occasionally surface in tax filings. Should you need to revise your filing status, income, deductions, credits, or tax liability, you may find it necessary to amend your return. This process can be initiated using Form 1040-X and is typically undertaken after your initial return has been processed.
It's important to note that minor math errors do not necessitate an amended return, as the IRS will automatically rectify such mistakes. However, if you are seeking to claim a refund or tax credit from a previous year, you must submit Form 1040-X within 3 years following the date of your original return filing or within 2 years following the date of tax payment, whichever occurs later.
Important Tax Record-Keeping Guidelines:
Keep records for 3 years from The date you filed your original tax return or 2 years from the date you paid the tax, whichever is later, if you're claiming a credit or refund after filing your return.
Keep records for 7 years if you're claiming a loss from worthless securities or a bad debt deduction.
Keep records for 6 years if you fail to report income that should be reported, and it's more than 25% of the gross income shown on your return.
Keep records indefinitely if You haven't filed a tax return, or You've filed a fraudulent return.
Keep employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.
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