Small business tax deadline: 2023 tax year
Tax Day is when Americans and US businesses must submit their federal tax forms. It's also important to know that there are other important tax days throughout the year that you should circle on your calendar if you're a business owner.
This article lists important tax deadlines for different types of businesses in 2023 and 2024. Remember that the tax deadlines for your small business depend on your industry, whether you have employees, and the state you operate in.
Consult with a tax professional to review your tax calendar and file your federal and state tax returns on time.
Federal tax return deadline for small business
The tax deadlines you'll need to consider depend on your business structure. For example, if you're an S corporation, your tax day will differ from a sole proprietorship's.
The IRS began accepting federal tax returns on January 29. If you haven't filed yet, read on to remember the due dates!
Sole proprietorships and single-member LLCs
You do not need a separate tax return for your business if you are a sole proprietor or a single-member LLC.
You must report your business's income and expenses on Schedule C, which will be included in your personal income tax return.
Key due dates & forms:
- April 15, 2024: Sole proprietorship and single-member LLC tax returns are due.
Forms: Form 1040, U.S. Individual Income Tax Return, Schedule C.
Partnerships and multi-member LLCs
As pass-through entities, partnerships and multi-member LLCs normally don’t pay tax on their income. Each partner must declare their share of business profits and losses on their personal tax return.
However, as a business entity, a partnership must file an annual information return to report the income, deductions, etc., from its operations. You should do this a month before filing the individual income tax return.
Key due dates & forms:
- March 15, 2024: Annual information return for partnerships and multi-member LLCs.
Forms: Form 1065, U.S. Return of Partnership Income.
- April 15, 2024: Partnership and multi-member LLCs should report income and deductions from their Schedule K-1, K-2, and K-3 with their personal income tax returns.
Forms: Form 1040, U.S. Individual Income Tax Return, Schedule K-1, K-2, and K-3.
S corporations
An S corp is a corporation that elects a flow-through status for tax purposes.
The S corporation's business income, deductions, and credits flow through to the shareholders, who report this information on their individual tax returns. A Schedule K-1 is included with the tax return for each shareholder. It shows their allocation of the mentioned items for the current year.
The tax return process for an S corporation is similar to that of a partnership and also has two due dates.
Key due dates & forms:
- March 15, 2024: Tax return due date for an S corporation.
Forms: Form 1120-S, US Income Tax Return for an S Corporation; Schedule K-1 (Form 1120-S), share of corporate income, credits, and deductions.
- April 15, 2024: S corporation shareholders should report income and deductions from their Schedule K-1, K-2, and K-3 with their personal income tax returns.
Forms: Form 1040, U.S. Individual Income Tax Return, Schedule K-1, K-2, and K-3.
C corporations
Corporate income tax returns for domestic C corporations or foreign corporations with US offices are generally due on or before April 15 of the following year for a calendar-year corporation.
If your business uses a fiscal year, you must file your tax return by the 15th day of the third month following the close of your tax year. Check the IRS guidelines for deadlines if your fiscal tax year ends on a different date.
Key due dates & forms:
- April 15, 2024: Taxes for C corporations are due if they are a calendar-year business.
Forms: Form 1120, U.S. Corporation Income Tax Return.
If an employee of your company used an ISO (incentive stock option) this tax year, you must submit a copy A of Form 3921. This form must be filed for each employee who exercised an ISO.
- February 28, 2024: Due date for filing copy A of Form 3921 by mail.
- April 1, 2024: Due date for e-filing copy A of Form 3921.
Business tax extension deadline 2023
If you are not ready to file your tax return yet, you can request an extension. It will give you an extra six months to file your return.
Pro tip. You may be eligible for an automatic tax extension under certain circumstances, such as being affected by a natural disaster, qualifying as a member of the military, or having worked or resided outside of the US on the tax filing deadline.
To get extra time to file your taxes, you must complete a tax extension form for the IRS. The form you complete and the deadline will depend on your small business structure.
Key due dates & forms:
- March 15, 2024: Deadline for an S corporation and partnership to request a tax extension.
Forms: Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
- April 15, 2024: Deadline to file an extension for sole proprietorships, single-member LLCs, and corporations.
Form to file for sole proprietorship and single-member LLCs: Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.
Form to file for C corporations: Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.
An extension to file your tax return is not an extension of the time you must pay if you owe taxes. You should estimate how much tax you owe and send the estimated payment in with your extension. You’re likely to incur penalties or interest if you don’t pay.
After filing your tax extension, the new due dates to file your 2023 business tax return will be the following:
- September 16, 2024: Deadline for extended partnership and S corporation returns.
- October 15, 2024: Deadline for C corporation tax returns, sole proprietorships, and single-member LLCs with an extension.
State tax deadlines for small businesses
Each US state can also have its own set of tax deadlines.
In New York, some businesses may need to file extra paperwork if they are subject to the MCTMT. The deadlines will vary based on the business's payroll expense and location within the Metropolitan Commuter Transportation District (MCTD).
Texas does not have a state income tax but requires businesses to file franchise tax reports. The deadline for these reports is May 15 yearly.
California is another example of state-specific considerations that small business owners must know. The California Franchise Tax Board (FTB) has deadlines different from those of the federal government based on the state's tax policies and economy.
Quarterly tax payments 2024
Some important quarterly tax due dates to remember for the 2024 tax year:
- January 15, 2024: fourth-quarter 2023 estimated tax payment.
- April 15, 2024: first-quarter 2024 estimated tax payment.
- June 17, 2024: second-quarter 2024 estimated tax payment.
- September 16, 2024: third-quarter 2024 estimated tax payment.
- January 15, 2025: fourth-quarter 2024 estimated tax payment.
Employment tax deadlines
Report wages, tips, and compensation paid to employees for the 2023 tax year in your employment taxes.
You will need to prepare W-2, Wage, and Tax Statements, for each worker. As an employer, you are also required to file Form 1099-NEC to report non-employee compensation if payments exceed $600 in a 2023 tax year.
The deadline for both forms is January 31, 2024.
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