Key Tax Deadlines for Entrepreneurs in 2024: What to Prepare Now

As a small business owner or entrepreneur in Brooklyn, staying on top of tax deadlines is crucial for smooth operations and avoiding penalties. Here’s a calendar of important tax dates for 2024 and what steps you can take to prepare in advance.

Key Tax Deadlines for 2024

1. January 31, 2024
   • File Forms W-2 and 1099: If you have employees or contractors, these forms must be submitted to the IRS and provided to recipients by this date.
   • Action Step: Gather your payroll records and ensure all employee and contractor information is up-to-date. You can also work with a tax professional to prepare and file these forms on your behalf.
2. March 15, 2024
   • S-Corp and Partnership Tax Returns Due: Businesses operating as S-Corps or partnerships must file their returns by March 15.
   • Action Step: Review your financials and work with a CPA to ensure all deductions and credits are accounted for.
3. April 15, 2024
   • Individual and Corporate Tax Returns Due: If you file your taxes on April 15, this is the day to submit your personal and corporate income tax returns.
   • Action Step: Consider making an estimated tax payment to avoid underpayment penalties. Take time to organize your business expenses, receipts, and deductions.
4. June 15, 2024
   • Quarterly Estimated Tax Payments Due (Q2): If you make estimated payments for income tax, Q2 payments are due by this date.
   • Action Step: Review your business’s financial performance for the first half of the year and calculate your estimated tax payments.
5. September 15, 2024
   • Quarterly Estimated Tax Payments Due (Q3)
   • Action Step: Check your revenue, expenses, and profit margins to calculate the amount owed.
6. October 15, 2024
   • Extended Filing Deadline: If you filed for an extension, your tax return must be submitted by October 15.
   • Action Step: Ensure all tax forms are complete and submit them by the deadline to avoid penalties.

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Steps to Get Ahead

1. Organize Financial Documents: Keep detailed records of all business expenses, income, and receipts throughout the year. Use accounting software like QuickBooks to streamline the process.
2. Consult with Your CPA: A certified accountant can help you identify tax-saving opportunities, ensure compliance with tax laws, and help you avoid costly mistakes.
3. Plan for Estimated Payments: Estimate how much tax you will owe throughout the year to avoid surprises. Make sure you’re staying on top of quarterly payments to avoid penalties.

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Why It’s Important to Stay on Top of Deadlines

Missing tax deadlines can lead to fines, penalties, and interest charges. Being proactive about your tax preparation ensures that you remain compliant and avoid unnecessary stress during tax season.

Local Expertise for Brooklyn Entrepreneurs

At Custom Accounting CPA in Brooklyn, we specialize in helping small business owners navigate tax deadlines, file on time, and maximize their tax savings. Contact us today to schedule a consultation and get ahead for 2024!