As we are about to enter the final fiscal quarter of 2024, understanding tax obligations has become imperative for individuals and businesses.

They need a tax calendar that outlines all the deadlines and fulfilling obligations mandated by federal tax laws.

Our 2024 U.S. Federal Tax Preparation Calendar is here to simplify your journey through due dates, documents, and deductions.

Get ready to confidently conquer your tax obligations as we break down everything you need to know.

This 2024 tax calendar is aligned with the Internal Revenue Service (IRS) deadlines, so you can view specific due dates by month for filing tax forms, paying taxes, and other actions required by federal tax law. 

Filing your tax return is no small task, especially if it is your first run-in with the taxman.

Thankfully, doola’s tax package can handle your tax preparation, taking the stress of the upcoming deadlines off your shoulders.

Bookmark this blog to track critical 2024 deadlines and avoid late fees and penalties!

What Is a Tax Calendar?

A tax calendar divides a year into four quarters and gives due dates for filing tax forms, paying taxes, and taking other actions required by federal tax law. A tax calendar can help you with the following:

1. Figure out due dates on your own.

2. File and pay your taxes on time, thereby avoiding penalties.

3. Adjust due dates around weekends and legal holidays.

4. Use the Employer’s or Excise Tax Calendar to adjust due dates for special banking rules.

Depending on your business type and structure, you may need to use more than one tax calendar.

You may need to use the Employer’s Tax Calendar if you are an employer and the Excise Tax Calendar if you are paying excise taxes.

Important Dates to Remember for the 2024 Tax Season (January to December)

A tax preparation calendar is essential for individuals and businesses to meet their tax obligations on time. The IRS releases the official tax preparation calendar annually, outlining critical dates in filing taxes and paying any owed taxes. 

You can ensure a smooth tax season without any last-minute stress by staying organised and keeping track of these important dates.

Don’t forget to consult a tax professional from doola if you need assistance filing your taxes or have any questions about these deadlines.

January

The year’s first month is essential for taxpayers as it marks the beginning of tax preparation season. You can start filing your tax returns from January 1st onwards.

It’s also a good idea to gather all necessary forms and documents, such as W-2 forms, 1099s, and receipts, during this time.

🗓️ January 15

If you pay quarterly estimated taxes, the last payment is due on January 18, 2022. Say goodbye to the previous year by filing and paying the last of your quarterly estimated tax payments using Form 1040-ES.

If you pay contractors, start collecting information to fill out 1099 forms. Also, prepare the W9 forms for every contractor you have paid over $600 to over the year.  

Ensure your bookkeeping and financial reporting are updated for October to December 2021. This will help you calculate your total payments to each contractor and reconcile them using your bookkeeping, bank activity, or credit card activity.

🗓️ January 31 

If you have employees on the payroll, it’s the last day to file and pay annual federal unemployment (FUTA) tax using Form 940. You must also file Form W2 to report an employee’s earnings to them and the IRS, including total earnings, tax withholdings, tips, and benefits.

It is also the deadline for sending 1099-MISC forms to payees. You must file Copy A of 1099-MISC to the payee only since the IRS doesn’t require a copy until later. You can get paper 1099 forms directly from the IRS or your local office supplies store.

Both Copy A and Copy B of Form 1099-NEC must be filed by Jan 31. Copy A will be sent to the IRS, and Copy B will be sent to the payee. This can be done with paper copies or electronically generated using the IRS’s FIRE filing system.

February

If you are a pass-through entity (S corporation, partnership, and some multi-member LLCs), your income tax filing deadline is March 15th. So, to avoid any late surprises, you should start getting your bookkeeping up to date and taxes prepped and filed by February.

🗓️ February 23

You must update your books for filing (pass-through entries) before February 23rd. If you need to catch up, doola can help! Sign up with us so we can get your bookkeeping and tax prep completed and filed before the deadline of March 15th.

🗓️ February 28 

This due date will only be for paper filing. If you’re filing paper 1099-MISC forms, the IRS requires them by Feb. 28, 2024. You can get paper 1099 forms directly from the IRS in the mail, which usually takes ten days. If you don’t want to wait this long, you can opt for E-filing.

March

If you’re self-employed or own a small business, March is an important month for you. This month, you must face the deadlines for filing business income tax returns (Form 1120S or Form 1065) or applying for an extension.  

🗓️ March 15

If you are an S corporation or multi-member LLC filing as a partnership, you must file your taxes using Form 1065 or request an extension by March 15th. You can file for an extension in less than 30 minutes using Form 7004 or the IRS E-File service.

However,  in S corporations and LLC partnerships, tax is paid on the individual incomes of the shareholders or partners. So, each partner or shareholder must file a Schedule K-1 to report their share of the profits on their income tax return.

🗓️ March 31

This is your last chance to file 1099-MISC Forms with the IRS. These forms include payments to an individual, contractor, or LLC of at least $600 per year in rent paid, legal settlements, or payments.

You can order 1099-MISC Forms directly from the IRS, but the forms will take ten business days to arrive by mail. So, it’s best to submit them online via the IRS FIRE Filing system.

April

April is perhaps one of the most critical months when it comes to taxes. April 15th is usually known as “Tax Day,” the deadline for individuals to file their federal income tax returns) and apply for an extension.

🗓️ April 15 

If you are a sole proprietorship or single-member LLC filing as a sole proprietorship, you must file your taxes using Form 1040 by April 15th. The deadline for a C corporation or LLC filing as a C corporation is also the same, but they must file taxes using Form 1120.

Corporations can use Form 7004, while sole proprietorships can use Form 4868 to apply for an extension.

However, payment is still due on April 15 since requesting an extension only gives you more time to file your return, not to pay any owed taxes.

Individuals with income below $66,000 for the tax year can e-file for free using IRS Free File.

If you’re unsure how much you should pay in estimated taxes, you can pay 90% of your current year’s tax bill or 100% of your prior year’s tax bill to avoid an underpayment penalty.

If you pay quarterly estimated taxes, your first payment is due April 15. To calculate your quarterly payments, you must complete Form 1040-ES. 

June

While June has no significant deadlines for individual taxpayers, businesses that pay quarterly estimated taxes must make their second payment by June 17th. If you fall under this category, don’t forget this important date!

September

September marks another deadline for businesses that pay quarterly estimated taxes. The third payment is due September 16th, so mark it on your calendar. If you have applied for an extension as an S corporation or partnership, your new tax filing deadline is also September 15.

October

If you filed for an extension as a C corporation or sole proprietorship in April, October 15th is the final deadline to file your tax returns. Ensure you have all your paperwork and documents ready by this date to avoid penalties or interest charges.

December

If you want to cut down on your tax bill, December 31st is the last day you can make any tax moves. You can purchase some equipment eligible for tax deductions or encourage your customers to pay outstanding invoices in the next year to reduce your taxable income.

As the year ends, it’s essential to start planning for next year’s taxes. December is a great time to review your financial records and make any necessary adjustments before the end of the year.

Year-end is also a great time to reevaluate your bookkeeping process so you can start the new year completely fresh. You can also review all your tax filings and find any pain points you may not have noticed. 

Bookkeeping is the last thing you want to think about when you’ve just survived tax season, but this is also the best time to change your process. Reflect on what went well and what didn’t go as well, and adjust accordingly!

Get the Right Tax Expertise Right When You Need It with doola

Preparing for your tax obligations can be tedious and time-consuming, with many moving pieces to account for. That’s why having access to reliable and knowledgeable tax experts is crucial for making this process hassle-free. 

With doola, you can get the right tax expertise whenever you need it. Whether you are a self-employed individual, a corporation, or a multi-member LLC, we have the expertise to assist you with all federal tax preparation requirements.

Get started today with our dedicated team of bookkeepers who provide year-round tax advice and file your taxes for you. We’ll take both headaches—bookkeeping and taxes—off your hands for good.

Consult our Certified Public Accountants (CPAs) for unmatched expertise to help you implement federal tax planning strategies that optimize your tax position, avoid penalties, and protect your bottom line.

And if you want to file your taxes, you can still feel confident you’ll do them right with doola as we guide you step by step. We guarantee 100% accuracy and maximum refund no matter how you file.