As we enter October 2024, it’s crucial to be aware of five important tax deadlines to avoid issues with the IRS. Let’s dive in.
Welcome to Unique Tax Accounting, where we have been delivering high-quality tax and accounting services for over 20 years. Here are the five key tax deadlines you need to know for October 2024.
The first important deadline is October 15th. If you didn’t file your personal tax return for 2023 by April 2024 and requested an extension, you have until this date to submit your Form 1040. It’s important to note that the IRS imposes two penalties on personal tax returns: a failure-to-pay penalty and a late-filing penalty. Filing an extension only waives the late-filing penalty. If you owed taxes and didn’t make an estimated payment when you filed for an extension, you’ll still face the late-payment penalty. However, you can avoid the late-filing penalty as long as you file your return by October 15th, 2024.
The second key due date is again October 15th, which is also the deadline for corporate tax returns for 2023 if you filed an extension. If your business is structured as a C-Corporation and filed taxes using Form 1120, your return was originally due on April 15th, but you now have until October 15th to file if you obtained an extension.
The third important date is once more October 15th, 2024. If you have a solo 401(k) with more than $250,000 in assets, you must file Form 5500EZ by this date if you filed an extension.
The fourth date to remember is still October 15th, which marks the beginning of Medicare Open Enrollment. Although this isn’t a tax deadline, it’s essential for those looking to apply for Medicare.
Finally, the fifth and last critical date in October 2024 is for business owners with payroll. You must file your third-quarter payroll reports by October 31st.
So there you have it—these are the five essential tax deadlines for October 2024 to help you stay in good standing with the IRS.
At Unique Tax Accounting, we offer comprehensive accounting services, including assistance with personal and corporate taxes, LLC formation, payroll, bookkeeping, and tax planning. If you found this information helpful, please like this video and share it with fellow business owners so they can benefit as well.