If you’re a small business owner, you know how valuable your time is. You want to approach tax season feeling confident about your business tax compliance, not worrying about time-consuming return prep and potential tax penalties.
This guide will help you understand how – and when – to prepare for your business tax return filing.
Prepare for the 2024 tax season with this guide to every form, filing, and tax deadline small business owners need to know. Keep reading to learn about the federal income tax forms you should file in 2024.
Common Tax Forms for Business Owners
Small business owners must comply with personal income tax and business tax filing requirements. This section will explain the federal income tax forms you need for your 2024 tax compliance.
Individuals and Business Owners: Federal Income Tax Forms You Should Know
Most US-based individuals must file a personal income tax return. Whether you’re a business owner, independent contractor, or an employee, you should become familiar with your individual income tax forms.
The following taxpayers must file individual income tax returns to report their taxable income.
Sole proprietors and single-member LLC owners: Most freelancers, independent contractors, and gig workers represent sole proprietors. A single-member LLC (an LLC owned by one individual) is not a separate business entity for federal income tax purposes. Sole proprietors and single-member LLC owners should report business income on their individual tax returns.
Individual taxpayers: Employees, investors, trustees, and all other income earners must file individual income tax returns to report income from any source. For example, a C corp owner must report wages earned and corporate dividends received.
Individual Income Tax Forms
Individual taxpayers can receive income from several sources. You should expect to receive a tax statement from each company that paid you during the calendar year. Compile your records and tax forms so you can report accurate taxable income.
The following list explains common federal income tax forms for individuals. Review the list to familiarize yourself with your individual income tax return and any forms you should expect to receive before filing your return.
Depending on your situation, you may need to collect numerous forms. Individual income tax professionals can help you identify the documents you need for your tax return preparation.
Federal Tax Return Forms
IRS Form 1040, U.S. Individual Income Tax Return: U.S. individuals must report their federal taxable income and tax liability on Form 1040. Whether you’re a business owner, investor, freelancer, or employee, you should expect to file Form 1040 annually.
IRS Form 1040-ES, Estimated Tax for Individuals: Individuals who earn non-employee compensation can use Form 1040-ES to make estimated tax payments. Unlike employees subject to income tax withholding, most freelancers must submit quarterly payments to avoid underpayment penalties.
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return: Form 1040 filers can extend their tax return due date by filing Form 4868 before the April deadline. Form 4868 grants a 6-month extension of time to file. (If you extend your return, pay your estimated tax liability before the original return due date.)
Tax Forms for Independent Contractors
IRS Form 1040, Schedule C, Profit or Loss from Business (Sole Proprietorship): Sole proprietors report their business income on Form 1040, Schedule C. Business owners should attach Schedule C to IRS Form 1040.
IRS Form 1040, Schedule SE, Self-Employment Tax: Sole proprietors must pay self-employment tax in addition to federal income tax. Calculate your self-employment tax liability on Schedule SE and attach the schedule to your Form 1040.
IRS Forms 1099 for non-employee wages: Businesses use 1099 forms to report non-employee compensation payments. Payers must submit 1099 forms to the IRS and send copies to payees. Freelancers should receive 1099s from clients and payment facilitators (e.g., PayPal and Stripe). Common 1099 examples include the following:
Form 1099-NEC, Nonemployee Compensation
Form 1099-MISC, Miscellaneous Information
Form 1099-K, Payment Card and Third Party Network Transactions
IRS Form W-9, Request for Taxpayer Identification Number and Certification: Businesses paying non-employee compensation must submit W-9 forms to the IRS. Payers should generally request a Form W-9 from every Form 1099 recipient. If you’re a freelancer, provide each payer a Form W-9 with your tax identification.
Employee Tax Forms
IRS Form W-2, Wage, and Tax Statement: Form W-2 reports employee wages earned and tax withheld during the calendar year. Employers must file Form W-2 for each employee.
IRS Form W-4, Employee's Withholding Certificate: Form W-4 helps employers calculate the correct employee income tax withholding. Each employee should complete Form W-4 during new hire onboarding. If an employee wishes to claim an exemption from federal income tax withholding, the employee must file a new W-4 annually.
Tax Forms for Investment Income
IRS Forms 1099 for investment income: If you earn income from investments such as stock, real estate, or interest-bearing accounts, you must report your earnings on your income tax return. Expect to receive one or more of the following 1099 forms reporting your investment income.
Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
Form 1099-DIV, Dividends and Distributions
Form 1099-INT, Interest Income
Form 1099-S, Proceeds from Real Estate Transactions
Schedule K-1 for pass-through income: Schedule K-1 reports each member’s share of business income from a partnership, S corp, estate, or trust. Each K-1 recipient must include their share of business income on their personal tax return.
Partnerships: Form 1065 Schedule K-1
S corporations: Form 1120-S Schedule K-1
Estates and trusts: Form 1041 Schedule K-1
Schedule K-3 for pass-through income: Schedule K-3 reports each member’s income from partnerships or S corps with international activity or foreign members. Each K-3 recipient must report international tax items on their personal tax return.
Partnerships: Form 1065 Schedule K-3
S corporations: Form 1120-S Schedule K-3
Businesses: Federal Income Tax Returns by Entity Type
Your business tax return form depends on your entity type. We’ll explain common business structures and tax forms for each entity below.
Complicated situations may require professional help. We recommend consulting small business tax professionals to ensure accurate tax compliance.
C Corporations
IRS Form 1120, U.S. Corporation Income Tax Return: C corporations and LLCs with a C corp tax election should file Form 1120. C corps must report taxable income, provide balance sheet details, and answer ownership questions.
Quarterly Estimated Tax Payments: C corporations expecting a tax liability of at least $500 must make quarterly tax payments. C corporation taxpayers should refer to the estimated tax worksheet and instructions in IRS Publication 542, Corporations. (The IRS phased out Form 1120-W for corporate estimated tax payments after 2022.)
Corporate Stock Transfers
IRS Form 3921, Exercise of an Incentive Stock Option Under Section 422(b): Corporate stock awards create additional reporting requirements. C corporations should file Form 3921 to report stock transfer details. For example, consider a company that pays stock options to its directors. (Stock option recipients can exchange options for shares of their company’s stock after meeting time- or performance-based goals.) If a director exercises an option to receive shares of stock, the company must report the stock issuance.
Sole Proprietorships and Single-Member LLCs
IRS Form 1040, Schedule C, Profit or Loss from Business (Sole Proprietorship): If you own a single-member LLC or sole proprietorship, report your business activity on IRS Form 1040. Review the Individuals and Business Owners section above to determine the individual income tax forms you need.
Pass-Through Entities
S corporations, partnerships, estates, and trusts represent pass-through entities. Multi-member LLCs default to partnership treatment for tax purposes.
Pass-through entities must file business tax returns but do not pay federal income tax on their business income (exceptions apply). Instead, pass-through entities distribute income and deductions to their shareholders, partners, or beneficiaries.
Pass-through entities should issue Schedule K-1s to each member. Schedule K-1 reports each member’s ownership and share of income, deductions, debt, and tax credits. Members report pass-through income and pay tax on their individual tax returns.
S corporations and partnerships with international activity or foreign members should also issue K-3 schedules. Schedule K-3 reports international tax activity for members’ individual income tax returns.
Refer to the Tax Forms for Investment Income section above to find Schedule K-1 and K-3 links for each entity type.
S Corporations
IRS Form 1120-S, U.S. Income Tax Return for an S Corporation: S corporations should file Form 1120-S. Like C corps, S corps must report business income, provide balance sheet details, and answer ownership questions.
Quarterly Estimated Tax Payments: S corporations expecting a tax liability of at least $500 on built-in gains, excess passive income, or investment credit recapture must make quarterly estimated payments.
Partnerships
IRS Form 1065, U.S. Return of Partnership Income: Partnerships, multi-member LLCs, and single-member LLCs with a partnership tax election should file Form 1065. Partnerships must report business income, provide balance sheet details, and answer ownership questions.
Estates and Trusts
IRS Form 1041, U.S. Income Tax Return for Estates and Trusts: Estates and trusts should file Form 1041 to report business income and answer ownership questions.
IRS Form 1041-ES, Estimated Income Tax for Estates and Trusts: Most estates and trusts expecting a tax liability of at least $1,000 in 2024 must make quarterly estimated tax payments. Estates and trusts can use Form 1041-ES to calculate and pay quarterly estimates.
Business Tax Extensions
IRS Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns: Businesses can file Form 7004 to request an extension. Form 7004 grants a 6-month deadline extension for corporation, partnership, trust, and estate returns. Taxpayers should pay their estimated tax liability before the original due date.
IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return: Sole proprietors and single-member LLC owners should file Form 4868 to request a 6-month deadline extension.
Individual and Small Business Tax Due Dates in 2024
The IRS imposes payment and tax form deadlines for all taxpayers. This section will detail the federal income tax deadlines small business owners should know in 2024.
We recommend partnering with tax advisory professionals to avoid missing deadlines during – or after – tax season.
Individual Tax Deadlines: Sole Proprietors, Employees, Independent Contractors, and Gig Workers
Individual Tax Deadlines: General Rule
Review the following list to understand the standard due dates for individual income tax forms and payments. If a deadline falls on a holiday or weekend, the due date shifts to the next business day.
Form 1040 and relevant schedules or Form 4868, if requesting an extension: April 15th
Form 1040-ES and estimated tax payments: 15th day after quarter-end
First quarter estimate: April 15th
Second quarter estimate: June 15th
Third quarter estimate: September 15th
Fourth quarter estimate: January 15th
Extended Form 1040: October 15th
Individual Income Tax Due Dates in 2024
The following list contains important dates and tax deadlines for individuals and small business owners in 2024.
January 16th, 2024: Fourth quarter 2023 estimated tax payments due
January 29th, 2024: IRS begins accepting and processing 2023 income tax returns
February 15th, 2024: Deadline for employees to file Form W-4 to claim exemption from federal income tax withholding
April 1st, 2024: Last day to take the required minimum distribution from retirement accounts (for retirees who turned 73 in 2023)
April 15th, 2024:
Deadline for individual income tax returns or extension requests
First quarter 2024 estimated tax payments due
Last day to make 2023 IRA and HSA contributions
June 17th, 2024: Second quarter 2024 estimated tax payments due
September 16th, 2024: Third quarter 2024 estimated tax payments due
October 15th, 2024: Extended deadline for individual income tax returns
December 31st, 2024: Last day to take the required minimum distribution from retirement accounts (for retirees who turned 73 in 2024)
January 15th, 2025: Fourth quarter 2024 estimated tax payments due
Business Tax Deadlines: Partnerships, S Corporations, C Corporations, Estates, and Trusts
Business Tax Deadlines: General Rule
This section lists the standard due dates for business tax forms and payments. If a deadline falls on a holiday or weekend, the due date shifts to the next business day.
Fiscal year taxpayers (having a year-end other than December 31st) should consult tax professionals to determine their tax deadlines.
Forms W-2 and 1099: January 31st
Forms 1065 and 1120-S or Form 7004, if requesting an extension: March 15th
Form 3921: April 1st
Form 1120 and 1041 or Form 7004, if requesting an extension: April 15th
Estimated tax payments for corporations, estates, and trusts: 15th day of the 4th, 6th, 9th, and 12th months of the tax year
First quarter estimate: April 15th
Second quarter estimate: June 15th
Third quarter estimate: September 15th
Fourth quarter estimate: December 15th
Extended Forms 1065 and 1120-S: September 15th
Extended Forms 1120 and 1041: October 15th
Business Tax Due Dates in 2024
The following list contains tax deadlines and important dates for small businesses in 2024.
January 16th, 2024: Fourth quarter 2023 estimated tax payments due
January 29th, 2024: IRS begins accepting and processing 2023 income tax returns
January 31st, 2024:
Deadline for employers to submit W-2s to the IRS and copies to each employee
Deadline for businesses to submit 1099 forms for non-employee compensation
March 15th, 2024: Deadline for partnership and S corporation tax returns or extension requests
April 1st, 2024: Deadline to file Form 3921 (for corporations offering stock options to employees)
April 15th, 2024:
Deadline for C corporation, estate, and trust tax returns or extension requests
First quarter 2024 estimated tax payments due
June 17th, 2024: Second quarter 2024 estimated tax payments due
September 16th, 2024:
Extended deadline for partnership and S corporation tax returns
Third quarter 2024 estimated tax payments due
October 15th, 2024: Extended deadline for C corporation, estate, and trust tax returns
January 15th, 2025: Fourth quarter estimated tax payments due
Late Filing and Underpayment Penalties for Businesses
The IRS imposes penalties for failing to file returns or pay sufficient tax.
Penalty rates depend on the type of violation. Depending on the situation, multiple penalties could apply. The following list includes common infractions and associated fines. Each percentage applies to all entity types unless otherwise noted.
Failure to pay tax due: The penalty is 0.5% of the tax liability per month outstanding. The maximum failure to pay penalty is 25% of the unpaid liability.
Failure to timely file with tax due:
The penalty is 5.0% of the tax liability per month outstanding. The maximum penalty for failure to file is 25% of the unpaid liability.
The penalty for failure to file is 4.5% per month if the taxpayer also owes a failure to pay penalty.
After five months, the minimum penalty is $485 or 100% of the tax due, whichever is less.
Failure to timely file with no tax due: The IRS doesn’t apply a penalty on late returns with no tax due. Taxpayers should file within three years of the return due date to avoid losing a refund.
Underpayment of estimated tax: The IRS expects taxpayers to pay income tax throughout the year. You may need to pay an underpayment penalty on tax due with your return. The IRS applies a time-based formula to calculate the penalty for underpayment of estimated tax. The following forms help taxpayers calculate penalties.
Individuals: IRS Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts
C corporations: IRS Form 2220, Underpayment of Estimated Tax By Corporations
Failure to timely file information returns: Taxpayers who fail to file information returns, such as 1099 forms, must pay a penalty for each late form. The 2024 penalty schedule is as follows:
First 30 days: $60 per form
31 days late through August 1st: $120 per form
After August 1st: $310 per form
Intentionally failing to file: $630 per form
The IRS imposes interest on overdue tax balances. Interest rates vary by year and taxpayer type.
If you have overdue tax returns, schedule a free consultation with 1-800Accountant. Personal income and business tax professionals can simplify the process and help you minimize late filing penalties.
How to File Your Taxes
You can choose from several return preparation and filing options. Review the benefits of each method to find the approach that suits your needs.
E-File Your Tax Return
E-filing allows taxpayers to prepare online and electronically file income tax returns. Most software includes capabilities for uploading documents and making payments. E-file programs offer varying levels of taxpayer assistance.
E-filing benefits:
Fast processing
E-file confirmation
Online payment acceptance
E-filing disadvantages:
Lack of pricing transparency
Limited capabilities or costly fees for complex returns
Potential security risks
Paper Mail Your Tax Forms
You can save software costs by filing your return via traditional mail. Paper mailing is optimal for simple returns with no payment due. Your post office can include certified mail receipts and parcel tracking so you can confirm delivery.
Paper mail benefits:
Low cost
Minimal technology required
Paper mail disadvantages:
Slow processing
Limited or no acceptance notification
Increased risk of mistakes
Partner with Tax Professionals at 1-800Accountant
For personalized tax assistance, consult with professional CPAs. 1-800Accountant offers a variety of tax advisory and preparation services. Whether you’re a small business owner or sole proprietor, tax professionals can help with returns for all entity types.
1-800Accountant tax preparation advantages:
Personalized, done-for-you tax services
Maximized tax deductions and credits for better tax savings
Return accuracy and technical expertise from licensed professionals
Specific answers to your tax questions
Year-round guidance and due date tracking
Transparent, budget-friendly pricing
1-800Accountant tax preparation disadvantages:
Larger financial investment than paper filing
Business Tax Deadline FAQs
When Is the Last Day I Can File Taxes in 2024?
C corporations and individual income taxpayers must file returns by April 15th, 2024. Partnership and S corporation returns are due by March 15th, 2024. If you need more time to file your return, submit an extension request before your original return due date. Extensions grant six additional months to file.
When Is My LLC Tax Return Due?
Your LLC tax return due date depends on your business structure:
Single-member LLC tax returns (Form 1040, Schedule C) are due by April 15th, 2024.
Multi-member LLC tax returns (Form 1065) are due by March 15th, 2024.
LLCs with partnership elections should file Form 1065 by March 15th, 2024.
LLCs with C corp elections should file Form 1120 by April 15th, 2024.
What If I Can’t File My Taxes on Time?
The IRS offers a six-month extension of time to file. Obtain an extension by submitting your request before your original return due date. Corporations and partnerships should file Form 7004, and individuals should use Form 4868.
What If I Need to Amend My Tax Return?
You can file an amended tax return to correct an error or report new information. Use the amended return form for your entity type and include a brief explanation of the changes. Attach the updated return schedules reflecting the adjustments.
Individuals: Submit IRS Form 1040-X, Amended U.S. Individual Income Tax Return, with updated return schedules.
C corporations: Submit IRS Form 1120-X, Amended U.S. Corporation Income Tax Return, with updated return schedules.
S corporations: Submit an updated Form 1120-S and K-1 schedules. Attach an explanatory statement of the changes and reason for amending.
Partnerships: Submit IRS Form 1065-X, Amended Return or Administrative Adjustment Request (AAR), with updated return schedules. Caution: Complicated partnership rules affect the amended return requirements. We recommend consulting a tax professional for help.
The amended return time limit is generally within three years of filing the original return or (if later) two years of paying the tax. Be sure to amend your state returns to reflect your updated federal taxable income.
What If I Can’t Pay My Entire Tax Bill?
Consider entering an IRS tax payment plan if you can’t pay your full tax liability before your return is due. Payment plans help taxpayers avoid additional penalties and interest by establishing a specified balance and installment due date.
The IRS offers business and individual tax payment plans to eligible taxpayers. The process generally includes the following steps:
- Check your eligibility. Most taxpayers owing minimal taxes can apply online.
- Provide identification and financial institution information.
- Set up a short- or long-term installment plan. Some plan options require a small setup fee.
- Make payments by the dates outlined in your plan.
For more detailed information, check the payment plan FAQ on the IRS website or consult with professional CPAs.
How Much Do I Have to Pay for Estimated Taxes?
Taxpayers not subject to federal income tax withholding, such as corporations and independent contractors, typically must make quarterly estimated tax payments. Exceptions apply to taxpayers with liabilities under IRS thresholds: $500 for corporations and $1,000 for individuals.
Calculate your quarterly payment using the estimated tax worksheet contained in the Form 1040-ES instructions (for individuals) or Publication 542 (for corporations).
Taxpayers should estimate taxable income for the full year and pay 25% of the estimated liability each quarter. If the prior year's tax liability was higher, pay 25% of the previous liability to avoid underpayment penalties.
Are There Different Tax Filing Deadlines for Different Types of Businesses?
Yes, your filing deadline depends on your business entity type. The 2024 due dates for each business are as follows:
March 15th, 2024: Partnerships (including multi-member LLCs) and S corporations
April 15th, 2024: Individuals (including sole proprietors and single-member LLCs), C corps, estates, and trusts
What If I Live in an Area Impacted by a Natural Disaster?
If you own a business or live in a federal disaster area, you can claim an extension to file your return and pay your taxes. Taxpayers with disaster losses can also claim deductions on their returns.
Examples of natural disasters include wildfires, severe storms, and flooding. Specific tax relief provisions apply to each event. The IRS generally identifies affected taxpayers based on ZIP code. You can also check the detailed IRS listing of relief provisions for each state.
Say Goodbye to Tax Season Stress with 1-800Accountant
Professional CPAs support small businesses with year-round tax advisory, preparation, and return filing. 1-800Accountant offers various low-cost services to help business owners save money on professional fees.
Small Business Taxes
Small business tax services support your operations with year-round professional guidance. 1-800Accountant CPAs offer timely responses to your questions and help minimize your tax burden. Find business tax savings with 1-800Accountant’s payroll tax advisory, sales tax support, and numerous other small business tax services.
Tax Advisory
Tax advisory professionals support your business with tax and financial planning, entity restructuring, and ongoing tax compliance. Reduce your tax burden and avoid errors with small business tax advisory services.
Audit Defense
IRS audits can be time-consuming and costly. Business owners must dedicate valuable time to gathering documents and corresponding with IRS agents.
1-800Accountant can support your small business in the event of an audit. CPAs and EAs communicate with the IRS, develop a response strategy, and help minimize assessments. Let 1-800Accountant audit defense services manage your IRS audit.
Quarterly Estimated Tax Payments
Your small business tax preparation doesn’t end after tax season. Most entrepreneurs and businesses must calculate and pay quarterly estimated taxes. 1-800Accountant’s quarterly estimated taxes service can help you comply with tax laws and avoid underpayment penalties. Professional CPAs monitor due dates and tax rule changes so you can feel confident about your business tax compliance.
Personal Income Taxes
Don’t miss out on individual income tax savings. Business owners can benefit from professional assistance with personal income tax preparation and review. 1-800Accountant CPAs help you maximize deductions and minimize your tax burden. Income tax experts can answer questions and file your returns year-round. Ensure accuracy on your return with 1-800Accountant’s personal income tax services.
Schedule a Free Tax Savings Consultation
Save money on professional accounting services and stay compliant with deadlines. Schedule a free consultation with 1-800Accountant and learn how tax professionals can support your business.
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