2024 Q4 Tax Calendar: Key Deadlines for Businesses and Employers

As the fourth quarter of 2024 approaches, business owners and employers should prepare for several important tax-related deadlines. While the list below covers some key dates, it's important to recognize that additional deadlines may apply based on your business structure, location, year-end, or specific circumstances.
Tuesday, October 1, 2024
Establishing a SIMPLE IRA Plan
If you are considering setting up a SIMPLE IRA retirement plan for your employees, this is the last day to do so if your business (or any predecessor employer) has not previously maintained one. SIMPLE IRAs are ideal for small businesses that want to offer retirement benefits without the administrative complexity of other plans. Keep in mind that new employers established after October 1 can still implement a SIMPLE IRA plan, but it must be done as soon as administratively feasible after the business is formed.
Tuesday, October 15, 2024
Filing for Calendar-Year C Corporations
If your C corporation operates on a calendar-year basis and you filed for an automatic six-month extension earlier this year, this is the deadline to file your 2023 income tax return (Form 1120). Along with filing the return, any outstanding tax, interest, or penalties must also be paid by this date to avoid additional charges.
Contributions to Employer-Sponsored Retirement Plans
Employers who sponsor certain retirement plans, such as profit-sharing or defined benefit plans, must make contributions for the 2023 plan year by this date. Missing this deadline could result in the disqualification of the plan’s tax benefits, making it essential to ensure contributions are made on time.
Thursday, October 31, 2024
Quarterly Payroll Tax Reporting (Form 941)
Employers must report income tax withholding and Federal Insurance Contributions Act (FICA) taxes for the third quarter of 2024 using Form 941. This form is used to report the total amounts withheld from employee wages for federal income tax, Social Security, and Medicare taxes. Any remaining tax balance owed for the quarter must be paid by this date. It's critical to accurately report and pay these taxes, as late payments can lead to penalties.
Tuesday, November 12, 2024
Exception for Payroll Tax Reporting
If you have timely deposited all income tax withholding and FICA taxes in full for the third quarter, you qualify for an extended deadline to file Form 941. Instead of the October 31 deadline, you have until November 12 to submit your Form 941, giving you a bit of extra time to ensure everything is in order.
Monday, December 16, 2024
Estimated Tax Payments for C Corporations
C corporations operating on a calendar year must make their fourth and final installment of estimated income tax payments for 2024 by this date. The estimated payments help ensure that businesses do not face underpayment penalties at year-end. Accurately estimating and paying these taxes quarterly is crucial for cash flow planning and avoiding financial strain when annual taxes are due.
Additional Considerations
While this list highlights some of the primary deadlines for Q4, other filing requirements may apply depending on your business’s unique situation. If your business is structured as a flow-through entity, such as a partnership or an s-corporation, the due date to remit estimated tax payments on your individual tax return is Wednesday, January 15th, 2025. Failing to comply with these deadlines could result in penalties, interest charges, or other legal consequences. We are here to assist you in navigating these requirements and ensuring that all deadlines are met.
Feel free to contact us if you have any questions or need further assistance with tax planning and filing.