Helpful Tax Dates for Sole Proprietors

Small Business

January 12, 2024

When are my taxes due?

As a sole proprietor, managing your business comes with a myriad of responsibilities, and staying on top of tax deadlines is undoubtedly one of the most crucial. The world of taxes can often seem labyrinthine, but missing a deadline can lead to unnecessary stress and financial penalties. This blog post is designed to be your go-to guide, simplifying the complex tapestry of tax dates into an easy-to-follow calendar. Whether it’s your first year in business or you’re a seasoned entrepreneur, understanding these key dates will help ensure you remain compliant and can focus on what you do best – running your business. Let’s dive into the essential tax dates that every sole proprietor needs to know and keep at their fingertips.

Key Dates:

  • April 15th: This is the due date to file your 2023 tax return, which includes your Form 1040 and Schedule C (Profit or Loss from Business). This is also the deadline to pay any taxes owed for 2023.
  • January 15th, 2025: This is the due date to file your 2024 tax return, if you choose to file an extension (see below).

Estimated Tax Payments:

  • April 15th: First quarter estimated tax payment due (based on projected 2024 income).
  • June 17th: Second quarter estimated tax payment due.
  • September 16th: Third quarter estimated tax payment due.
  • January 15th, 2025: Fourth quarter estimated tax payment due.

Additional Important Dates:

  • January 18th: IRS begins the 2024 tax season. This is a good time to start gathering your tax documents.
  • October 15th: Deadline to file your 2023 tax return electronically if you owe money.
  • October 31st: Deadline to file your 2023 tax return on paper if you owe money.

Resources:

Tips:

  • Consider filing your taxes electronically for quicker processing and refunds.
  • If you need more time to file your return, you can file an extension until October 15th, 2025. However, you will still need to pay any estimated taxes owed by April 15th.
  • If you’re self-employed, it’s a good idea to keep good records of your income and expenses throughout the year. This will make it easier to file your taxes when the time comes.
  • Consulting with a tax professional or accountant can help ensure you’re complying with all tax laws and taking advantage of all available deductions and credits.