October Tax
As a business owner, keeping track of tax deadlines is crucial for maintaining compliance and avoiding penalties. October 2024 brings important tax filing and payment deadlines that can impact both businesses and individuals. To help you stay on top of these deadlines, we’ve outlined the key dates you need to know, along with tips to ensure you’re fully prepared.
Key October 2024 Tax Deadlines
October 15, 2024: Final Deadline for Extended Tax Returns (Individuals and Corporations)
If you filed for an extension on your 2023 tax return, October 15th is your last chance to submit your individual or corporate tax returns. Missing this deadline can result in penalties and interest, so it’s essential to have your documentation ready and ensure everything is in order.
Individuals (Form 1040): If you requested an extension back in April 2024, this is your final deadline to file your individual income tax return for 2023.
Corporations (Form 1120): C-corporations that filed for a 6-month extension must also submit their tax returns by this date.
Pro Tip: If you’re struggling to meet the October 15th deadline, working with an experienced tax professional can help you navigate the complexities of your return. At 30A Coastal Accounting Services, we’re here to ensure everything is completed accurately and on time.
October 16, 2024: Monthly Payroll Tax Deposits Due
Businesses that withhold payroll taxes (Social Security, Medicare, and federal income tax) must make their monthly deposits by October 16th, covering wages paid in September 2024.
Form 941 Deposits: This deadline applies to businesses on a monthly deposit schedule for payroll taxes.
Failing to make these deposits on time can lead to significant penalties, so it’s critical to ensure you’re up to date with your payroll obligations.
October 31, 2024: Quarterly Payroll Tax Returns (Form 941)
For businesses that file payroll taxes quarterly, the deadline to submit Form 941 for the third quarter of 2024 is October 31st. This form reports income taxes, Social Security tax, and Medicare tax withheld from employee wages during the quarter, as well as your employer share of these taxes.
This deadline covers wages paid between July 1 and September 30, 2024.
Pro Tip: Submitting accurate information is key to avoiding any IRS issues. If you need help with payroll tax reporting, our team at 30A Coastal Accounting Services specializes in ensuring that your payroll compliance is seamless and stress-free.
October 31, 2024: Form 720 – Quarterly Federal Excise Tax Return
If your business is required to file excise taxes (such as for fuel, communications, or heavy truck usage), Form 720 for the third quarter is due by October 31st. These taxes apply to specific goods and services, and failure to file or pay them can result in penalties.
How to Stay Compliant with October Tax Deadlines
Review Your Records Early: Don’t wait until the last minute to gather the necessary documents and review your financial records. Start preparing now to ensure that everything is accurate and complete before the deadlines approach.
Use Professional Help: Tax filings can be complicated, especially if you have extensions, multiple forms, or specific tax liabilities like excise taxes. Working with a CPA can make the process easier and help you avoid errors.
Set Up Payment Plans: If you’re unable to pay your taxes in full by the deadlines, the IRS offers payment plans. It’s important to address payment issues sooner rather than later to avoid additional penalties and interest.
Automate Payments and Filings: Many businesses benefit from automating payroll tax deposits and other recurring tax payments. Automating this process helps reduce the risk of missing deadlines.
Why Choose 30A Coastal Accounting Services?
At 30A Coastal Accounting Services, we provide comprehensive tax support to ensure you never miss a deadline. Whether you need assistance with filing individual or corporate returns, payroll tax compliance, or excise tax reporting, our team of experienced professionals is here to guide you through every step.
Tax Filing Assistance: We handle both individual and corporate tax returns, ensuring accuracy and timely submissions.
Payroll Compliance: We manage your payroll tax deposits and quarterly filings to keep you in compliance with the IRS.
Personalized Service: We tailor our services to meet your business’s specific needs, giving you peace of mind and more time to focus on what you do best.
October 2024 is a crucial month for tax compliance, with several key deadlines that can impact your business and personal finances. By staying proactive and working with experienced professionals, you can avoid penalties, interest, and unnecessary stress. Contact 30A Coastal Accounting Services today to schedule a consultation and ensure you’re fully prepared for all of your tax obligations. We’re here to help you stay compliant and keep your financial health on track.
