Business taxes are certainly complicated, so it makes great sense to get professional accounting and tax preparation assistance so that tax returns are prepared correctly, and they are submitted to meet tax filing deadlines. Meeting tax filing deadlines is critical to ensure compliance with tax laws and to avoid unnecessary penalties. 

Four Challenges That Are Faced During the Tax Filing Process 

First, business leaders face complicated tax laws and regulations that constantly change, making it difficult, without expert assistance, to keep up with all the latest requirements and ensure that all tax filings are accurate and compliant with applicable laws. In addition, multiple taxing authorities must have their requirements properly satisfied, including federal, state, city, and county authorities. Second, it is crucial to keep accurate records of all financial transactions. Great record-keeping can be challenging and time-consuming for small businesses. Third, data storage, management, and access must be done effectively and efficiently. Otherwise, there can be errors in tax filings. Fourth, tax filing deadlines can be stressful, especially if record-keeping is error-prone, there are delays in record-keeping or problems with data management. 

7 Tax Filing Deadlines for Small Businesses 

There are seven primary federal income tax filing deadlines

  1. S Corporations must file by March 15, 2024. The extension deadline is September 16, 2024. 
  2. C Corporations must file by April 15, 2024. The extension deadline is October 15, 2024. 
  3. Single-member LLCs must file by April 15, 2024. The extension deadline is October 15, 2024. 
  4. Multi-member LLCs must file by March 15, 2024. The extension deadline is September 16, 2024. 
  5. Partnerships must file by March 15, 2024. The extension deadline is September 16, 2024. 
  6. Non-profits must file by May 15, 2024. The extension deadline is November 15, 2024. 
  7. Sole proprietorships must file by April 15, 2014. The extension deadline is October 15, 2024. 

If you miss a tax deadline and your business owes taxes, you will be charged a failure to file penalty, which is 5% of the unpaid taxes for each month your return is late. It is important to note that even though a tax filing extension may be granted, the taxes are still due on the original due date to avoid penalties and interest.  

To make it financially easier to pay any due taxes and more beneficially manage cash flow, tax payments can be made quarterly on the following dates: January 15, April 15, June 16, and September 16.

Tax Filing Mistakes to Avoid 

It is important to avoid these tax filing mistakes: filing late and missing tax filing deadlines, underestimating and underreporting estimated taxes, poor record-keeping, failing to deposit employment taxes, not taking the proper deductions, and mixing business and personal expenses.              

Seek Professional Accounting Assistance 

Contact Nolan Accounting Center, based in Greenfield, WI. We build strong relationships and support strategies for success. We provide accounting, tax preparation, bookkeeping, and payroll services to small business owners in Southeast Wisconsin, including Milwaukee, Greenfield, New Berlin, Muskego, West Allis, and Waukesha.