Don’t Miss These Crucial Tax Dates in October 2024!

It is October of 2024 and these are the five tax due dates that you must know so that you don’t get into trouble with the IRS. Let’s go. 

Hello from Freedom Tax Accounting. We’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. It is October of 2024 and these are the five tax due dates that you must know. So the first tax due date that you must know in October of 2024 is October 15th.

If you did not file your 2023 personal tax return by April of 2024 and you filed an extension, you have until October 15th of 2024 to file your 2023 personal tax return via Form 1040. Now, I always detail that the IRS has two penalties for personal tax returns. The first penalty is a failure to pay penalty and there’s a late filing penalty.

When you file an extension with the IRS for your personal tax return, that extension only covers the late filing penalty. So if you owed taxes and you filed an extension for your personal tax return back in April, that extension should have been sent to the IRS with an estimated tax payment. So even if you file now and you owe taxes and you did not make that estimated tax payment, then you’re still going to get the late payment penalty. But at least you’re not going to get the late filing penalty if you file an extension for your 2023 personal tax return and you file by October 15th of 2024. 

The second important tax due date in October is once again October 15th of 2024. That date is the due date for your 2023 corporate tax returns if you file an extension.

Now, if your business files taxes as a C-Corporation, meaning that you file taxes under Form 1120, that form for your 2023 corporate tax return was due on April 15th of 2024. But, if you filed an extension, now you have until October 15th of 2024 to file your 2023 corporate tax return that files taxes under Form 1120. 

The third tax due date in October 2024 is once again October 15th of 2024. If you have a solo 401k that has more than $250,000 in assets, your solo 401k has to file Form 5500EZ by October 15th of 2024 if it filed an extension. 

The fourth tax due date is once again October 15th of 2024. Now, this is not an actual tax due date. We just want to mention that October 15th of 2024, it’s the Medicare Open Enrollment. Well, this is not actually a tax due date, but we wanted to mention that in October 15th, if you want to get Medicare, October 15th of 2024 is the Open Enrollment date to apply for Medicare. 

And the fifth and last tax due date that’s important in October of 2024, if you are a business owner and your business has payroll, by October 31st of 2024, you have to file your third quarter payroll reports.

There you have it. Those are the five important tax due dates for October of 2024 so that you don’t get into trouble with the IRS. 

Remember, here at Freedom Tax Accounting, we’re a full service accounting firm. We can help you with your personal taxes, corporate taxes, opening up an LLC, doing payroll, bookkeeping, and tax planning. We can help you in many, many ways. If you have received valuable information in this video, remember to like it, share it with another business owner so they can take advantage of this important information.

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