The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to get back into the discipline of tax planning and start making estimated tax payments again California.
It has been almost a year (January 24, 2023) since the IRS announced extensions for tax returns and tax payments for California storm victims. In February of 2023 the IRS and California extended the requirement to make deposits and file tax returns to October 16, 2023. This was extended at the last minute until November 16, 2023.
While millions of California taxpayers appreciated relief from the responsibility to make quarterly payments and file tax returns the party is over, and the check is quickly coming due. For those who haven’t made all (or any) of their quarterly estimated tax payments an important deadline is only a few weeks away.
It’s time to start making estimated tax payments again California. The first deadline is January 16, 2024 for all taxes due in 2023. For those business and individual taxpayers who have taken advantage of relief from making tax payments in 2023 this may represent and important and significant challenge. Hopefully, businesses and individuals have either made deposits or set funds aside for this purpose and are ready to make the required 4th quarter tax payment for 2023 on January 16 for both the State of California and the IRS.
Here are the important tax-related deadlines for 2024:
IRS and California Quarterly Estimated Tax Payment Due Dates for Tax Year 2024:
Q4 Estimated Tax + Deferrals (2023) January 16, 2024
Q1 Estimated Tax for 2024 April 15, 2024
Q2 Estimated Tax for 2024 June 17, 2024
Q3 Estimated Tax for 2024 Sept 16, 2024
Q4 Estimated Tax for 2024 January 15, 2025
Source: IRS
California Estimated Tax Payment Due Dates for Tax Year 2023:
Q4 Estimated Tax + Deferrals (2023) January 16, 2024
Q1 Estimated Tax for 2024 April 15, 2024
Q2 Estimated Tax for 2024 June 17, 2024
Q3 Estimated Tax for 2024 Sept 16, 2024
Q4 Estimated Tax for 2024 January 15, 2025
Source: California FTB
Federal Business Tax Return Important Dates:
LLC and Partnership Federal Tax Return and Payment Due Dates:
Partnerships filing deadline March 15, 2024; Extended filing deadline September 16, 2024
Sole Proprietor filing deadline April 15, 2024; Extended filing deadline October 15, 2024
LLCs with Multiple Members filing deadline March 15, 2024, extended filing deadline September 16, 2024
Non-Profit filing deadline May 15, 2024; Extended filing deadline November 15, 2024 (presuming tax year ending 12/15/2023)
S Corporation Federal Tax Return and Payment Due Dates
Return Due Date: 15th day of the 3rd month after the close of your tax year (March 15, 2024 for calendar tax year)
Extended Due Date: 15th day of the 9th month after the close of your tax year (Oct 15, 2024 for calendar tax year)
Minimum Franchise Tax: $800
C Corporation Federal Tax Return and Payment Due Dates:
Return Due Date: 15the day of the 4th month after the close of your tax year (April 15, 2024 for calendar tax year)
Extended Due Date: 15th day of the 10th month after the close of your tax year (Oct 15, 2024 for calendar tax year)
Payment Date: Your total tax owed is due on the 15th day of the 4th month after the close of your tax year (April 15, 2024 for calendar tax year)
NOTE: The above examples are for S Corporations and C Corporations on a calendar tax year. Fiscal year due dates should be calculated separately based upon the above and confirmed with Allen Barron tax professionals.
California Business Tax Return Important Dates:
LLC and Partnership California Tax Return and Payment Due Dates:
Corporate Return: 15th day of the 3rd month after the close of your tax year (March 15, 2024)
Extended Corporate Return Filing Due Date: 15th day of the 10th month after the close of your tax year (Oct 15, 2024)
S Corporation California Tax Return and Payment Due Dates
Return Due Date: 15th day of the 3rd month after the close of your tax year (March 15, 2024)
Extended Due Date: 15th day of the 9th month after the close of your tax year (Sept 15, 2024)
Minimum Franchise Tax: $800
C Corporation California Tax Return and Payment Due Dates:
Return Due Date: 15th day of the 4th month after the close of your tax year (April 15, 2024)
Extended Due Date: 15th day of the 11th month after the close of your tax year (Nov 15, 2024)
Payment Date: Your total tax owed is due on the 15th day of the 4th month after the close of your tax year (April 15, 2024)
Minimum Franchise Tax: $800
If you have deferred estimated tax payments for tax year 2023 it’s time to get back into the discipline of tax planning and start making estimated tax payments again California. The next important date is most probably January 16, 2024 for all tax payments due for 2023.
Do you have questions about personal or business taxes and tax returns? We invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470.
