Tax Season is here: What Businesses Need to Know for 2024

The 2024 tax season is here, and if you're a business owner, you're probably gearing up to file your returns.

To help make this process smoother, here are some key updates and answers to common questions about this year’s tax filing.

When Does Filing Open for Business Returns?

The IRS has announced that electronic filing for business returns will open on January 15, 2025. This marks the first day businesses can submit their tax forms electronically. Starting early not only helps you avoid the last-minute rush but also ensures any errors can be corrected well ahead of the deadline.

What Are the Key Deadlines for Businesses?

Here are the major dates to keep in mind:

• March 15, 2025: Filing deadline for S-corporations and partnerships.
• April 15, 2025: Filing deadline for C-corporations and sole proprietorships.

If you’re unable to file by these dates, you can request an extension, but remember, extensions only apply to the filing, not the payment of taxes owed.

What Forms Do Businesses Need?

The type of form you'll need to file depends on your business structure:

• S-Corporations: Form 1120-S
• Partnerships: Form 1065
• C-Corporations: Form 1120
• Sole Proprietorships: Schedule C with Form 1040

Each form has its own requirements, so make sure you have all the necessary financial documents ready.

Can Businesses File Electronically?

Yes! The IRS strongly encourages businesses to file electronically, as it’s faster, more secure, and reduces the chances of errors. If you’re filing electronically, be sure and consult with us to make sure everything is IRS-compliant.

What Are Common Questions from Businesses This Year?

1️⃣ Can I deduct expenses related to remote work?
Yes, many expenses related to maintaining a home office or remote setup may qualify as deductions, depending on your business type.

2️⃣ What’s new for 2024?
Recent tax law changes may impact your deductions or credits, such as updates to depreciation rules or changes to the employee retention credit.

3️⃣ What happens if I miss the deadline?
Filing late can lead to penalties and interest charges. Even if you can’t pay your taxes in full, filing on time can reduce penalties.

How Can You Prepare Now?

• Organize your records: Gather receipts, invoices, payroll information, and other financial documents.
• Consult Rae's Accounting: Tax laws change frequently, and we can help you maximize deductions and ensure compliance.

At Rae's Accounting, we’re here to make tax season less stressful for your business. With our expertise, you can focus on running your business while we handle the numbers.

📞 Contact us today to get started!
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