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Crucial Tax Deadlines Every Kansas City Business Must Know for 2024

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As the financial year winds down, businesses in Kansas City are gearing up to tackle the complexities of corporate tax filing and deadlines. Navigating these processes demands precision, strategic planning, and a keen understanding of local regulations. Be aware of these important tax deadlines that affect corporate tax filings.

Friday, March 15, 2024

  • S corporation and partnership tax return due date for calendar-year businesses are due. This is also the deadline to file an S corporation and partnership tax extension (using IRS Form 7004). Additionally, businesses can file for an extension using IRS Form 7004 if more time is needed to finalize their tax returns. 

Monday, April 15, 2024

  • Sole proprietorship and single-member LLC tax returns on Schedule C, which must be filed alongside your personal income tax return (Form 1040). Should additional time be required for preparation, businesses can request an extension by filing the appropriate paperwork.

  • Corporation tax deadline. This date marks the deadline for corporations to file their tax returns.

  • Q1-2024 estimated quarterly tax payments. Businesses that pay quarterly taxes must remit their first quarter's payment for 2024 by this date to fulfill their tax obligations.

  • Retirement contribution deadline. This is the last day to contribute to retirement or other tax-advantaged savings accounts for the previous 2023 tax year. These include accounts like traditional IRAs, Roth IRAs, and Health Savings Accounts. However, it's important to note that the deadline for contributing to a SEP IRA and a solo 401(k) can be extended by filing a 6-month extension.

By staying informed about these important tax deadlines and adhering to them diligently, businesses can navigate the complexities of tax season with confidence and ensure compliance with regulatory requirements.