Keeping up with tax deadlines is essential for any business owner or employer. Missing a date can lead to penalties and delays, so staying informed throughout the year is crucial. This blog dives into some critical tax deposit deadlines for employers and businesses to remember specifically for June 2024. We’ll explain what’s due, who it applies to, and provide helpful resources to ensure you stay compliant.
Employer Payroll Tax Deadlines (June 17th)
If you’re an employer who withholds income taxes, Social Security, and Medicare from your employees’ paychecks, then June 17th is a critical date for you. This is the deadline to deposit these withheld taxes for the previous month (May 2024) to the Internal Revenue Service (IRS).
This applies to employers who meet the requirements for the monthly deposit rule. The IRS website provides resources to help you determine if the monthly deposit rule applies to your business.
Estimated Tax Payments for Corporations (June 17th)
For calendar year corporations (corporations whose tax year follows the calendar year), June 17th marks the due date for the second installment of estimated income tax for 2024. Estimated taxes are quarterly payments made throughout the year to prepay your tax liability.
Weekends and Holidays: Grace Periods Apply
The good news is that tax deadlines are flexible in certain situations. If a due date falls on a weekend (Saturday or Sunday) or a federal holiday, the deadline is automatically extended to the next business day that isn’t a holiday. This gives you a little extra breathing room to meet your tax obligations.
Disaster Relief and Extended Deadlines
The IRS understands that unforeseen circumstances can disrupt normal business operations. If a geographic area is declared a disaster zone by the Federal Emergency Management Agency (FEMA), tax deadlines for that area may be extended.
You can find up-to-date information on disaster relief and related filing extensions on the following websites:
By staying informed and keeping these key dates in mind, you can ensure your business remains compliant with tax regulations and avoid any potential penalties.
Additional Tips for Employers and Businesses
- Mark your calendar: Schedule reminders for upcoming tax deadlines well in advance.
- Consider using a tax software: Tax software can help automate calculations and simplify the deposit process.
- Consult with a tax professional: If you have any questions or uncertainties, seek guidance from a qualified tax advisor.
By following these tips, you can streamline your tax obligations and free up valuable time to focus on running your business.
