January can be a hectic month for small business owners. Not only are you getting back into the swing of things after the holidays, but you also have to deal with a slew of important tax deadlines.
Don't let these deadlines sneak up on you! This article outlines some of the most important tax deadlines for small businesses in January. We'll also provide some helpful tips for staying organized and avoiding penalties.
Key January Tax Deadlines
- January 15: This is the deadline for paying the fourth quarter estimated taxes for the previous year. This applies to both federal and state taxes. If you're self-employed, you'll also need to pay your self-employment taxes by this date.
- January 29: This is the date the Internal Revenue Service (IRS) will begin accepting 2024 filings.
- January 31: This is the deadline for filing Form W-2 with the Social Security Administration. This form reports the wages and salaries you paid to your employees in the previous year. You'll also need to provide your employees with their W-2s by this date. Additionally, this is the deadline for filing Form 1099-NEC with the IRS. This form reports any non-employee compensation you paid in the previous year.
These are just a few of the most important tax deadlines for small businesses in January. Be sure to check with your accountant or the IRS website for a complete list of deadlines.
Tips for Staying Organized
- Mark your calendar: As soon as you know about a tax deadline, mark it on your calendar. This will help you stay on track and avoid missing any important deadlines.
- Gather your records: Start gathering your tax records as soon as possible. This includes receipts, invoices, and other financial documents.
- Consider hiring a professional: If you're not comfortable doing your own taxes, consider hiring a professional. A good accountant can help you stay organized and ensure that you file your taxes correctly. If you’re searching for the best Detroit tax expert, consider OPTIX Accounting for your tax preparation needs.
How OPTIX Accounting Can Help
OPTIX Accounting is a full-service accounting firm that specializes in helping small businesses. We can help you with all of your tax needs, including:
- Tax preparation and filing
- Tax planning
- Small business bookkeeping
- Payroll
- Consulting and guidance
Contact us today to learn more about how we can help you with your January tax deadlines.
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