For business owners in Plantation, FL, keeping track of tax deadlines is crucial. Missing a deadline can lead to penalties, interest, and unnecessary stress. To help you stay compliant and maximize tax efficiency, we’ve compiled a list of key tax deadlines and tips specifically for Florida business owners.

1. Federal Tax Deadlines for 2024

  • Quarterly Estimated Taxes:
    If your business earns income not subject to withholding, quarterly estimated payments are due on these dates:

    • Q4 2023: January 15, 2024
    • Q1 2024: April 15, 2024
    • Q2 2024: June 17, 2024
    • Q3 2024: September 16, 2024
  • Corporate Tax Returns:
    • 1120 Deadline for C Corporations: April 15, 2024
    • 1120-S Deadline for S Corporations: March 15, 2024
  • Extended Returns:
    File Form 7004 by the initial deadline to request a six-month extension.

2. Florida-Specific Deadlines

  • Florida Annual Report:
    Every business entity registered in Florida must file an annual report by May 1, 2024, to maintain active status. Missing this deadline incurs a $400 late fee.
  • Sales Tax Filings:
    Florida businesses collecting sales tax must file and remit taxes monthly or quarterly, depending on their volume. For monthly filers, taxes are due by the 20th of the following month.

3. Deadlines for Partnerships and LLCs

  • Partnership Returns (Form 1065):
    Due by March 15, 2024. Late filings can result in penalties of $210 per partner per month.
  • Single-Member LLCs:
    Report income and expenses on your individual tax return (Form 1040, Schedule C). The filing deadline is April 15, 2024.

4. Payroll Tax Deadlines

  • Monthly Depositors:
    Payroll taxes are due by the 15th of the following month.
  • Quarterly Payroll Reports:
    File Form 941 by these deadlines:

    • Q4 2023: January 31, 2024
    • Q1 2024: April 30, 2024
    • Q2 2024: July 31, 2024
    • Q3 2024: October 31, 2024

5. Important Filing Tips for Plantation Business Owners

  • Avoid Last-Minute Rush:
    Start preparing your financial records early to avoid errors and missed deadlines.
  • Leverage Tax Software or Professionals:
    Tools like Gusto for payroll or working with a tax advisor can streamline your process.
  • Understand Florida Tax Benefits:
    Florida’s tax-friendly policies, such as no state income tax, are an advantage. Focus on areas like property tax deductions and sales tax exemptions for eligible purchases.

FAQs

  1. What happens if I miss a federal tax deadline?
    Missing a deadline can result in penalties and interest. Contact Polaris Tax & Accounting for help filing late returns.
  2. Can I avoid penalties on estimated taxes?
    Yes, you can avoid penalties by paying at least 90% of your current year’s tax liability or 100% of the previous year’s liability.
  3. What if I don’t file my Florida Annual Report on time?
    Late filings incur a $400 penalty, and your business could lose its active status.

Stay Ahead of Deadlines with Expert Help
Keeping up with tax deadlines can be overwhelming, but Polaris Tax & Accounting is here to help. Visit our Plantation office or contact us today for personalized tax solutions tailored to your business.