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Tax Essentials & Insights for Solopreneurs in 2024: Navigating Your S Corp and C Corp Obligations

Freelancers Union Blog

2023 tax deadlines: S Corporation filings due March 15, 2024; new entities’ Beneficial Ownership Information Reporting due March 30, 2024; C Corporation filings due April 15, 2024. S Corporations pass income to owners, taxed at individual rate. Form 1120-S due March 15, 2024. S Corporation status requires Form 2553 submission. C Corporations require separate tax returns for entity and individual. Form 1120 due April 15, 2024. New 2024 requirement: all businesses must comply with CTA’s Beneficial Ownership Information Reporting Rule. Key 2024 tax changes include increased standard mileage rates, delayed requirement for 1099-K forms,

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