Self-Employed Tax Returns Due Dates

Self-employment taxes for individuals are due each quarter throughout the year you earn income over $400. You must also file a final tax return by the federal tax deadline in April of the following year. When are self-employed tax returns due for 2024 revenue? We’ve got all the dates you need below.

Who needs to pay self-employment taxes

You must pay self-employment taxes if you earn income while working as a sole proprietor, independent contractor, or 1099 employee. Any net earnings of $400 or more are subject to self-employment taxes.

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Due dates for quarterly tax payments in 2024

When you’re self-employed, you may have to make estimated tax payments to the IRS (and potentially your state) every quarter. It’s a requirement if you expect to owe at least $1,000 on your federal tax return.

Form 1040-ES has a worksheet to help you calculate your estimated tax by accounting for adjusted gross income, taxable income, deductions, and credits you may be eligible for.

Estimated tax payments in 2024 are due on the following dates:

• April 15, 2024: For income earned between January 1 and March 31
• June 15, 2024: For income earned between April 1 and May 31
• September 15, 2024: For income earned between June 1 and August 31
• January 15, 2025: For income earned between September 1 and December 31 

Your state may have different due dates for quarterly estimated tax payments, so check with your tax department. Mark your calendar with federal and state due dates to remember when to pay self-employment tax throughout the year.

Self-employed tax return filing due date in 2024

Self-employed tax returns are due at the same time as individual tax returns each year. You must file tax returns for income earned in 2024 by April 15, 2025. The IRS typically opens the tax season in late January, although the exact date for 2025 hasn’t been announced yet. 

When you’re self-employed as a sole proprietor, independent contractor, or 1099 worker, you’ll report that income as part of your individual tax return. Report any non-employee earnings on the Schedule C form, which has room for both income and expenses. 

You may owe money or receive a tax refund depending on how accurate your quarterly estimated tax payments were.

Methods of filing your taxes

There are a few different ways to file before the self-employed tax return date:

• E-file: The IRS offers Free File online software for taxpayers with adjusted gross income of $79,000 or less.
• Tax software: You can purchase online tax software to walk you through the relevant forms.
• Tax professional: Hire a tax filer to fill out your tax returns for you.
• Paper forms: Print and mail in your tax return.

Online filing makes it faster to meet the due date for self-employed taxes, while working with a tax professional or mailing in paper forms may require more advanced planning.

What happens if you miss the tax deadline

You should still file your tax return even if you miss the self-employed tax deadline. And if you know you’ll be late, you can still make a payment if you think you’ll owe taxes. Otherwise, you’ll accrue interest and penalties on your balance. Then, when you’re ready, you can file all of your paperwork with supporting documentation and either receive a refund if you overpaid or pay a smaller balance if you still owe taxes. Here’s how the IRS charges those fees:

• Failure to file penalty: 5% each month, up to five months. After 60 days, your minimum penalty is the lesser of $485 or 100% of your owed tax.
• Failure to pay penalty: 0.5% of your owed taxes per month. It caps at 25% of your due tax.
• Underpayment penalty: If you didn't pay your estimated taxes throughout the year (or underpaid), the IRS may charge interest on what you owe. To avoid the underpayment penalty, you must either pay 90% of your owed tax for this year or between 100 and 110% of the previous year’s tax bill (whichever is less).
• Interest: Starts accruing at a rate of 8%.

Let’s say you owe $1,500 in taxes, but you didn’t pay or file an extension and instead filed your return in August. In addition to your $1,500 taxes, you would owe the following in interest and penalties:

• Failure to file penalty: $485
• Failure to pay: $37.50
• Interest: $54.98

Your total balance would be at least $2,077.48. It could increase if you qualify for the underpayment penalty for not paying enough estimated tax throughout the year.

Filing for an extension when you’re self-employed

You can file an extension online, via IRS Free File, or by mail. You simply check a box to request an extension. You must still pay any owed taxes by the date sole proprietor taxes are due in April to avoid penalties.

You could qualify for an automatic extension in these three scenarios:

• You live in a federally declared disaster area
• You’re in the military and are either stationed abroad or serving in a combat zone
• You’re a citizen or resident alien living outside of the U.S.

Fixing mistakes on a tax return you already filed

If you made a mistake on your tax return, you can file an amended return with your updated information. The IRS lists six updates that allow for amending a return, including a change:

• Filing status
• Income
• Deductions
• Credits
• Dependents
• Tax liability

You can use Form 1040X via mail or tax software to adjust your tax return. In most cases, the deadline to file an amended return is within three years after filing the original return or two years after paying tax for that year (whichever is later). Remember that any amount you owe will be subject to taxes and penalties.

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