2024 Tax Deadlines For Chicago Startups
Startup companies based in Chicago have several important tax deadlines in 2024, including the April 15th federal and Illinois tax return filings (which can be extended until October 15th). Additionally, Illinois and the federal government have various tax filings due on the dates listed below.
Upcoming Chicago deadlines in 2024
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Quarterly Payroll Withholding Report due for Illinois – Quarter 3.
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Claim your Research & Development Tax Credits on Form 941.
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Delaware Quarterly Estimated Franchise Tax, Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
Total 27 Tax events for Chicago in 2024
Click The Links To Learn More About These Filings And 2024 Chicago Startup Tax Deadlines
- 15 Jan : Federal Quarterly Estimated Tax 4th installment (fourth quarter 2023).
- 31 Jan : Quarterly Payroll Withholding Report due for Illinois – Quarter 4.
- 31 Jan : Send 1095-B and 1095-C forms to employees.
- 31 Jan : Chicago startups should send 1099s to contractors. Send W2s to employees and e-file 1099-MISC for non-employee compensation with the IRS. Or file Form 8809 for a 30-day extension to file W2s and 1099-MISC for non-employee compensation.
- 31 Jan : Claim Research & Development Tax Credits on Form 941, and file annual Federal Unemployment Tax Act (FUTA) return on Form 940. Use our handy calculator to estimate your possible research and development tax credit.
- 28 Feb : For Chicago startups, IRS ACA Compliance 1094-B, 1095-B, 1094-C, and 1095-C filings are due (if paper-filing, due April 1 if eFiling). File Form 8809 for a 30-day extension.
- 1 Mar : IRS 30-day automatic extension: provide Form 1095-B and Form 1095C to employees.
- 1 Mar : Delaware Annual Franchise Report filing deadline. Your Chicago startup will pay a minimum of $400, which increases if you have significant funding.
- 1 Apr : IRS ACA Compliance 1094-B, 1095-B, 1094-C, and 1095-C filings are due (e-file).
- 15 Apr : Due date for Illinois Corporate Income Tax Return (can be extended to September 15).
- 15 Apr : Due date for Chicago startup employees to make contributions to Individual Retirement Accounts (IRAs) for 2023 (Employee Benefits).
- 15 Apr : File the R&D Tax Credit Form 6765 with your tax return. Can extend to October 15. We strongly recommend working with a qualified CPA to prepare this form in conjunction with your Form 1120 if you are a high-growth startup – if your company is going to be acquired by a major technology company, that company’s CFO will use a strong tax team to do due diligence on this.
- 15 Apr : Federal Quarterly Estimated Tax 1st installment (first quarter 2024).
- 15 Apr : C Corp Form 1120 Tax Return due. The Federal Form 1120 is the U.S. Corporation Income Tax Return, which the IRS has companies use to report their income, losses, credits, etc., and to figure the income tax liability of the corporation. Can extend the deadline to Oct. 15. All Chicago startups are required to file this Federal form by this deadline unless they file an extension.
- 30 Apr : Chicago startups can claim Research & Development Tax Credits on Form 941.
- 1 May : Quarterly Payroll Withholding Report due for Illinois – Quarter 1.
- 1 Jun : Delaware Quarterly Estimated Franchise Tax. Pay 40% of estimated annual amount (if annual amount expected to exceed $5,000).
- 15 Jun : Federal Quarterly Estimated Tax 2nd installment (second quarter 2024).
- 31 Jul : Quarterly Payroll Withholding Report due for Illinois – Quarter 2.
- 31 Jul : Claim Research & Development Tax Credits on Form 941 .
- 1 Sep : Delaware Quarterly Estimated Franchise Tax. Pay 20% of your estimated annual amount (if annual amount expected to exceed $5,000).
- 15 Sep : Extended due date for Illinois Corporate Income Tax Return.
- 15 Sep : Federal Quarterly Estimated Tax 3rd installment (third quarter 2024).
- 15 Oct : C Corp Form 1120 Tax Return final due date for Chicago startups if extension was filed.
- 31 Oct : Quarterly Payroll Withholding Report due for Illinois – Quarter 3.
- 31 Oct : Claim your Research & Development Tax Credits on Form 941.
- 1 Dec : Delaware Quarterly Estimated Franchise Tax, Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
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Federal Quarterly Estimated Tax 4th installment (fourth quarter 2023).
-
Quarterly Payroll Withholding Report due for Illinois – Quarter 4.
-
-
Chicago startups should send 1099s to contractors. Send W2s to employees and e-file 1099-MISC for non-employee compensation with the IRS. Or file Form 8809 for a 30-day extension to file W2s and 1099-MISC for non-employee compensation.
-
Claim Research & Development Tax Credits on Form 941, and file annual Federal Unemployment Tax Act (FUTA) return on Form 940. Use our handy calculator to estimate your possible research and development tax credit.
-
IRS 30-day automatic extension: provide Form 1095-B and Form 1095C to employees.
-
Delaware Annual Franchise Report filing deadline. Your Chicago startup will pay a minimum of $400, which increases if you have significant funding.
-
Due date for Illinois Corporate Income Tax Return (can be extended to September 15).
-
Due date for Chicago startup employees to make contributions to Individual Retirement Accounts (IRAs) for 2023 (Employee Benefits).
-
File the R&D Tax Credit Form 6765 with your tax return. Can extend to October 15. We strongly recommend working with a qualified CPA to prepare this form in conjunction with your Form 1120 if you are a high-growth startup – if your company is going to be acquired by a major technology company, that company’s CFO will use a strong tax team to do due diligence on this.
-
Federal Quarterly Estimated Tax 1st installment (first quarter 2024).
-
C Corp Form 1120 Tax Return due. The Federal Form 1120 is the U.S. Corporation Income Tax Return, which the IRS has companies use to report their income, losses, credits, etc., and to figure the income tax liability of the corporation. Can extend the deadline to Oct. 15. All Chicago startups are required to file this Federal form by this deadline unless they file an extension.
-
Chicago startups can claim Research & Development Tax Credits on Form 941.
-
Quarterly Payroll Withholding Report due for Illinois – Quarter 1.
-
Delaware Quarterly Estimated Franchise Tax. Pay 40% of estimated annual amount (if annual amount expected to exceed $5,000).
-
Federal Quarterly Estimated Tax 2nd installment (second quarter 2024).
-
Quarterly Payroll Withholding Report due for Illinois – Quarter 2.
-
Claim Research & Development Tax Credits on Form 941 .
-
Delaware Quarterly Estimated Franchise Tax. Pay 20% of your estimated annual amount (if annual amount expected to exceed $5,000).
-
Extended due date for Illinois Corporate Income Tax Return.
-
Federal Quarterly Estimated Tax 3rd installment (third quarter 2024).
-
C Corp Form 1120 Tax Return final due date for Chicago startups if extension was filed.
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Quarterly Payroll Withholding Report due for Illinois – Quarter 3.
-
Claim your Research & Development Tax Credits on Form 941.
-
Delaware Quarterly Estimated Franchise Tax, Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
Note: The federal tax deadline in 2024 falls on April 15. The federal extension deadline for 2024 is October 15. Most states usually follow the same calendar for state income tax returns
If your Delaware C-Corp Chicago funded startup needs tax help contact us today!
CHICAGO, STARTUPS AND TAXES
In 2021, Chicago tech companies raised more than $7.9 billion in growth capital, according to Crunchbase, an increase of $1 billion over 2020. The Illinois Department of Commerce and Economic Opportunity (DCEO) reports that almost 200,000 business startups were launched in Illinois in 2021. As a major center for business and commerce, Chicago offers startups a wide customer base of Fortune 500 and Fortune 1000 companies. The business culture is also diverse – Inc. reports that no single sector drives more than 14% of the local economy,
The most important taxing authorities for companies based in Boston are:
In 2024, Chicago-based companies have several important tax deadlines, including the April 15th federal and Illinois tax return filings (which can be extended until October 15th). Additionally, Illinois and the federal government have various tax filings due on the dates listed above.
Last Year's Tax Deadlines For Chicago Startups
2023 startup tax deadlines are supplied for reference purposes only, and should not be used when making decisions in 2024 or beyond. Always consult your tax professional, and see our disclaimer below.
- JAN 31: Send 1099s to Contractors. Send W2s to employees and 1099-MISC for nonemployee compensation must also be e-filed to IRS on this date.
- JAN 31: File Form 8809 for a 30-day extension to file W2s and send 1095-B and 1095-C forms to Employees.
- JAN 31: Claim R&D Tax Credits on Form 941, and file annual Federal Unemployment Tax Act (FUTA) return on Form 940.
- JAN 31: Quarterly Payroll Withholding Report due for Illinois – Quarter 4.
- MAR 1: IRS ACA Compliance 1094-B, 1095-B, 1094-C and 1095-C filings are due (if paper-filing – due March 31 if e-filing). File Form 8809 for a 30-day extension.
- MAR 1: Delaware Annual Franchise Report filing deadline. You must pay a minimum of $400, which increases if you have significant funding. You can estimate this franchise tax using our Delaware Franchise Tax Calculator.
- MAR 2: IRS 30-day automatic extension: provide Form 1095-B and Form 1095-C to Employees.
- MAR 31: IRS ACA Compliance 1094-B, 1095-B, 1094-C and 1095-C filings are due (e-file).
- MAR 31: 1099s and W2s must be e-filed with the IRS by this due date.
- APR 18: C Corp Form 1120 Tax Return due. The Federal Form 1120 is the U.S. Corporation Income Tax Return, which the IRS has companies use to report their income, losses, credits, etc. and to figure the income tax liability of the corporation. This deadline can be extended to October 16*.
- APR 18: File the Research & Development Tax Credit Form 6765 with your tax return. Can extend to October 16*. We strongly recommend working with a qualified CPA to prepare this form in conjunction with your Form 1120 if you are a high-growth startup – if your company is going to be acquired by a major technology company, that company’s CFO will use a strong tax team to do due diligence on this.
- APR 18: Federal Quarterly Estimated Tax first installment
- APR 18: Due date for making contributions to individual retirement accounts for 2022 (Employee Benefits).
- APR 18: Due date for Illinois Corporate Income Tax Return (can be extended to September 15)
- APR 30: Claim R&D Tax Credits on Form 941.
- MAY 2: Quarterly Payroll Withholding Report due for Illinois – Quarter 1.
- JUN 1: Delaware Quarterly Estimated Franchise Tax. Pay 40% of estimated annual amount (if annual amount expected to exceed $5,000)
- JUN 15: Federal Quarterly Estimated Tax second installment
- JUL 31: Claim R&D Tax Credits on Form 941.
- AUG 1: Quarterly Payroll Withholding Report due for Illinois – Quarter 2.
- SEP 1: Delaware Quarterly Estimated Franchise Tax. Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
- SEP 15: Federal Quarterly Estimated Tax third installment
- SEP 15: Extended due date for Illinois Corporate Income Tax Return
- OCT 16: C Corp Form 1120 Tax Return final due date if extension was filed.
- OCT 31: Claim your Research and Development Tax Credits on Form 941.
- OCT 31: Quarterly Payroll Withholding Report due for Illinois – Quarter 3.
- DEC 1: Delaware Quarterly Estimated Franchise Tax. Pay 20% of estimated annual amount (if annual amount expected to exceed $5,000).
- DEC 15: Federal Quarterly Estimated Tax fourth installment.
View tax compliance dates for Atlanta, Austin, Boston, Chicago, Dallas, Miami, Mountain View, New York City, Palo Alto, Salt Lake City, San Francisco, San Jose, Santa Monica, Seattle, and Washington DC
How Much Does a Startup Tax Return Cost? Try Kruze Consulting's Tax Preparation Pricing Tool.
How much can your startup save in payroll taxes? Estimate your R&D tax credit using our free calculator.