Tax Deadline Reminders
Larson Bookkeeping here to keep you ahead of the curve with the essential tax deadlines every small to midsize business owner needs to know. Tax season isn’t just a once-a-year event. Staying on top of quarterly and yearly tax deadlines is crucial for keeping your business compliant and financially healthy. So, let’s break down the key dates you need to mark on your calendar.
Quarterly Estimated Tax Payments
First up, let’s talk about quarterly estimated tax payments. These are crucial for avoiding underpayment penalties. As a business owner, the IRS expects you to pay taxes on your income as you earn it. Here are the dates you need to remember:
April 15th: First-quarter payment due.
June 15th: Second-quarter payment due.
September 15th: Third-quarter payment due.
January 15th (of the following year): Fourth-quarter payment due.
Make these payments timely to keep the IRS happy and avoid any nasty surprises.
W-2 and 1099 Forms
Next, let's tackle W-2 and 1099 forms. If you have employees, you must file W-2 forms, and if you’ve paid independent contractors $600 or more during the year, you must issue 1099 forms. Here’s the key date:
January 31st: Send W-2 forms to employees and 1099 forms to contractors. Also, file these forms with the IRS by this date.
Getting these forms out on time keeps your workers happy and your business compliant.
Corporate Tax Returns
If your business operates as an S Corporation or Partnership, your tax deadlines come a bit earlier than for other entities. Mark these dates:
March 15th: Deadline for filing Form 1120S for S Corporations and Form 1065 for Partnerships. If you need more time, you can file for a six-month extension, pushing the deadline to September 15th.
For C Corporations, the deadline is slightly different:
April 15th: Deadline for filing Form 1120. You can also file for a six-month extension, moving the deadline to October 15th.
Individual and Sole Proprietorship Tax Returns
If you’re running a sole proprietorship or you’re a single-member LLC, your business income is reported on your individual tax return. Here’s the critical date:
April 15th: Deadline for filing your personal income tax return (Form 1040) and paying any remaining tax due.
And don’t forget, you can file for an extension, giving you until October 15th to file your return. However, any taxes owed must still be paid by April 15th to avoid penalties.
Sales Tax and Payroll Tax Deadlines
Finally, let’s not overlook sales tax and payroll tax deadlines. These can vary by state and payroll frequency, but generally:
Monthly or Quarterly: Sales tax returns and payments are typically due monthly or quarterly, depending on your state’s requirements.
Quarterly Payroll Taxes: Form 941 for quarterly payroll taxes is due on the last day of the month following the end of the quarter (e.g., April 30th, July 31st, October 31st, and January 31st).
Keeping track of these dates is vital to stay compliant and avoid penalties.
In conclusion, staying on top of these tax deadlines ensures your business runs smoothly and avoids costly penalties. Keeping your financial house in order is a year-round job, but with a little planning and diligence, you can stay ahead of the game. If you need help navigating these deadlines or optimizing your tax strategy don’t hesitate to contact us!
Happy Tax Season!
Larson Bookkeeping
