Small Business Tax Calendar: Dates that You Need to Know
Almost everyone knows what April 15th of every year means here in the U.S.: The day tax returns are due for the previous year.
As a small business owner, there are a few other days throughout the year that are important as well.
Listed below are some dates that, as a small business owner, you should be aware of to ensure you are filing them in a timely manner. Take into account that, if the date falls on a weekend or a federal holiday, the date will move to the next day.
If you are a business owner with employees, you must furnish their W-2 forms to them by this date, so that they are able to file in a timely manner. Your company must also file a Federal Unemployment Tax(FUTA) by this date with a Form 940.
If you have any contract labor, you must send out 1099 forms to them by this date.
You must send in your employees’ W-2 forms and your business’ W-3 to the Social Security Administration Office by this date, if filing by paper; you have until March 31 if filing electronically.
A 1096 form along with copies of all your contract labor 1099s also need to be sent in to the IRS by this date. If you are filing the 1096 form electronically, then you have till March 31.
If your company is a C-Corporation you must file a Form 1120 and pay any taxes that you owe by this date. If you need to file a six-month extension, you must file a Form 7004.
If your company is a S-Corporation, you must file a Form 1120S. A S-Corp can file an extension with a Form 704 just like a C-Corp.
If your company is a partnership, then every partner should receive a copy of a Schedule K-1 by this date.
If you choose to file your employees’ W2 forms and contract labor 1099s electronically, they are due on this date.
April 15th - Tax Day
This is the day that your personal tax return is due. If you need more time you can file a six-month extension.
If you pay quarterly estimates your first payment for the year is due.
If you are a corporation you must pay make your first estimated payment for the year on this date.
If you are a Partnership you must file a Form 1065 and provide a copy of Schedule K-1 to all the partners.
You can receive a five-month extension by filing a Form 7004.
An Electing Large Partnership must file a Form 1065-B.
To get a six-month extension you can file the Form 7004.
If you are paying quarterly taxes or estimates the second installment is due on this date.
The third installment of quarterly estimates and tax payments are due.
If you are a partnership who filed a five-month extension, then your return is due on this date.
If you filed a six-month extension as an individual or for your corporation then this is the last day to file your return.
This is the date that the fourth quarter tax payments are due. This payment covers taxes due for October, November, and December of the prior year.
While there are other dates that can be put on this calendar, these seem to be the most important to remember to help avoid any penalties, late fees, or any tax audits.