Business Tax Deadlines
Tax season is here, and it is time to know when everything must be turned in to the IRS and any applicable state. This guide assumes that your business operates on a calendar year.
January 15th – If you are making quarterly estimated tax payments, the 4th quarter payment for the prior year is due on this date.
January 31st – If you have any employees, you need to give them their W2 for the prior year by this date. If you paid any individual over $600 in the prior year, you need to give them a 1099 and file a copy with the IRS by this date if they report payments on line 7.
If you had employees in the prior year, their W2s, and W3 need to be sent into the Social Security Administration by this date. If you have a payroll service, they will most likely take care of this step for you. If you aren’t sure, check with your payroll provider.
February 28th – If you did not file the 1099-MISC with the IRS on the January 31st deadline (because there were no reported payments on line 7) this form is due to the IRS today.
March 15th – If you own a Partnership or S-corporation, you are required to file the company tax return on this date. Partnerships will file Form 1065. S-corporations file Form 1120S, and the income gets split between the owners who will put that income on their personal return. Both Partnerships and S-corporations can file for a six-month extension with Form 7004.
April 15th – There are a few items due on this date:
- This is the day to file your individual tax return. You’ll file 1040, 1040A or 1040EZ. If you pay quarterly estimated tax payments, your first payment for the current year will be due.
- C-corporations should file Form 1120 and could owe tax if the corporation has net income. File Form 7004 for an automatic extension.
- To extend the filing date for your personal return, you can file Form 4868 for a six-month extension. Keep in mind, this is an extension of the filing date not the payment due date; all tax payments for the prior year are still due April 15th.
June 15th – If you are paying quarterly estimated taxes, this is the 2nd quarter payment due date.
September 15th – If you are part of a corporation that filed an extension with Form 7004, the corporate return is due on this date. The 3rd quarter estimated tax payment is also due on this date.
October 15th – If you filed for a six-month extension for your partnership or individual return, this is the final day to file both returns.