The Complete Small Business Tax Calendar (Mark these 14 Days)

If you don’t file your business taxes on time and become delinquent, you may face fines, penalties, and back taxes, so it’s important to know when they are due. Here are some of the most important business tax due dates for the upcoming year:

January 15, 

• Sole proprietors:
  • File and pay quarterly estimated tax for the last quarter using Form 1040-ES.

February 1, 

• All businesses:
  • Deadline to provide information statements (for example, Forms 1099 and 1099-NEC) to recipients of certain payments. See IRS General Instructions for Certain Information Returns.
  • Deadline to provide employees with W-2.
  • Deadline to file Form W-3, Transmittal of Wage and Tax Statements, including copy A of all W-2s issued.
  • File and pay Federal Unemployment Tax using Form 940.
  • File and pay any Withheld Income, Social Security, and Medicare Taxes for the fourth quarter using either Form 941 or Form 944. (If you made all payments on time and in full, this deadline is February 10).

• Sole proprietors, in addition to the above, may choose to:
  • File and pay income tax if you did not make a final quarterly payment of estimated income tax by the due date of January 15. Filing and paying any amount due by this date will avoid a penalty for late payment. Use Form 1040 or 1040-SR. File a separate Schedule C for each business or a separate Schedule F for each farm business.

February 16, 

• All businesses:
  • Provide information statements to recipients of certain payments using Forms 1099-B or 1099-S.
  • Begin withholding income tax from any employee who did not give you a W-4.

March 1, 

• All businesses:
  • File information returns for payments made (certain Forms 1099). Use Form 1096 to summarize and transmit these payments. See General Instructions for Certain Information Returns.

March 15, 

• Partnerships:
  • File income tax return using Form 1065.
  • Provide each partner with Schedule K-1 (Form 1065).
  • File Form 7004 to request an automatic six-month extension.

• S corporations:
  • File income tax return using Form 1120-S and pay any tax due.
  • Provide each shareholder with Schedule K-1 (Form 1120-S).
  • File Form 7004 to request an automatic six-month extension and pay the estimated tax owed.

March 31

• All businesses:
  • File 1099 and similar forms electronically. For information see IRS Publication 1220.

April 15, 

• Sole proprietors:
  • File and pay your personal income tax using Forms 1040 or 1040SR. File a separate Schedule C for each business or a separate Schedule F for each farm business.
  • For an automatic six-month extension, file Form 4868 and pay the estimated amount owed.
  • If income was more than $400, pay self-employment tax. Use Forms 1040 or 1040SR, Schedule SE.
  • File and pay the first quarter estimated income tax using Form 1040-ES.

• Corporations:
  • File income tax return using Form 1120. Pay any tax due.
  • File for automatic extension using Form 7004. Deposit estimated taxes.
  • Deposit first quarter estimated income tax. Use worksheet 1120-W.

April 30, 

• All businesses:
  • File and pay withheld Social Security, Medicare, and Income tax for the first quarter using Form 941 (If you made payments on time and in full, the deadline is May 10).
  • Deposit Federal Unemployment tax if the amount owed through March is more than $500.

June 15, 

• Sole proprietors:
  • File and pay the second quarter estimated income tax using Form 1040-ES.

• Corporations:
  • Deposit estimated income tax payment.

August 2, 

• All businesses:
  • File and pay withheld Social Security, Medicare, and Income tax for the second quarter of Form 941 (If you made payments on time and in full deadline is August 10).
  • Deposit Federal Unemployment tax if the amount owed through June is more than $500.
  • If you have an employee pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ. Consult IRS.gov for information on this form.

September 15, 

• Sole proprietors:
  • File and pay the third quarter estimated income tax using Form 1040-ES.

• Partnerships:
  • File an income tax return using Form 1065 if you requested a six-month extension.

• S-Corporations
  • File your income tax return using Form 1120-S if you requested a six-month extension.
  • Provide each shareholder with a copy of Schedule K-1 Form 1120-S.

• Corporations:
  • Deposit the third installment of estimated Income tax using Worksheet 1120-W to estimate.

October 15, 

• Sole proprietors:
  • If you filed for a six-month extension of income tax, file and pay using Forms 1040 or 1040SR. File a separate Schedule C for each business or a separate Schedule F for each farm business.

• Corporations:
  • If you filed for a six-month extension of income tax, file, and pay using Form 1120.

November 1, 

• All businesses:
  • File and pay withheld Social Security, Medicare, and Income tax for the third quarter using Form 941. (If you made payments on time and in full deadline is November 10).
  • Deposit Federal Unemployment Tax if the amount owed through September is over $500.

December 15, 

• Corporations:
  • Deposit the fourth installment of estimated Income tax using Worksheet 1120-W.

 

 

 

Business Tax Mastery Course

Determining which of these dates apply to your business, adding in your state and local deadlines, and setting reminders will help your business avoid costly penalties and help you avoid unnecessary worry.

Be sure to check out our Business Tax Mastery Course which will show you how to turn your business taxes into a business tool.