Tax-Related Dates That Small Businesses Must Remember
Tax deadlines are critical considerations for small businesses. Missing any may lead to dire consequences, like trouble with the law, which can harm the company.
If you're running a small business, you likely want to know about the deadlines you need to meet. Fortunately, you don't have to look at different sites since this guide has compiled every date you need to track. See below.
January 31, 2022
This is the deadline for your hired employees or independent contractors to receive their W-2, 1009-NEC, or 1099-MISC tax forms. It is best not to miss this since this is at the beginning of the year.
Try hiring a tax filing accountant or tax planners to help you sort out these forms. Or you can hire tax consultants to give you advice on how to proceed with this.
March 15, 2022
This is the deadline to file business tax returns for partnerships, S corporations, or LLCs taxed as partnerships. You will follow the IRS fiscal year due date if your tax year does not start on January 1,
This is also the deadline to file Form 2553 to change your business election to an S corporation for the tax year 2022. Try looking for a small business CPA to help you with this.
April 18, 2022
This is the deadline for C corporations, sole proprietorships (Schedule C), single-member LLCs, LLCs taxed as corporations, and individuals to file their tax returns. This is also the last day for your to make 2021 contributions to traditional IRAs.
However, if you are a taxpayer who lives in Maine or Massachusetts, your tax deadline is on April 19, 2022, due to the Patriots Day state holiday. Nevertheless, it would be best if you were not comfortable in case you forget this deadline.
October 17, 2022
If you have received a filing extension on your 2021 income tax return, this is the deadline for your extended individual return. To avoid this altogether, hire systematic accounting services to assist you with your records.
Or, if you want, you can do sales tax return preparation. This is an important deadline and step after all, and you will need all the help you can get.
How to File a Tax Extension
An extension will give you an additional six months to file your tax return. Sole proprietors can request a tax extension using IRS Form 4868. Meanwhile, partnerships, S corporations, and C corporations can request a tax extension using IRS Form 7004.
You need to remember a tax extension only extends your filing deadline. You still need to pay any estimated tax payments on your tax deadline. Do not forget to pay your estimated taxes on time to avoid late fees.
The Quarterly Tax Payment Deadlines
You can follow the quarterly tax payment deadlines if you are self-employed or receive any form of income that requires you to pay estimated taxes. The deadline for the first quarter is on April 18, 2022. Meanwhile, the deadline for the second quarter is on June 15, 2022.
As for the third quarter, the deadline is on September 15, 2022. Lastly, the deadline for the fourth quarter is on January 17, 2023. This deadline would usually fall on January 15, 2023. The payment deadline falls on the next business day if the date falls on a weekend or federal holiday.
Final Note
To successfully run your business, you need to abide by the tax deadlines of the IRS. If you miss any, you will be subject to late penalties. So be sure to follow the tax deadlines, and you will be able to avoid late penalties for your business and personal taxes.
If you need assistance with your tax filing, you may want to consider working with an accounting firm. Tottax is an accounting firm in Denver dedicated to helping small businesses with their tax needs. Give us a call today to get started.
