Important Tax Deadlines Every Small Business Owner Should Know
As a small business owner, staying on top of tax deadlines is crucial to avoid penalties and ensure a smooth tax season. In this blog post, we'll provide you with a comprehensive list of important tax deadlines that every small business owner should be aware of. Mark these dates on your calendar and stay ahead of your tax obligations.
Tax Deadlines
January 31: Deadline for Employee and Contractor Forms
- Form W-2: If you have employees, you must provide them with Form W-2, Wage and Tax Statement, by this date.
- Form 1099-NEC: If you paid independent contractors $600 or more during the year, you must provide them with Form 1099-NEC by January 31.
March 15: Deadline for S Corporations and Partnerships
- If your business operates as an S corporation or partnership, your tax return is due on March 15. This deadline also applies to filing an extension if needed.
April 15: Deadline for Most Small Businesses
- For most small businesses, including sole proprietors and single-member LLCs, the tax return deadline is April 15. This is also the deadline for individuals filing personal tax returns.
April 15: Deadline to Pay First Quarter Estimated Taxes
- Small business owners who pay estimated taxes must submit their first quarter payment by April 15.
June 15: Deadline to Pay Second Quarter Estimated Taxes
- The second quarter estimated tax payment is due on June 15 for businesses that pay taxes quarterly.
September 15: Deadline to Pay Third Quarter Estimated Taxes
- September 15 is the deadline for the third quarter estimated tax payment.
October 15: Extended Deadline for Most Businesses
- If you requested an extension by April 15, your tax return deadline is extended to October 15. However, remember that an extension to file does not grant an extension to pay any taxes owed.
December 31: Year-End Tax Planning Deadline
- To make certain tax-saving moves for the current year, such as contributing to retirement accounts, you generally must do so by December 31.
Conclusion
Being aware of these important tax deadlines is essential for every small business owner. Missing a deadline can result in penalties and added stress during tax season. To ensure a smooth tax season, mark these dates on your calendar and consider setting up reminders to stay ahead of your tax obligations.