Business Tax Deadlines You Need to Know

Whether you’re a solo entrepreneur or a sizeable employer, you probably have several different tax deadlines to keep track of.

In this post, we’ll review some key federal tax forms and filing due dates you need to know.

What’s Considered “On Time”?

The IRS considers your tax return to be filed on time if the envelope is properly addressed, stamped, postmarked, and deposited in the mail by the due date. If you file electronically, you must submit your return by 11:59:59 p.m. in your local time zone on the due date.

Business Federal Income Tax Return Deadlines

Your business entity type and tax status determine which income tax form you have to file and when:

• Sole proprietorships and single-member LLCs: File Form 1040 (Individual Income Tax Return) and a Schedule C (Profit or Loss from Business) by April 15.
• Partnerships and multi-member LLCs: File Form 1065 (U.S. Return of Partnership Income) by March 15.
• S corporations: File Form 1120-S (U.S. Income Tax Return for an S Corporation) by March 15.
• C corporations: File Form 1120 (U.S. Corporation Income Tax Return) by April 15.

Business Tax Extension Deadlines

If you need additional time to complete your annual income tax return, you can request an extension:

• Sole proprietorships and single-member LLCs: File Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) by April 15 to extend to October 15.
• Partnerships and multimember LLCs and S corporations: File Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) by March 15 to extend to September 15.
• C corporations: File Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) by April 15 to extend to October 15.

Business Quarterly Estimated Tax Deadlines

Most businesses are required to file and pay quarterly estimated taxes to avoid underpayment penalties:

• All businesses other than C corporations: File Form 1040-ES (Estimated Tax for Individuals) by April 15, June 15, September 15, and January 15.
• C Corporations: File Form 1120-W (Estimated Tax for Corporations) by April 15, June 15, September 15, and December 15.

Business Payroll Tax Deadlines

Employers must report the payroll taxes withheld from employees’ paychecks, plus the portions they owe:

• All employers: File Form 941 (Employer’s Quarterly Federal Tax Return) by April 30, July 31, October 31, and January 31, and file Form 940 (Employer’s Annual Federal Unemployment Tax [FUTA] Return) by January 31. Be aware that you may have to make quarterly FUTA payments if your liabilities exceed a certain dollar amount.

Business Employee and Contractor Tax Deadlines

Typically, businesses must report the compensation they pay to employees and independent contractors:

• All employers and contractees: Provide Form W-2 (Wage and Tax Statement) to each employee – as well as copies of those forms accompanied by Form W-3 (Transmittal of Wage and Tax Statements) to the Social Security Administration – by January 31. Provide Form 1099 to independent contractors to whom you paid more than $600 throughout the year – as well as copies of those forms to the IRS – by January 31.

Don’t Forget Your Other Taxes

Remember, the deadlines and forms above cover only the most common federal tax obligations for businesses. You may also owe state and local income tax, property tax, sales tax, franchise tax, vehicle use tax, and/or excise tax at various points throughout the year. It’s a good idea to sit down with an experienced tax attorney or advisor to create a master schedule and payment plan.

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