Business Taxes Deadline: Overview, Due Dates, and Extension Options

The business taxes deadline can be a stressful time for small business owners. Most businesses are required to file their taxes by April 15th of each year.

However, some businesses have different due dates, such as S corporations and partnerships, which have a deadline of March 15th.

If you're unable to meet the deadline, you can file for an automatic six-month extension, which extends the deadline to October 15th.

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Business tax deadlines can be overwhelming, but knowing the key dates can help you stay on top of your obligations. January 15th is a crucial deadline for 4th quarter estimated tax payments for businesses, including partnerships, C Corps, and S Corps.

The 2024 tax season begins early in 2025, and employers must send W-2 forms to employees by January 31st. This is also the deadline for sending certain 1099 forms.

For partnerships, multi-member LLCs, and S-Corporations, taxes are due on March 15th for calendar year businesses. If your business uses a fiscal year, you'll need to file by the 15th day of the third month following the close of your tax year.

C-Corporations must file form 1120 by April 15th for calendar year businesses, or by the 15th day of the fourth month following the close of your fiscal year.

If you're a small business owner, it's essential to keep track of these deadlines and make sure you file and pay your taxes on time. Failure to meet these deadlines can result in penalties, interest, and other consequences.

Here are some key federal business tax deadlines to keep in mind:

It's also important to note that employment taxes, including FUTA, must be deposited timely and by the required method. Employers must file Form W-2 by the end of January for the previous tax year, and Form 941 quarterly by the last day of the month following the end of each quarter.

Remember, it's always better to be safe than sorry when it comes to tax deadlines. If you're unsure about any of these deadlines or have questions about your specific business situation, it's always a good idea to consult with a tax professional.

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Filing requirements can be a bit of a maze, but don't worry, I've got the lowdown. Employers who file 10 or more information returns, such as Forms 1099 series, Form 1042-S, and Form W-2, must file them electronically.

The deadline for individual federal income tax returns is usually April 15, unless it falls on a Saturday, Sunday, or official holiday. If you're running late, you can request a six-month extension by filing Form 4868.

Employment tax returns, such as Forms 940, 941, 943, 944, and 945, can be filed on paper or through e-file. However, a fee may be charged to file electronically.

If you're an employer, make sure to combine all your information return types to determine if you meet the 10-return threshold. This includes Forms W-2, filed with the Social Security Administration.

Here are some specific filing deadlines to keep in mind:

If you're a small business owner, you're likely familiar with the various tax forms you need to file. Form 941 is used by employers to report federal income tax, Social Security, and Medicare taxes withheld from employee paychecks. This form is due on the last day of the month following the end of the quarter, but if you've timely deposited all taxes, you have 10 additional calendar days to file.

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As a business owner, it's essential to stay on top of your tax filings. Form 941 is just one of the many forms you may need to file, and it's crucial to get it right to avoid penalties and interest charges. You can file Form 941 online, by mail, or through the IRS's Free File program.

Some other common tax forms for small businesses include Form 1120 for corporations, Form 1099-MISC for reporting payments to independent contractors, and the Sales Tax Return for reporting and paying sales tax to the state. Be sure to check the specific filing requirements for your business to ensure you're meeting your tax obligations.

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Electronic deposit is now the required method for making federal tax deposits. This means you can't just mail a check anymore.

You have a few options for making electronic deposits, including using the government's free Electronic Federal Tax Payment System (EFTPS). You can also use your business tax account or Direct Pay for businesses to make payments.

If you prefer to use a third-party service, you can ask a trusted tax professional or payroll service to make the payment for you. This can be a convenient option, but be aware that some services may charge a fee.

You can also ask your financial institution to initiate an automated clearing house (ACH) credit payment on your behalf, or make a same-day tax wire payment. These options may also come with a fee, so be sure to check with your bank first.

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Form 941, used by employers to report federal income tax, Social Security, and Medicare taxes withheld from employee paychecks, is typically due on January 31 of each year.

It's essential to file this form accurately and on time to avoid penalties and interest charges.

Form 940, used by employers to report federal unemployment taxes paid during the year, is also due on January 31.

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You'll need to report the total amount of federal unemployment taxes paid during the year on this form.

Here are some key tax forms with January 31 deadlines:

Make sure to have all necessary documents and information ready to file these forms on time.

Monthly reports are due on the 15th day of the month following the month in which income tax was withheld.

If you're required to file monthly withholding reports, you must continue to file reports until you give written notice to the Comptroller of Maryland, indicating that you no longer have employees or are no longer liable to file the return.

Monthly reports are a crucial part of tax compliance, and it's essential to stay on top of them to avoid any penalties or fines.

You can file your monthly reports online, by mail, or through a tax professional - just make sure to follow the Comptroller's instructions and deadlines.

The 15th day of the month is a key deadline for monthly reports, so mark it on your calendar and make sure to file on time.

If you're unsure about your filing requirements or have questions about the process, don't hesitate to reach out to the Comptroller's office for guidance.

Remember, filing your monthly reports on time is essential to maintaining good tax compliance and avoiding any issues with the Comptroller.

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Quarterly reports are a crucial part of tax compliance for many businesses. You must file Form 941, Employer’s QUARTERLY Federal Tax Return, by the last day of the month that follows the end of the quarter.

If you timely deposited all taxes when due, you have 10 additional calendar days to file the return. This is a bit of a relief, but don't get too comfortable – you still need to get that report in on time.

The due date for quarterly income tax withholding returns is the 15th day of the month that follows a calendar quarter in which income tax was withheld. This is a hard deadline, so mark your calendar accordingly.

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Corporate estimated tax quarterly returns must also be filed by the 15th day of the month as indicated below for the appropriate quarterly filing period. Make sure to keep track of these deadlines, as missing one can lead to penalties and fines.

Here's a quick rundown of some quarterly report due dates:

Remember, quarterly reports are just as important as annual reports. Failing to file on time can result in serious consequences, so stay on top of your tax obligations.

If you're an employer with a large amount of withholding tax, you'll need to file your reports quickly. Employers filing accelerated withholding reports must file within three business days following the payroll (pay date).

You'll qualify for the accelerated filing category if you withheld $15,000 or more for the preceding calendar year and currently have accumulated in any pay period $700 or more in withholding tax. This can be a big deal, so make sure you're on top of it.

Here's a quick rundown of the key requirements:

Remember, timely filing is crucial to avoid penalties and interest charges.

Missing tax deadlines can have serious consequences for your business. You can expect to face penalties and interest charges.

If you miss a tax filing deadline and owe money to the IRS, you'll be charged interest, failure to file penalties, and failure to pay penalties every day your tax return is delinquent. This can add up quickly, so it's essential to file your tax return as soon as possible.

Missing an estimated tax payment deadline can also lead to penalties and interest charges. The amount you'll be charged depends on how much you owe and how late you are, but making your payment as soon as possible can help minimize the damage.

As a small business owner, staying on top of tax deadlines is crucial to avoid penalties or fines. Failing to do so can put a significant dent in your finances, so it's essential to prioritize your tax obligations.

If you're unable to pay your taxes on time, it's still essential to file your tax return as soon as possible. This will help you avoid additional penalties and interest charges.

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You can apply for a tax extension if you're a small business owner, but you need to submit the right form. Form 7004 is the one you'll need to file with the Internal Revenue Service (IRS).

To file Form 7004, you can submit it electronically or by mail, but make sure to do it by the original tax deadline, which is April 15th for most small businesses.

Filing Form 7004 will give you an additional six months to file your taxes until October 15th, which can provide much-needed breathing room for businesses that are struggling to gather the necessary information and complete their tax returns on time.

If you're unable to file by the original deadline, don't worry, the IRS typically grants a six-month extension to anyone who requests it. You can request an extension electronically with TurboTax or use Form 4868.

Just keep in mind that the tax extension gives you more time to file your return, not more time to pay the tax you owe. You'll need to estimate the amount you owe and make your payment by the tax filing deadline even if you file an extension.

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As a self-employed individual or business owner, it's essential to stay on top of tax deadlines. The 4th quarter 2024 estimated tax payment for businesses, including partnerships and S Corps, is due on January 15, 2025.

You'll also need to send W-2 forms to employees by January 31, 2025, and certain 1099 forms on the same day. This is a good opportunity to review your business's tax obligations and ensure you're meeting all the necessary requirements.

Some business types, such as partnerships, multi-member LLCs, and S-Corporations, have a tax deadline of March 15, 2025. This includes filing Form 1065 or 1120S, depending on your business type. Keep in mind that if your business uses a fiscal year, your tax return due date will be different.

Here's a quick rundown of some key tax deadlines for businesses:

Remember to check your business's specific tax obligations and deadlines to avoid any penalties or fines.

As a self-employed individual or business owner, you're likely aware of the importance of making timely tax deposits. If you're a monthly depositor, you'll need to deposit employment taxes on payments made during a month by the 15th day of the following month.

This means that if you received income from clients or customers on January 20th, for example, you'll need to make your tax deposit by February 15th. It's essential to keep track of your income and expenses to ensure you're meeting this deadline.

You can use the following schedule to plan your tax deposits:

Keep in mind that if the 15th day falls on a Saturday, Sunday, or legal holiday, you can make your deposit on the next business day. It's always better to err on the side of caution and make your deposit early to avoid any potential penalties.

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As a self-employed individual, it's essential to have the right tools to manage your taxes and finances. You can estimate your self-employment tax using a self-employed tax calculator.

This calculator can help you eliminate any surprises come tax time. The self-employed tax calculator takes into account your income and expenses to provide an accurate estimate of your tax liability.

If you're a 1099 contractor, freelancer, or creator with a side gig, you can also use a self-employed tax deductions calculator to find deductions. This calculator is specifically designed for self-employed individuals and can help you identify eligible deductions.

As a self-employed individual, you may be required to make monthly deposits of employment taxes. Under the monthly deposit schedule, you must deposit employment taxes on payments made during a month by the 15th day of the following month.

If you're a business owner, you're likely familiar with the different types of business entities, but let's review the key dates for each.

Partnerships, including LLCs, and S Corps need to file Form 1065 or 1120S by March 15, 2025, for a calendar year business.

For C Corps, taxes are due on April 15, 2025, for a calendar year business.

Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file their tax return by the 15th day of the third month following the close of their tax year, if they use a fiscal year.

Here's a quick rundown of the key dates for each business type:

Employers send W-2 forms to employees by January 31, 2025, and send certain 1099 forms by the same date.