Home » The Startup Expert » Tax deadlines business owners should know

Tax deadlines business owners should know

If you proudly operate your own small business, you should use a calendar to keep your hectic schedule as organized as possible. In addition to including all relevant tasks on this calendar, you should also mark off a few important dates related to taxes. Bert Seither, The Startup Expert™, points out a few important tax deadlines for small business owners:

January 15th – The 15th day of the year marks an important deadline involved in owning a business – an estimated tax payment deadline. If you own a formal business like an LLC or corporation, or you do business as a sole proprietor or as one half of a partnership, you likely owe estimated taxes by this date. This payment would represent an “estimate” of taxes on income you earned during the 4th and final quarter of the previous year. For example, if you earned $10,000 from October to December of last year, you’d owe a certain percentage of this money to Uncle Sam in the form of an estimated tax payment.

March 15th – Yes, this day may be more popularly known as the “Ides of March” – the anniversary of Julius Caesar’s death. But when it comes to the small business world, it has a little more relevance to taxes these days. Corporate tax returns are due on this deadline. So if you own a corporate entity, such as a C corporation or S corporation, make sure you have your tax payment ready on the income your company earned in the previous year.

April 15th – Most of us associate this day as being “Tax Day” by which all individual income tax returns are due to the IRS. While small business owners must pay individual taxes, this date also marks the second estimated tax payment deadline of the year. So the estimated taxes on any income you earned from January through March would be due by this deadline.

May 15th – There’s a common assumption that nonprofits are completely exempt from any IRS dealings once they receive their nonprofit status. Bert Seither, The Startup Expert™, says this is a big myth. That’s because May 15th is a filing deadline for nonprofit owners. If you operate a nonprofit, you likely must submit Form 990 to the IRS every year by this deadline. This form will include certain information about your organization’s financial dealings from the previous year. You don’t have to pay traditional taxes as a nonprofit like other types of businesses do, but you should file this form.

June 15th – The next deadline for estimated taxes falls on this date. The 15th day of June is when estimated tax payments must be in to the IRS for the second quarter of the calendar year. This timeframe is from April through June.

September 15th – Finally, Bert Seither, The Startup Expert™, points out that the last estimated tax payment deadline of the calendar year is on this date. Any estimated taxes you owe on income generated between July and September must be paid to the IRS by the middle of September. Don’t forget that the first day of fall is right around the corner, too!

LinkedIn Auto Publish Powered By : XYZScripts.com