As a small business owner, you already have to keep track of lots of things. But one of the most important things to know about is taxes. Here are the important small business tax calendar dates you must know about.
Most of the big dates you should know about as a small business owner can be found on the IRS website which has more details. Keep in mind that some dates may fluctuate year-to-year. For example, Tax Day is typically April 15 but this year it was April 18 due to weekends and holidays.
As a small business owner, you're self-employed. Chances are, you're going to have to pay self-employment taxes. These taxes mainly cover your Social Security and Medicare. You must ordinarily pay your estimated taxes in four installments. The first installment is due April 15 or whatever day Tax Day lands on. Here are the other estimated tax dates to know.
Don't forget to maximize your deductions in order to minimize your taxable income. The best way to do that is to keep track of almost everything. That means you should be diligently tracking your expenses and your mileage.