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.
Important Small Business Tax Dates To Know
|Feb. 1||Must send out W2 forms to employees|
|Feb. 28||Due date to send 1099 form copies to IRS|
|Mar. 15||Deadline for corporate tax returns|
|Mar. 31||Deadline for electronic filing of forms 1098, 1099s (1099-MISC excepted)|
|Apr. 18||Tax Day: Deadline for individual tax returns|
|Oct. 16||Deadline for individual tax return if you've filed an extension.|
Here are some of the big dates you should know about as a small business owner. Most of these are self-explanatory but you can also look up all the dates on the IRS website for 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.
Self-Employed Estimated Quarterly Tax Payments
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.
|Income Received for the Period||Estimated Tax Due Date|
|Jan. 1 through March 31||April 15|
|April 1 through May 31||June 15|
|June 1 through Aug. 31||Sept. 15|
|Sept. 1 through Dec. 31||Jan. 15 of the following year|
Important Deductions For Small Business Owners
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.
MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.