Every small business and independent contractor may have a different tax payment schedule. The federal government has a special calendar outlining different industries and their respective tax deadlines. Self-employed workers and small businesses typically pay their estimated taxes on a quarterly schedule.
Correct and on-time tax payments are critical for small businesses. Late or insufficient tax payments can result in penalties, damage credit and in some cases be considered a crime. The IRS tax dates should be on every small business’ calendar.
Tax Calendar for Small Businesses and Self-Employed
January
Tax documents are prepared and mailed from employers, banks and businesses.
January 17
Electronically filed tax returns may start being submitted to the IRS.
This is also the deadline to pay fourth quarter estimated tax payments. (Tax payers may skip this payment with no penalty as long as they file and pay their balance in full by January 31.)
January 31
Form W-2 and Form 1099 statements must be mailed by this date.
This is also the deadline for small businesses to file and pay their taxes without penalty if they did not make their fourth quarter estimated tax payment.
February 15
Deadline to file a new Form W-4 with employers. (For employees who claim exemption from withholding.)
This is also the deadline for the Form 1099-B (stocks and bonds) and the Form 1099-S (real estate) to be mailed out from financial institutions.
March 1
Farmers and fisherman with an open tax balance must file and pay in full by this day to avoid penalty.
March 15
Deadline for Forms 1120, 1120A and 1120S (corporate tax returns). Alternatively, this is the deadline to file a Form 7004, an automatic six-month extension. This is also the final deadline to file an amended corporate tax return (Form 1120X) for tax year 2008 and be eligible for a refund.
April 17
First quarter estimated tax payments are due.
Individual tax return deadline (Forms 1040, 1040A and 1040EZ).
This day is also the deadline to make a retroactive contribution to traditional IRA, Roth IRA, HSA, SEP-IRA or solo 401(k) for the 2011 tax year. If an extension was filed, the tax payer has until October 17 to make this retroactive payment.
This is also the deadline for Form 4868, an automatic six-month extension, however taxes must still be paid in full on this day and payment can be made when submitting the Form 4868.
Final day to submit a Form 1040 (or the amended Form 1040X) for the 2008 tax year and be eligible for a refund.
Form 1065 deadline for partnership tax returns. Also the deadline for a five-month extension with Form 7004.)
Form 1041 deadline for estate income tax or trust income tax returns.
Final date to file an amended tax return for 2008 and still claim a tax refund for trusts, partnerships and estates.
May 16
Non-profit organizations must file information returns with a Form 990. Alternatively, an extension (Form 990) must be filed by this date.
June 15
Second quarter estimated tax payments are due.
US citizens living abroad must file individual tax returns and pay tax due by this date. Ask Executive Accounting Solutions of North Carolina about tax breaks for US citizens working abroad.
June 30
Final day to file a TD F 90-22.1 Report of Foreign Bank Accounts for overseas accounts with an accumulated total of over $10,000.
September 17
Third quarter estimated tax payments are due.
If an extension was requested, this is the final deadline to file Forms 1120, 1120A and 1120S (corporate tax returns); Form 1065 (partnership tax returns) and Form 1041 (trust income tax returns).
October 3
A SIMPLE IRA must be established by this date for self-employed persons or employers.
October 15
IRS deadline for electronically filed tax returns. All tax returns filed after this date must be mailed as a hard copy.
SEP-IRA and solo 401(k)s must be funded by this date if an extension was requested.
December 1
HSA-compatible insurance policy holders can contribute a full amount.
December 31
Final day to make last-minute tax moves.
Marital status for the entire year is based on the filer’s marital status on this day.
Self-employed persons must set up a 401(k) by this day.
Tax Help for Small Businesses in Raleigh
If you’re not sure you’re paying the correct taxes at the right times, contact us. Our Raleigh small business accounting staff helps business owners take advantage of tax breaks and make it easier to stay on a tax payment schedule for businesses to stay successful.
