Mark Your Calendar: Essential Upcoming Tax Deadlines

19 Sep Mark Your Calendar: Essential Upcoming Tax Deadlines

Staying on top of tax deadlines is a critical aspect of running a successful small business. From filing returns to making payments, adhering to tax deadlines ensures compliance and prevents unnecessary penalties. At Spillman & Crane, we understand the importance of timely tax management, which is why we’re here to help you mark your calendar with essential upcoming tax deadlines that every small business owner should be aware of.

1. Quarterly Estimated Tax Payments:
   For self-employed individuals and small business owners who expect to owe $1,000 or more in taxes, quarterly estimated tax payments are a must. These payments are due four times a year on April 15th, June 15th, September 15th, and January 15th of the following year. Failing to make these payments on time can result in penalties and interest.
2. Annual Income Tax Returns:
   The most well-known tax deadline is undoubtedly April 15th—the due date for filing your annual income tax return. This deadline applies to individuals, sole proprietors, and single-member LLCs. If you need more time, you can file for an extension, but it’s crucial to remember that an extension only provides additional time to file, not to pay any taxes owed.
3. Partnership and S Corporation Tax Returns:
   If your small business operates as a partnership or S corporation, the due date for filing your tax return is March 15th. However, like individual returns, extensions are available. These returns are particularly complex, so starting the process well in advance is recommended.
4. C Corporation Tax Returns:
   C corporations have until April 15th to file their tax returns. Keep in mind that C corporations are required to file Form 1120. Similar to other return types, extensions can be requested if more time is needed for accurate filing.
5. Payroll Tax Deposits:
   Payroll tax deposits, including federal income tax, Social Security tax, and Medicare tax, must be made on time to avoid penalties. These deposits are generally due on a semi-weekly or monthly schedule, depending on the amount of payroll taxes you owe.
6. Retirement Plan Contributions:
   If your small business offers retirement plans, such as a Simplified Employee Pension (SEP) IRA or a solo 401(k), contributions must be made by the business tax filing deadline. For most business types, this is the same as the due date for the business’s tax return, including extensions.

Marking your calendar with essential tax deadlines is a key strategy for maintaining tax compliance and avoiding unnecessary stress. At Spillman & Crane, we understand the challenges small business owners face when managing their tax responsibilities. Our team of experts is here to provide guidance, support, and timely reminders to ensure your business meets its tax obligations without a hitch. By staying organized and planning ahead, you can navigate tax season with confidence and focus on what matters most—growing your business and achieving your goals.