Figuring out what you must file — and when — will assist you to keep away from pricey IRS penalties and curiosity. Listed here are a number of the main enterprise deadlines to circle on the calendar.
Enterprise tax deadlines for federal tax returns
Multimember LLCs: IRS Kind 1065 due March 15, 2023.
S-corporations: IRS Kind 1120S due March 15, 2023.
C-corporations: IRS Kind 1120 due April 17, 2023.
Enterprise tax extension deadlines
In case you want extra time to file, you might be able to get a tax extension. You have to request an extension on or earlier than the common submitting deadline. In case you get a tax extension, the submitting deadline adjustments to the next:
Sole proprietorships: October 16, 2023.
Partnerships: September 15, 2023.
Multimember LLCs: September 15, 2023.
S-corporations: September 15, 2023.
C-corporations: October 16, 2023.
Vital notes about enterprise tax extensions:
An extension provides you extra time to file but it surely doesn’t offer you extra time to pay. You usually must pay any taxes you owe by the preliminary deadline to keep away from penalties.
Deadlines for estimated tax funds
The IRS follows a pay-as-you-go system for taxes. S-corporations or C-corporations that count on to owe greater than $500 in taxes, in addition to people who count on to owe greater than $1,000 in taxes ought to make quarterly estimated tax funds (together with submitting a tax return yearly).
Federal Unemployment Taxes (FUTA)
In case your FUTA tax legal responsibility is greater than $500 for the calendar yr: You need to make no less than one quarterly fee. The quarterly deadlines are the final day of the month after the top of the quarter.
In case your complete FUTA tax legal responsibility for the yr is $500 or much less: You’ll be able to both deposit the quantity or pay the tax together with your Kind 940 by January 31.
In case your FUTA tax legal responsibility is $500 or much less in 1 / 4: Carry it ahead to the following quarter or till your cumulative FUTA tax legal responsibility is greater than $500.
Kind 941 deadlines
Form 941, “Employer’s Quarterly Federal Tax Return,” is for reporting wages you paid and suggestions your staff reported to you, in addition to employment taxes (federal revenue tax, Social Safety and Medicare taxes you withheld, on high of your share of these Social Safety and Medicare taxes).
You file Kind 941 quarterly. The deadline is the final day of the month following the top of the quarter.
Word: Some employers with small payrolls can file Kind 944 yearly as a substitute of Kind 941 quarterly if their annual employment tax legal responsibility is $1,000 or much less. Kind 944 usually is due on January 31 of the next yr. IRS Topic No. 758 has the main points.
Federal Insurance coverage Contributions Act (FICA)
Small enterprise house owners should remit revenue tax withheld from staff’ paychecks, in addition to the worker and employer shares of Medicare and Social Safety taxes. For FICA, companies comply with both a month-to-month or semiweekly deposit schedule.
Usually, companies that paid $50,000 or much less in employment taxes should deposit month-to-month. Every fee is due by the fifteenth of the next month.
Companies that paid greater than $50,000 in employment taxes should deposit semiweekly. Deposit taxes for funds made on Wednesday, Thursday or Friday by the next Wednesday. Deposit taxes for funds made on Saturday, Sunday, Monday or Tuesday by the next Friday.
Deadlines for worker and contractor tax types
Deadline to ship out W-2s
The annual deadline to file W-2s is January 31.
You’ll be able to ship W-2 types by common e-mail or make them out there digitally, although staff can request a paper copy.
Present these types late, and the IRS can hit you with penalties anyplace from $50 to $580 per worker, relying on how late you had been.
Deadline to ship out 1099s
In case you labored with impartial contractors in the course of the tax yr, chances are you’ll have to ship them a Form 1099-NEC by January 31. The identical penalties and deadlines that apply for W-2 types apply for 1099s.