Life as a business owner can be challenging on a daily basis. There is always something more that you need to do. Thinking about your paperwork and taxes is often done last (or even forgotten). However, if you miss an important date when it comes to paying your taxes, you can get in a lot of trouble.
For this reason, here are the dates that you need to know for taxes as a business owner.
If you are making payments and splitting up the amount owed, January 16th is the last day for the last quarter for the previous year (2016). Then, you can begin making payments for 2017. Those payments will be due on April 18th, June 15th, September 15th, and December 15th.
If you have employees, the deadline to send out W-2s is February 1st. This is also the deadline if you have to file 1099s for any contractors that you have hired.
March 15, 2017 is the deadline for corporate tax returns. If you need to use 1120, 1120S, or 1065, they need to be filed by March 15th.
Tax day is April 18th, 2017. This is the deadline for self-employed business owners who use forms 1040, 1040A, and 1040EZ. If you are making estimated tax payments, this is the day that your first payment is due.
For those who required an extension to your taxes, September 15th is the day that you need to file your corporate taxes if you use forms 1120, 1120A, or 1120S. October 16th is the last day that you can file your taxes if you are using form 1040, 1040A, or 1040EZ.
Filing your taxes is important. If you miss a date, you can be fined. For this reason, you may want to hire an accountant to help with your business to ensure that your taxes are sent in promptly and done correctly.
Tax Tips for the Self-Employed – Foster Financial
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