If you own a business, the number of deadlines you are required to meet in a year might be staggering. Whether you own a sole proprietorship, partnership, or an S-corp, your business tax deadlines might differ, but here is an overall look at the deadlines and filing requirements you need to keep in mind.
- Federal Income Tax: Much like your Personal Federal Income Tax, every business must report to the Federal Government the annual income for the tax year. Likewise, for most businesses, your deadline to file is April 17th. Keeping your books organized throughout the year will help you during tax season to accurately file your Tax Return. If you have an S-Corp, your Federal Tax Return is due March 15th.
- Federal Income Tax Extension Deadline: If you are unable to meet the regular tax filing deadline for your business, you must file an extension. If you do not file an extension for your business, you can be penalized high fees and late charges. Make sure to keep a copy of your extension for proof of filing. Your extension filing deadline is September 17th for all businesses. Your tax preparer will file this for you upon request.
- State Business and Operating Tax (B&O): Depending on your state, you may be required to file and pay taxes on a Monthly, Quarterly, or Annual B&O Tax Return. The deadline varies for each frequency of pay, but you will generally be required to file and pay by the second week following the closing month, the month following the closing quarter, or the month following the closing year. Your tax preparer will advise you on what is required for your business.
- Payroll Reporting: If you are taking a payroll or paying your employees, you will be required to pay and report payroll taxes. Your payroll specialist, tax preparer, or payroll company will advise you and file the forms for you.
- City Business and Operating Tax: Your city (or county) may require you to file a quarterly or annual tax return and pay taxes. Contact your city or country office for guidelines and rules. Your tax preparer will advise you on what is required for your business.
- Licenses: Depending on your state, county, and city, you may be required to renew your license yearly and pay renewal fees. Contact the appropriate office for their guidelines and rules. Your tax preparer will also have this information.
At PHD Tax, we make sure you are able to meet every deadline and discuss with you your filing needs. No deadline will approach without us reminding you with plenty of time to gather your information and report to us. If you are unable to meet a deadline, we are happy to file an extension for you if applicable. For more information, visit our website to read about additional services, call the office to make an appointment (425)242-0636, or by email office@phd-tax.com.
