Financial Calendar Reminders: Corporate Tax Returns Due
Small businesses have various financial and tax-related filing deadlines that they need to meet. Here are some important deadlines to keep in mind:
- Quarterly Estimated Tax Payments: Small business owners who expect to owe at least $1,000 in taxes for the year must make quarterly estimated tax payments. The due dates for these payments are typically April 15, June 15, September 15, and January 15.
- Annual Federal Tax Return: Small businesses typically file their federal tax returns on April 15. However, if a request for an extension is filed by the original deadline, this deadline may be extended to October 15.
- State Tax Return: The deadline for small businesses to file their state tax return varies by state but is typically due by April 15 or the following business day if the 15th falls on a weekend or holiday.
- Employee Forms and Reports: Small businesses must file various forms and reports related to their employees, such as W-2 forms and unemployment insurance tax reports. The deadlines for these forms vary but are typically due by January 31 for W-2 forms and every quarter for unemployment insurance tax reports.
- Sales Tax Reports: Small businesses that collect sales tax must file sales tax reports regularly, usually monthly or quarterly. The due date for these reports depends on the specific state regulations.
Staying on top of these deadlines is important to avoid penalties and fees.
Some business entities’ income tax returns have due dates other than April 15. The instructions for each type of form used will note the appropriate due date(s):
- A sole proprietor’s Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship), and an individual farmer’s Schedule F (Form 1040), Profit or Loss From Farming for income and expenses are attached to the Form 1040, U.S. Individual Income Tax Return or Form 1040-SR, U.S. Tax Return for Seniors. Therefore, the due date is the 15th day of the fourth month following the end of the tax year. This is generally April 15 for calendar-year taxpayers.
- Most partnerships use the calendar year. Therefore, the partnership tax return is generally due by the 15th day of the third month following the end of the tax year. See the Instructions for Form 1065, U.S. Return of Partnership Income.
- An S corporation generally must use the calendar year unless the entity can establish a business purpose for having a different tax year. The due date is the 15th day of the third month following the end of the tax year. See the Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation.
- A corporation, not an S corporation, may use either the calendar year or a fiscal tax year. However, the corporate tax return is generally due by the 15th day of the fourth month following the end of the corporation’s tax year. For due dates, see “When to File” in the Instructions for Form 1120, U.S. Corporation Income Tax Return.
Note: For any due date that falls on a weekend or legal holiday, the due date is extended to the next business day.
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