If you own a small business, you will need to file your taxes on a regular basis. Depending on the type of business you own, you may have different deadlines for filing. This can make the tax season quite stressful, but knowing important business tax deadlines can help you navigate your way through 2022.
In general, the IRS requires all businesses to file a tax return by April 18. This date varies depending on the structure of your business. Individuals who own a sole proprietorship will have to file Schedule C with their Form 1040, while partners of a partnership will need to file Form 1065. S corporations must also file a tax return and attach Schedule K-1 for each shareholder. A multi-member LLC must file Form 1120-S, and a single-member LLC will need to file Form 7004 to request a copy of their Schedule K-1.
The IRS will allow you to request a tax extension if you need to extend your tax return filing deadline. An extension gives you six extra months to file your return. However, you will need to pay any unpaid taxes before the extension expires. You can submit an extension form when you file your taxes, or when you pay your estimated tax payments.
For example, if your fiscal year ends on June 30 of a given year, the first quarterly estimated tax payment for 2022 is due on September 15; the second on October 15, and the third on December 15. If your fiscal year ends on March 31 of a given year, the second quarter payment will be due on January 15; the third on April 15; and the fourth on July 15.
In addition to the standard income tax return, you will need to submit an annual information return and a schedule K-1 for your pass-through entity. If you have an independent contractor, you will need to submit a 1099-NEC by January 31, as well as furnish Forms 1099 to your contractors. Similarly, you will need to submit your W-2 forms to your employees by January 31 of the following year.
For 2021, the IRS has not set an official deadline. However, if you have filed for an extension, you can expect your tax return to be due on April 18 of 2022, and you will need to pay any taxes you owe before the extension expires. If you are looking for an extension, you can go to the IRS website to find out more.
If your company has suffered a disaster, you can also request a tax extension to extend the tax filing deadline. If you qualify, you can request an extension to May 15 of the following year. But if you fail to file your tax return, you will not be treated as an S corporation until 2024.
If your business has a unique fiscal year, you will need to define it in your corporate resolution. If you have a tax extension and pay the rest of your estimated taxes by the end of the extension period, you can submit your return on October 17 of 2023.
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