When you own a small business, tax day is not just once a year. To help you keep up, here is a listing of key dates related to payments or documentation due to the IRS. (As always, we advise you to discuss tax issues with your trusted advisors as every tax payers’ situation can be different.)
|Date||What's due||Who’s it for? (and more)|
|January 16, 2017||Deadline for 4th quarter estimated tax payments for 2016.||Self-employed individuals or businesses that need to make quarterly tax payments.|
|February 1, 2017||Deadline to send out W-2 for your employees and 1099s for your contractors, and file to the IRS (either electronically or on paper).||Form W-2: If your business has employees, you will need to submit copies of their W-2s to the IRS.
Form 1099: If your business employs independent contractors, you will need to submit copies of their 1099s to the IRS.
Beginning with 2016 tax returns, the IRS has changed filing deadlines for W-2s and 1099s, combining them into a single deadline earlier in the year.
|February 28, 2017||Deadline for mailing paper Forms 1099 to the IRS. (Provided you’re not required to meet the earlier February 1 deadline.)||Form 1099: If your business employs independent contractors, you will need to submit copies of their 1099s to the IRS.|
|March 15, 2017||Deadline for corporate tax returns: Forms 1120, 1120S, and 1065.||Form 1120: If you’re a C-corporation, where shareholders are taxed separately from the business.
Form 1120S: If you’re an S-corporation, where shareholders are taxed for profits.
Form 1065: If your business is in a partnership.
This is also the final deadline to request a 6-month automatic extension. To do so, you must file Form 7004 and cite an estimated tax.
If you want to register your business as an S-corporation beginning in the 2017 calendar year, you must file Form 2553 by this date.
|March 31, 2017||Deadline for electronic filing of Forms 1098 and 1099s (with the exception of 1099-MISC).|
|April 18, 2017||Tax Day|
For self-employed individuals: Deadline for individual tax returns using Forms 1040, 1040A, 1040EZ.
For C-corporations: Final date to make payments for the 2016 calendar year, and to deposit the first installment of taxes for 2017.
Last day to make a contribution to your traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, or solo 401(k) for the 2016 tax year.
Individuals: To request an automatic 6-month extension, file Form 4868.
Remember, you must still make an estimated tax payment by April 18.
|Forms 1040, 1040A, 1040EZ: If you’re an individual filing your earnings for 2016.|
|June 15, 2017||Deadline to make estimated tax payments for the 2nd quarter of 2017.|
|September 15, 2017||Deadline to make estimated tax payments for the 3rd quarter of 2017.|
If you requested an extension, this is your final deadline to file corporate tax returns for 2016 using Forms 1120, 1120A, and 1120S.
|October 16, 2017||Self-employed Individuals: If you requested an extension, this is your last day to file tax returns for 2016 using Forms 1040, 1040A, and 1040EZ.|
C-corporations: If you requested an extension, this is your last day to file tax returns for 2016 using Form 1120.
This is the final day the IRS will accept an electronically filed tax return. If you miss the deadline, you will have to file by paper.
|December 15, 2017||Deadline to make estimated tax payments for the 4th quarter of 2017.|
HT | Intuit Quickbooks
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