When you own a small business, you need to review your small business insurance and important tax deadlines each year. Along with income tax filing in Mesa, you have other crucial deadlines depending on the type of business you own.
Business Tax Deadlines for Federal Tax Returns
The business tax deadline for federal tax returns for sole proprietorship and C corporations is April 17, 2023. The deadline for partnerships, multi-member LLCs, and S corporations is March 15, 2023.
You must know what to file and when to avoid costly penalties and interests.
Federal Tax Returns by Business Type
- Sole proprietorship: Schedule C and personal tax return IRS Form 1040 are due April 17, 2023.
- Partnerships: IRS Form 1065 is due March 15, 2023.
- Multi-member LLCs: IRS Form 1065 is due March 15, 2023.
- S-corporations: IRS Form 1120S is due March 15, 2023.
- C-corporations: IRS Form 1120 is due April 17, 2023.
Business Tax Extension Deadlines
Tax extensions are also available if you need more time to file, but you must check your eligibility first. It’s important to request an extension before the regular filing deadline.
If the tax extension is approved, your deadlines are as follows:
- Sole proprietorships: October 16, 2023.
- Partnerships: September 15, 2023.
- Multi-member LLCs: September 15, 2023.
- S-corporations: September 15, 2023.
- C-corporations: October 16, 2023
What to Know About Business Tax Extensions
Extensions help you get more time to gather your paperwork for your business and income tax filing in Mesa, but there are some things to be aware of.
IRS Form 4868 is available for sole proprietors and owners of single-member LLCs to get an extension. However, corporations, LLCs, and partnerships should use IRS Form 7004 for the same.
Regardless of the business type, an extension only gives you more time to file, not to pay. You are still responsible for your owed taxes by the initial deadline to avoid penalties.
If you can’t afford to pay your taxes by the deadline, IRS offers installment plans and other payment arrangements.
Tax Deadlines for Estimated Payments
IRS offers a pay-as-you-go option for taxes to S-corporations and C-corporations that owe more than $500 in taxes, and individuals who owe more than $1,000 in taxes. These applicable groups can make quarterly estimated tax payments, but you still have to file a tax return each year.
Employment Tax Deadlines
Small businesses are responsible for Federal Unemployment Taxes (FUTA) with the following conditions:
- If your FUTA tax liability is over $500 for the calendar year, you are responsible for one quarterly payment on the last day of the month after the end of the quarter.
- If your FUTA tax liability for the year is $500 or less, you can pay the tax with your Form 940 or deposit the amount by January 31.
- If your FUTA tax liability is $500 or less in a quarter, you can carry it over to the next quarter or until your tax liability is greater than $500.
Employee and Contractor Tax Forms
The deadline to send out W-2s is January 31. You can send them by mail or file them digitally, but if they’re late, you must pay penalties for each employee.
The deadline to send out 1099s for independent contractors is January 31 as well. The same deadlines and penalties apply.