Important Tax Dates for Business Owners

 

 

 

December 15        Corporations – estimated tax. Deposit the fourth installment of estimated income tax.

December 31        Deduction deadline. The last date to make payments that can be deducted for cash basis payers.

                              Keogh plan deadline. The last date to establish a Keogh or other qualified plan so you can deduct a Keogh or other qualified retirement plan contribution on your calendar year return.

 

 

 

 

Fiscal-Year Taxpayers

If you use a fiscal year (rather than the calendar year) as your tax year, you should change some of the dates in this calendar. The 3 months that make up each quarter of a fiscal year may be different from those of each calendar quarter, depending on when the fiscal year begins.  The dates shown below are based on the calendar year.

 

S Corporations

Form 1120S. These forms are due on the 15th day of the 3rd month after the end of the corporation’s tax year.  S corporations must provide each shareholder with a copy of Schedule K-1 (Form 1120S).

 

Partnerships

Form 1065. This form is due on the 15th day of the 3rd month after the end of the partnership’s tax year. Provide each partner with a copy of Schedule K-1 (Form 1065).

 

Corporations

Form 1120. These forms are due on the 15th day of the 4th month after the end of the corporation’s tax year.

 

 

Estimated tax payments. Payments are due on the 15th day of the 4th, 6th, 9th, and 12th months of a corporation’s tax year.

 

Form 2553. This form is used to choose S corporation treatment. It is due by the 15th day of the 3rd month of the first tax year to which the election will apply or at any time during the preceding tax year.

 

 

 

First Quarter

The first quarter of a calendar year is made up of January, February, and March.

 

January 31         All businesses. Send annual information statements using forms 1099 to recipients of certain payments you made last year for workers not considered employees.       

February 28       All businesses. File information returns forms 1099 for certain payments you made the previous year.

March 15            Partnerships. File a calendar year return Form 1065. Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. If you want an automatic 6-month extension of time to file the return, file Form 7004. Then, file Form 1065 by October 15th.

                           S corporations. File a calendar year tax return Form 1120S. Send each shareholder a copy of Schedule K-1 (Form 1120S). You can apply for an automatic 6-month extension with Form 7004, but you must pay any tax due.

                           S corporation election. Deadline to file Form 2553 to choose to be treated as an S corporation beginning with this calendar year. If Form 2553 is filed late, “S” treatment will begin next calendar year, unless you meet certain exceptions.

 

 

Second Quarter

The second quarter of a calendar year is made up of April, May, and June.

 

April 15               Corporations. For a calendar year corporation, file tax return Form 1120 or 1120-A and pay any tax due. You can apply for an automatic 6-month extension with Form 7004. If you file for extension, you must also make an estimated tax payment.

                           Corporations – estimated tax. Deposit the first installment of estimated income tax.

June 15              Corporations – estimated tax. Deposit the second installment of estimated income tax.

 

 

Third Quarter

The third quarter of a calendar year is made up of July, August, and September.

 

September 15       Corporations. If you timely requested an automatic 6-month extension, file a calendar year income tax return Form 1120 or 1120-A and pay any tax, interest, and penalties due.

                              S corporations. If you timely requested an automatic 6-month extension, file a calendar year income tax return Form 1120S and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S).

                              Corporations – estimated tax. Deposit the third installment of estimated income tax.

 

 

Fourth Quarter

The fourth quarter of a calendar year is made up of October, November, and December.

 

 

December 15        Corporations – estimated tax. Deposit the fourth installment of estimated income tax.

December 31        Deduction deadline. The last date to make payments that can be deducted for cash basis payers.

                              Keogh plan deadline. The last date to establish a Keogh or other qualified plan so you can deduct a Keogh or other qualified retirement plan contribution on your calendar year return.