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Filing taxes is hard enough when you only have your own payments to worry about. When you own a business, filing taxes becomes more complicated.
If you’re wondering when your business taxes are due, read on: You'll find all the important business tax deadline dates below.
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The main tax date in 2022 will be April 18th. Individuals, sole proprietors, and C corporations need to file their taxes by this date. The main ‘tax day’ usually falls on April 15. However, April 15, 2022, is Emancipation Day.
Residents of Maine and Massachusetts have until April 19th, as April 18th is also a legal holiday (Patriots’ Day).¹
Depending on the type of business you run and what your primary source of income is, you may have different business tax filing deadlines.
All individuals, business owners and businesses will need to file income tax. The type of income tax deadline you need to pay attention to varies by the type of business you own and the state in which you operate.
If you are a calendar year taxpayer, use the following dates for income tax payments/estimated tax payments:¹
January 18: is the final installment date for 2021 estimated tax payments. This applies to individuals who did not make a payment for estimated tax for the last quarter of 2021. Use Form 1040-ES. Farmers or fishermen who have not paid by January 18th must file the 2021 return and pay all taxes due by March 1, 2022. Without doing so, an estimated tax penalty may be charged.
January 31: All businesses give annual information statements to the recipients of certain payments made throughout 2021. These payments include cash payments for fish, rent, royalties, retirement plan distributions, and more.
April 18: quarterly tax payment due for the first quarter if following the calendar year.
June 15: quarterly tax payment due for the second quarter, if following the calendar year.
September 15: quarterly tax payment due for the third quarter if following the calendar year.
If you are following a different fiscal year, you will need to change some of your income tax estimated payment dates.
Individuals and certain types of businesses have the opportunity to set their fiscal years to different dates compared to the calendar year. Not all types of business are able to do so.
For these individuals and businesses, estimated tax payments will instead be due on the 15th day of the fourth, sixth, and ninth months of your tax year, as well as the 15th day of the first month after your tax year ends.
This roughly coincides with the same quarter lengths as if you followed the calendar year for your business.²
Employment taxes must be made if you are an employer and pay one or more employees in wages, tips, or other compensation.
All of your payroll withholdings and employment tax payments must be submitted either semi-weekly or monthly. This is based on your filing status.
Monthly deposit schedule: Deposit your employment taxes by the 15th day of the following month.
Semi-weekly schedule: Deposit taxes for payments made on Wednesday, Thursday, and Friday by the following Wednesday. Taxes for payments made on Saturday, Sunday, Monday, and Tuesday must be made by the following Friday.
Important employment tax dates are as follows:³
January 31: file Forms 940, 943, 945, and Copy A of all paper forms for W-2s, Wages and Tax Statements, as well as Form W-3, Transmittal of Wage and Tax Statements. Additionally, file Copy A of Form 1099 and 1096
February 28: file Copy A of paper Form 1099 with 1096, as well as paper Form 8027
March 31: file electronic Form 1099 as well as electronic Form 8027 with the IRS
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Your business may also make payments to “nonemployees”. These are services performed for your business by a person who is not treated as an employee.
Note that you only need to pay taxes for nonemployee compensation if you pay them $600 or more. If you do:
- January 31: file Form 1099-NEC each year
Business owners must also pay excise taxes, which are imposed on goods, services, and other activities. All excise taxes are paid either monthly, quarterly, or annually.⁴ This depends on industry-specific requirements.⁵
If your business is a retailer, manufacturer, communication company, or travel service, file Form 720, the Quarterly Federal Excise Tax Return. The form must be filed by businesses for each quarter of the calendar year.
If your business accepts wagers, you must file Form 11-C, Occupational Tax and Registration Return for Wagering, before you accept any bets, as well as Form 730 every subsequent month.
If your company operates heavy highway vehicles, you must file Form 2290 by the last day of the vehicle’s first month of service. Afterward, your excise tax period runs from July 1 to June 30 of the following year.
If your business counts as a corporation, you must also navigate extra tax deadlines and forms.
Your corporate taxes will be due at different times depending on the structure of your corporation.
If you have a C-corporation (a corporation where the owners or shareholders are taxed separately from the company entity), your deadlines are typically:
- April 18, 2022, if your corporation is a calendar year taxpayer
If your corporation operates on a fiscal year, your tax deadline is the 15th day of the fourth month following the end of your fiscal year.
In all cases, file IRS Form 1120.
If you have a corporation and need to pay estimated income tax, you follow the same basic estimated income tax due dates as other entities. These dates are:⁶
- April 18 for the first quarter
- June 15 for the second quarter
- September 15 for the third quarter
- December 15 for the fourth quarter
Naturally, partnerships and S-corporations have different tax deadlines as well.
For S-corporations operating on a calendar year:
- March 15, 2022: regular tax deadline. File Form 1120-S
- September 15, 2022: extended tax deadline - only if you request an automatic 6-month extension. File Form 1120-S.
For S-corporations with a different fiscal year:
- The 15th day of the fourth month following the end of the corporation’s tax year. Corporations with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month.⁷
If your business is any kind of partnership operating on a different fiscal year from the calendar year, your business’s tax deadline is the 15th day of the third month following the end of your fiscal year.
If you follow the calendar year, this would be March 15, 2022. File Form 1065 in any case.
LLCs are company structures that provide various financial and legal benefits for their owners.
By default, LLCs are not treated as corporations, although you can elect to have them be treated as such and receive different tax dates.
If you choose to treat your LLC as a corporation, your tax dates are:
April 18, 2022: overall tax due date if you follow the calendar year for your fiscal year
15th day of the fourth month after your fiscal year ends: overall tax due date if you have a different fiscal year
If you choose to run your LLC as a sole proprietorship:
The IRS taxes you like an individual. Your income and expenses are therefore reported on your personal tax return.
Without an extension, the personal tax return is due on April 18. File Form 1040, and you’ll be good to go.
If you employ one or more people in your business, you should file Form 941, Employer’s Quarterly Federal Tax Return. Then deposit your taxes on the following dates:⁸
- April 30 for first quarter
- July 31 for second quarter
- October 31 for third quarter
- January 31 for fourth quarter of the previous calendar year
The IRS gives you an additional 10 calendar days to file your return if you deposit all your taxes before they are due.
Pay special attention to which types of excise tax forms you may be required to file.
- File Form 720 if you are required to pay quarterly Federal excise tax returns
- File Form 11-C if you need to file for wagering income
- File Form 2290 if your business uses heavy highway vehicles
Furthermore, you must file these forms each quarter of the calendar year, with due dates as follows:
- April 30 for first quarter
- July 31 for second quarter
- October 31 for third quarter
- January 31 for fourth quarter of the previous year
Navigating business tax deadlines can be stressful, but managing your business account doesn’t have to be.
With the Wise Business account, you can easily manage invoices and payments online or even from the app.
You can make batch payments and add team members to help with payments. All past payment info is saved for the future, saving you hours of work.
You’ll get the real exchange rate when you send invoices in other currencies, saving you on average up to 19x compared to PayPal.
Over 300k businesses use Wise. Interested to learn more? You can read how Alternative Airlines saved over £75K in 9 months with Wise.
- IRS tax dates - Page 1
- IRS tax dates - fiscal year - Page 5
- IRS - Employment tax due dates
- IRS - Excise tax
- IRS - Excise tax overview
- IRS estimated income tax
- IRS - S-corporation - Page 5
- IRS - Payroll tax
All sources checked January 3, 2022.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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