Tax Deadlines Every Business Needs To Be Aware of

Written by Amanda Bower    |    Published: July 27, 2022

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Although April 15th is usually the deadline for people to file their federal income tax return every year, this date does change. Depending on where you live, or if the date falls on a weekend or legal holiday, this date can shift. Unfortunately, this can also mean that if you do not stay up-to-date on this filing date, it can leave you scrambling and may even leave you on the hook for numerous penalties and fines because you failed to remain in tax compliance. 

Yet, if you own a business, these deadlines can become that much more overwhelming. Not only are there multiple dates you need to know about as a small business owner, but depending on your business, you may have more or less time to file your returns.  That is why the below simple checklist-style calendar offers all the tax deadlines your business needs to be aware of in 2022 and 2023. 

Deadlines for Small Businesses and Tax Filings

As a small business, keeping your bookkeeping up to date is always important. Yet, it becomes even more critical when taxes become due. However, if you own a small business, there are multiple key tax filing dates you need to remember:

September 15th, 2022

Because partnerships and S corporations had to apply for an extension by March 15, 2022, their tax filing extension deadline to file their return is on September 15th, 2022. 

October 17th, 2022

If you received an extension on your 2021 income tax return filing, your extended return is due on this date.

For corporations, the extended deadline is also October 17th, 2022. However, it should be noted that the deadline for C-Corp returns is usually the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation operates on a fiscal year.

December 31st, 2022

This date is the deadline to set up a solo 401(k) if you are self-employed, as well as the day to make any specific tax moves for the 2022 tax year if you are looking for ways to lower your tax bill for the year. That is why, by this time, you should have already spoken to a qualified professional who can help you find ways to save money when it comes to your taxes.

Quarterly Tax Payment Deadlines for the Rest of 2022, into 2023

If you receive income that requires you to submit estimated taxes or you are self-employed, the due dates for your estimated tax filings include:

September 15th, 2022 

The deadline for Quarter Three estimated tax payments for 2022.

January 17th, 2023

The deadline for Quarter Four estimated tax payments for 2023 is January 17th, 2023. Yet, it should also be pointed out that this date usually falls on January 15th, but if it falls on a federal holiday or a weekend, the payment deadline will fall on the next business day. That is why for 2023, this estimated filing date falls on January 17th.

For further dates, it will be best to wait for the new schedule to be released. 

April 17th, 2023

The tax deadline for federal tax returns for C corporations and sole proprietorships is April 17, 2023. However, for partnerships, S corporations, and multi member LLCs, the time to submit all the documentation is March 15, 2023.

Extension Deadlines for 2023

If your business needs more time to file its taxes, you may request an extension on or before the regular filing deadline. If you get your extension approved, the new filing deadlines for 2023 will include the following:

  • October 16, 2023, for sole proprietorship tax filings
  • September 15, 2023, for partnership tax filings
  • September 15, 2023, for multi member LLCs tax filings
  • September 15, 2023, for S-corporation tax filings
  • October 15, 2023, for C-corporation tax filings

How to File an Extension As a Small Business Owner

Failing to pay your business taxes on time can leave you paying significant penalties. That is why before you miss this date, you should consider filing an extension, which can give you an extra six months to file your return. However, you will only have until your tax-filing deadline date to apply for a tax-filing extension. 

In general, sole proprietors and certain single-member LLCs will need to use IRS Form 4868 to obtain an extension, while corporations, partnerships, and LLCs, will use IRS Form 7004. In addition, if you cannot afford your tax bills, it may be beneficial to look into the IRS installment plan, which may allow you to pay your bill over time. 

You should also note that although a tax extension extends your filing deadline, you still need to pay an estimated tax payment on your business’s tax deadline. Otherwise, you can be hit with late fees. As a result, it may be helpful to work with an outsourced accounting team to help ensure you stay ahead of these dates, figure out your filing deadlines, and help you strategize on how you are going to pay your taxes. 

Need Help with Your Taxes, We’ve Got You Covered?

Although tax season can be stressful, it does not have to be for your business. If you need help with your accounting and bookkeeping services and want to add on tax services, we’ve got you covered.

hiline is a tech-enabled accounting and strategy firm that wants to push the boundaries when it comes to what an accounting firm can do. We started this firm because we noticed there were numerous small and medium-sized businesses that had enormous growth potential but were held back because of taxes, their Human Resources departments, and their accounting systems. That is where our company came in, to not only take control of these issues but help these businesses grow and flourish.

If you are looking for further information regarding your taxes or want to speak with one of our knowledgeable team members on how we can offer you the small business tax help you need, contact us today and let us see what our company can do for yours. 

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