Tax Deadlines You Should Know for Your Business

Do you know all of the relevant tax deadlines for your small business and startup? Make sure you're aware of the latest dates....
Tax Deadlines You Should Know for Your Business
Written by Staff
  • Tax time can be an ordeal and a half trying to figure out what documents are needed, what amount you must pay, and when you must pay it. Even worse is the fact that if you miss the tax deadlines, the penalties can get costly.  Fortunately, to make the season easier, tax experts have put together a calendar and form guide for the current tax year. Along with the infographic, this article will walk you through the deadlines month by month ending in October.

    Due Dates are Coming

    Starting in January, documents that are for employees and independent contractors are due by the 31st. The documents in question are Forms 1099-NEC 1099-MISC, and 1099-K. The documents for average employees are forms W2 and W3. Moving on to February, there are several dates to watch out for. The 1st is the deadline for any extension to opt out of any extension for Federal and State tax returns. 

    However, it must be mentioned that it is recommended by the IRS to file for an extension if it’s anticipated to be later than the original deadline. Also, there is a penalty upwards of $25,000 for missed Form 5742 which deals with foreign investment information. February 22, is the deadline to submit documents for partnerships and S-Corps. That February deadline to keep watch on is the 28th when paper filings for forms 1099 and 1099-DIV. 

    The first of March is the deadline to submit franchise annual reports for those who reside in the state of Delaware. To quickly calculate this number, simply compare the shares issued with the assets at year’s end. On the 15th, any extensions for partnerships and S-corps are due that day. The forms needed that day to submit are 1065 for partnerships, and form 8805 for partnership income shared with foreign partners. Onto S-corps, form 1120 is the document to submit as well as 1042 for dividends paid to foreign shareholders. March 31 is the deadline for electronic filing for forms 1097, 1098, and 1099s – Excluding NEC, 3921, 3922, and W-2G. 

    Final Thoughts

    April 8 is the tax day extension due date. Aside from Form 1120, the form that covers single owner LLC, & individual(1040) is due. On the same day, estimated tax payments for Q1 will also be due. Corporations are required to pay estimated taxes on their first year of being profitable. The Foreign Investment Form(called BE-12) is Required for companies with 10% or greater foreign ownership. Penalties range from $2500 – $10k and criminal charges. Surveyed every 5 years. June 15th is the due date for Q2 estimated tax payments. 

    Jumping to September, the 15th fiscal year deadline for 6/30 year-end businesses Fiscal year deadline for 6/30 year-end businesses is the deadline to file partnership and s-corp returns on the 6-month extension deadline. Likewise, the fiscal year deadline for 6/30 year-end businesses is on that day as well. Lastly, October 16th is the final deadline for those on a 6-month extension. Drop dead date after which penalties will be assessed.

    2023 Tax Deadlines for Startups - C-Corps, Partnerships and S-Corps

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