As each year rolls around, tax deadlines become an important part of many Americans’ lives. Beginning in January, by the end of the month, most payments for employees and independent contractors are dealt with, such as those like a W-2 or W-3. As we move through February, the opt-out deadline is set, and most federal and state returns are dealt with or extended. Paper filings like 1099s and the 1099-DIV are also due.
In March, S-Corp and partnerships extensions are due. It is at this time that filing an extension to avoid any penalties is recommended, as the IRS will assess penalties on late 8805s and 1042 for dividends and owner payouts. The last day of March also brings the eFiling deadline for most payout information returns. In April, state tax extension can be filed by request, but more importantly, tax day itself is April 18. On this day, quarter 1 estimated tax payments are due, and corporations are required to pay estimated taxes on their first year of being profitable.
In May, foreign investment forms are due, and in June, quarter 2 tax payments are due. The quarter 3 estimated tax payments due date is in September, as well as the deadline to file partnership and S-corp returns on a 6-month extension deadline. Any extended returns are due in October, and on December 16, estimated tax payments are due for quarter 4.
It isn’t always easy keeping track of personal and commercial tax payments or payment deadlines for your business. This makes it necessary and vital to ensure that all deadlines are clearly laid out. Leave it to the experts, and stay on top of your taxes. Learn more in the infographic below: