Owner of a startup? C-Corp? Partnership? How about an S-Corp? Tax season can be a source of stress for many people, especially when several dates and deadlines are looming. It is for these reasons that it is imperative to have an effective tax deadline calendar to help stay on top of these responsibilities.
Beginning in January, this month is when most taxpayers deal with forms like the W-2 and W-3, when employees and independent contractors are responsible for payments. February begins the recommendation for returns, and we close out the month with paper filings due on the 28th. March is a busy month, as both S-Corp and partnership extensions are due. March 24 marks the deadlines for the submission of tax documents in order to ensure that they make the April deadline.
With April comes tax day! April 18 is tax day, and also marks the due date for quarter 1 estimated tax payments. May is a fairly quiet month, with the only notable date being the 31st when the BE-12, foreign investment form, is due. This form is only required for companies with 10% or greater foreign ownership and is surveyed every 5 years. In June, quarter 2 tax payments are due. August holds the deadline to sign up for extended returns, and in September, quarter 3 tax payments are due. More extended returns are due in October, and finally in December, the fourth and final quarter of tax payments are due.
The deadlines for taxpayers are spread out throughout the year. Even though the beginning of the year is heavy on responsibilities, it is imperative that business owners and individuals remain on top of their financial obligations for all twelve months of the year. Penalties are a present threat, but when handled properly, everyone is capable of avoiding pitfalls and navigating tax season with ease.