Paying taxes can be a messy business, especially for those who have recently launched a company. The US government requires all enterprises to file taxes and documents throughout the year on a range of different matters.
For your convenience, we’ve put together a calendar outlining important document submission and tax payment deadlines for calendar year companies.
2/1- Distribution of forms 1098 and 1099-MISC forms to report payments for service providers, rent and income for the previous year. The 1098 form reports annual mortgage interest payments and may be used to obtain a tax deduction. Form 1099-INT and 1099-DIV are due for interest and dividend payments.
2/1- Submission of form 940, the Employer’s Annual Federal Unemployment Tax Return, and form 945, the Annual Return of Withheld Federal Income Tax.
2/1- Submission of form 941, the Employer’s Quarterly Tax Return, for the fourth quarter of the previous year. Alternatively, businesses with small payrolls may file form 944, a proxy for form 941 that only needs to be submitted once a year.
2/29- Submission of form 1096 with information returns, including forms 1098 and 1099 for the previous year. Form 1096 aggregates data from all information return forms (which includes forms 1098 and 1099). This deadline applies only to those filing by mail. Electronic submissions may be made by March 31.
2/29- Submission of Copy A of all W-2 forms for the previous year to the Social Security Administration. This deadline applies only to those filing by mail. Electronic submissions may be made by March 31.
3/15- Submission of form 2553 if you want your firm to be classified as an S Corporation for the previous tax year.
4/18- Submission of form 1040ES and payment of first installment of 2016 estimated tax.
4/18- If your firm is structured as a Corporation, deposit of first installment of estimated 2016 tax.
4/18- Submission of form 1065 (partnership return) and form 1041 (trust return). Form 7004 may be filed to receive a five month extension.
5/2- Submission of form 941 for the first quarter.
5/15- Submission of form 990 for organizations with tax-exempt status.
6/15- Submission of form 1040ES and payment of second installment of 2016 estimated tax.
6/15- If your firm is structured as a C Corporation, deposit of second installment of estimated 2016 tax.
6/30- Submission of FinCEN Form 114 reporting foreign bank accounts. This form cannot be extended and must be filed electronically.
8/1- Submission of form 941 for the second quarter
9/15- If your firm is structured as a C Corporation, deposit of third installment of estimated 2016 tax.
10/31- Submission of form 941 for the third quarter
12/15- If your firm is structured as a C Corporation, deposit of fourth installment of estimated 2016 tax.
While these deadlines apply to most if not all companies, your firm may need to pay extra state or industry-related taxes. And of course, take care to pay on time to avoid interest and penalties.