Between all the different types of taxes, different federal, state and local taxing agencies responsible for collecting them, and different payment schedules that often vary based on amounts owed, prior history, etc., you are faced with a bewildering variety of reporting requirements and deadlines for meeting your responsibilities as a business owner and individual member of society.
Complete Small Business Solutions will keep you up-to-date with all your tax schedules and deadlines. Tax due dates wont be a mystery any more when you work with us. Well automatically let you know whenever a tax for or payment is due. And well always fill out whatever forms are required and send them to you, along with simple, easy-to-follow instructions, mailing envelopes, and almost everything you need. All you need to do is follow the instructions! Sign the form, enclose your check in the pre-addressed envelope, and put it in the mail. We provide you with everything but the cash!
Tax Dos and Don'ts!
At Complete Small Business Solutions, we know when you need to file and pay taxes, so you wont have to worry about being late again. As a responsible small business owner, its essential that you keep your accounts up to date and observe all your tax reporting and payment due dates.
Here are some of the deadlines:
If a due date falls on a Saturday, Sunday or legal holiday, the next business day automatically becomes the due date.
For individual income taxes, estimated tax deposits are due on April 15th, June 15th, September 15th, and January 15th (some states have different due dates for the first payment). However, if you make your fourth quarter state estimated tax payment before December 31st, you get the deduction on your current year return. Well remind you of that too! The due date of your federal income tax return is April 15th.
For corporate or business income taxes, estimated tax deposits are due on the 15th day of the 4th, 6th and 9th day of the current fiscal year and the 1st month of the next fiscal year. The due date of your corporate or business return is the 15th day of the 3rd month of the next fiscal year for corporation returns and the 15th day of the 4th month of the next fiscal year for partnerships or multi-member LLCs. Single member LLCs and sole proprietorships are filed with your individual tax return.
For payroll tax deposits, deposits are made on either a monthly or semi-weekly schedule.
Your tax deposit schedule is determined by the particular tax agency responsible for collecting the tax. Payment schedules are set for a calendar year, based on taxes actually reported during a four-quarter look-back period ending either June 30th or September 30th of the prior calendar year.
Using 941 (Federal Payroll) taxes as an example,
Employers who reported $50,000 or less taxes during the look-back period are required to deposit their 941 taxes monthly by the 15th day of the following month. Deposits can be made more frequently, even if the company is classified as a monthly depositor.
Employers that reported more than $50,000 of taxes during the look-back period are required to deposit 941 taxes on a semi-weekly basis. For pay checks dated on Wednesday, Thursday or Friday, the tax deposit is due by Wednesday or the following week. For pay checks dated on Saturday, Sunday, Monday or Tuesday, the tax deposit is due the Friday following the pay date.
All new firms will follow a monthly deposit schedule. Any deposit of $100,000 or more must be made by the next business day.
State payroll taxes follow essentially the same schedule
Want More Information?
Wed be happy to provide a sample of the Business Owners Package we prepare for our clients each month. If you want more information, please click on the Request Information link or contact us at Information@RBarnesCPA.com.
