Most people are familiar with tax day being April 15th every year.
There are actually many tax deadlines, and self-employed preneed agents have more potential deadlines to remember than a general employee.
We covered some of these deadlines previously in discussing quarterly estimated tax payments. Here is a brief overview of various tax deadlines and a reminder that if you extended your tax return it is due shortly.
Income tax returns: Depending on your type of business entity, your income tax return is generally due March 15th (corporations) or April 15th (partnership/LLC, sole proprietors and individuals). If an extension is requested your income tax return is generally due September 15th (corporations and partnership/LLC) or October 15th (individuals and sole proprietors).
Estimated tax payments: As discussed in a previous article, quarterly estimated tax payments are generally due April 15th, June 15th, September 15th and January 15th.
Payroll returns (if you have employees): This one can be complicated due to varying circumstances. In general:
- Annual FUTA (Form 940) and Annual Federal Form 944 (if notified by the IRS to file), January 31st
- Quarterly Federal tax returns (Form 941): April 30th, July 31st, October 31st and January 31st
- W-2s to employees by January 31st and the IRS by February 28th
Note, the above are filing deadlines; deposit deadlines for taxes withheld are different and depend on your circumstances. A monthly depositor must generally deposit taxes on payments made during a month by the 15th day of the following month. For additional payroll information see IRS Publication 15.
Information Reporting: Annual information statements, e.g. Forms 1099, are due to recipients by January 31st and to the IRS by February 18th. General instructions for information returns can be found here.
Other deadlines: Other deadlines may potentially include annual business registration/renewal and personal property tax filings (among others).
If a deadline falls on a Saturday, Sunday or legal holiday the deadline is generally the next business day. Generally, a tax form or payment mailed by the due date is considered timely filed/paid. Additional information can be found in the IRS Tax Calendar general publication or online tax calendar (contains online, downloadable tools or a wall calendar print option).
Article written by Richard R. Dahl, a CPA and Senior Tax Manager with Security National Life Insurance. The content of this article is not intended as tax advice and cannot be used for avoiding tax penalties or promoting or recommending any transaction. Individual circumstances should be discussed with a qualified tax professional.