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When Are My Federal Business Taxes Due?

Every year, business owners should mark several dates on their calendars as important tax deadlines. What those dates are will vary by entity type, meaning that S Corps and C Corps, for example, have different deadlines.

Those paying estimated quarterly taxes will need to send payments to the IRS four times a year, in addition to their annual return. Here are the most important dates for federal taxes. Keep in mind that state requirements and deadlines vary from state to state, so it’s best to consult a tax expert.

Federal Tax Deadlines

January 15:

  • Estimated quarterly payment due.

March 15:

  • Annual filing due date for S-Corps and Partnerships. If filing for an extension, the application must be complete by this date.

April 15:

  • Estimated quarterly payment due.
  • Annual filing due date for Sole Proprietors and C Corps. If filing for an extension, the application must be complete by this date.

June 15:

  • Estimated quarterly payment due.

September 15:

  • Estimated quarterly payment due.
  • Annual filing due date for S Corps and Partnerships who filed for an extension.

October 15:

  • Annual filing due date for Sole Proprietors and C Corps who filed for an extension.

Note: If any of these dates fall on a weekend or federal holiday, the due date becomes the next business day.

What Are Estimated Quarterly Payments?

Employees have some money taken from their paychecks every pay period to be paid to the IRS. We call this tax withholding. The IRS will expect to be paid regularly, whether through federal tax withholdings or estimated quarterly payments.

Estimated quarterly payments are exactly what they sound like. Businesses take a look at their finances every three months, estimate the amount of taxes they’ll need to pay and send a check off to the IRS.

Their federal return in March or April will take a closer look at the business’ finances and correct any over- or underpayments.

Who Needs to Pay Estimated Quarterly Taxes?

Sole proprietors, Partnerships, and S Corps who expect to owe over $1,000 in taxes when their return is filed should make quarterly payments. Likewise, corporations who expect to owe over $500 when their return is filed should also make quarterly payments.

If you are a full-time employee and not a contractor, you should not need to pay quarterly taxes. Instead, your employer should withhold tax money from your paycheck to pay taxes on your behalf.

Should I File for a Tax Extension?

If April 15 is approaching quickly and you’re not ready to prepare your full return, the IRS allows business owners to file for an extension. If you need to pay taxes, an extension won’t delay when your payment is due. It will just delay the deadline for when your return needs to be filed by six months. So if you’re still waiting on some paperwork or are trying to work out some questions with your accountant, an extension can be a great fit.

Depending on your business type, you’ll file either Form 7004 or Form 4868. Single-person companies typically file using Form 7004, while multi-person LLCs and S Corps typically use Form 4868. Your accountant or a tax filing software can often handle extension filing on your behalf. The IRS also provides a list of software solutions that allow you to Free File.