As a business owner, you have many things you have to think about regarding your business. One of the biggest things you have to think about is business taxes. At Harvest Tax & Accounting, we want to help manage your business tax planning and compliance so you can focus on other areas of your business. One of the most common questions we hear is when are business taxes due? It all comes down to the way your business is set up.
When is Tax Day 2022?
Unless the IRS extends the Tax Day deadline for 2022 because of the continuing COVID-19 pandemic, personal taxes and most types of business taxes are due on April 18. Typically, taxes are due on April 15, but because of holidays that fall on April 15, the IRS extended the due date to the following Monday. That means that, unless noted differently below, your business taxes are due on April 18 by midnight.
Business tax due dates ultimately depend on the type of business you have.
Your business taxes are due on April 18 if you have a:
- Sole proprietor
- Single-owner LLC
- C corporation
- Household employer
- Freelance business
However, if you have an S corporation or partnership, your business taxes were due on March 15.
What if I Need a Tax Deadline Extension?
Just like with personal taxes, businesses can also apply for a tax deadline extension. With a deadline, it lengthens the amount of time you have to pay your business taxes while still filing your estimates and quarterly payments on time. If your business is set up as an S corporation or a partnership and you apply for an extension, your taxes will be due on September 15; however, you needed to apply by March 15 for the extension. On the other hand, if your business is a sole proprietor, single-owner LLC, C corporation, household employer, or freelancer, your taxes are due on October 17 as long as you applied by April 18.
Do I Have to Pay Quarterly?
In addition to paying annual taxes, most of the time, you will also need to pay quarterly taxes. If you have employees at your business, perform freelance work, or sell specific goods or services, you’ll have to pay quarterly taxes.
If your company has employees, you’ll file Form 941 with your employees’ payroll taxes each quarter. Additionally, if you’re worried about paying a large amount at tax time and your business doesn’t meet the quarterly tax paying criteria, you can file quarterly taxes instead of paying all at once in March or April.
For companies that pay quarterly taxes, here are the key dates to keep in mind for 2022:
- January 18, 2022
- April 18, 2022
- June 15, 2022
- September 15, 2022
If you work with Harvest Tax & Accounting, we’ll help you keep track of all key filing dates when it comes to your business taxes.
When it comes to your corporate taxes, let the tax professionals at Harvest Tax & Accounting handle your business taxes. Tax law and tax codes can be complicated, and it’s our mission to understand them inside and out. Need help determining when are business taxes due? Let the tax pros at Harvest Tax & Accounting handle your business taxes. Contact us today to set up your free consultation.