RealBalance 
Revenue Management

Understanding your tax obligations is crucial for running a successful business. This guide provides an overview of the main types of business taxes and their filing deadlines.

Income Taxes

All businesses, except partnerships, must file annual income tax returns.

Filing Deadlines:

• Sole Proprietorships and Single-Member LLCs: File Form 1040 with Schedule C by April 15
• Partnerships and Multi-Member LLCs: File Form 1065 by March 15
• S Corporations: File Form 1120-S by March 15
• C Corporations: File Form 1120 by April 15

Estimated Taxes

Most businesses must make quarterly estimated tax payments if they expect to owe $1,000 or more in taxes when filing their return.

Payment Deadlines:

• April 15
• June 15
• September 15
• January 15 of the following year

Self-Employment Taxes

Sole proprietors, partners, and LLC members typically must pay self-employment taxes to cover Social Security and Medicare.

Filing:

• Use Schedule SE (Form 1040) to calculate and report self-employment taxes
• Due by April 15 with your personal tax return

Employment Taxes

If you have employees, you're responsible for various employment taxes.

Key Forms and Deadlines:

• Form 941 (Quarterly Federal Tax Return): Due by the last day of the month following each quarter
• Form 940 (Federal Unemployment Tax): Due by January 31 of the following year
• W-2 Forms: Provide to employees by January 31 and file with the Social Security Administration by January 31

Excise Taxes

Some businesses may need to pay excise taxes depending on their products, services, or operations.

Filing:

• Various forms depending on the specific excise tax
• Deadlines vary, but many are filed quarterly

Important Notes:

• If a deadline falls on a weekend or holiday, it moves to the next business day.
• You can request a filing extension, but this doesn't extend the time to pay taxes owed.
• State and local tax requirements and deadlines may differ from federal ones.

Remember, maintaining accurate records throughout the year is crucial for smooth tax filing. Consider working with a tax professional to ensure compliance and maximize deductions for your business.