Running a business is hard work – it takes energy and time from your end. It can be easy to forget tax deadlines in the thick of building your business.
As you approach the last financial quarter, make sure you know all the important dates. You don’t have to go it alone.
Read on for all the last financial quarter tax deadlines you’ll want to keep track of in 2021:
Types of Business Taxes to Track
Before getting to deadlines, it’s helpful to take an overview of which taxes you’ll need to file. Not every business has the same requirements.
For example, if you’re self-employed you may be able to declare income tax as an individual. You can declare your profits from your business as part of your personal income taxes. The same doesn’t go for a corporation.
Here are a few of the business owner taxes you want to make sure you’re on top of:
Income Tax
This differs depending on your business type. If you’re self-employed, you’ll also want to see if you owe self-employment taxes.
These apply if you are a sole proprietor, partner, or LLC owner. Self-employment taxes will be calculated based on the net income of your business
Estimated Taxes
You will need to withhold income tax and self-employment tax for your business. You’ll need to do so using your own estimate. This will need to be paid out quarterly.
Payroll taxes
You must withhold the amount you’ll owe for FICA tax. FICA stands for the Federal Insurance Contributions Act.
You need to withhold to pay FICA tax when paying employees. You should report and pay these quarterly, using IRS Form 941.
Deadlines for This Financial Quarter
If this feels confusing, don’t worry. You can always work with a CPA. If you’re a new business, you’ll know how many unexpected taxes and expenses there are.
Teaming up with a CPA can be a huge relief. They’ll take the headache out of dealing with your taxes, payroll, and bookkeeping.
If you want to track your dates yourself, the IRS has resources for small businesses. They offer a free online calendar to help you keep track of 2021 tax dates.
October 15th
In some cases, you could have applied for a six-month extension to file your taxes. This applies to corporations, sole proprietorships or LLCs taxed as disregarded entities.
If so, your new deadline is October 15th. Keep in mind this is an extension for filing. It’s not an extension for payment so you will have to pay the taxes you owe in keeping with the original date
November 1st
The IRS has set November 1st as the deadline to turn in Form 941. The next filing will be January 31st, 2022
December 15
For C-corps only, Dec 15th is the deadline to pay your 2021 estimated income taxes for the fourth quarter. For sole proprietors and LLC members, you will need to do this by January 18, 2022.
Know Your 2021 Tax Deadlines
Now you’ve got your remaining big deadlines ready to enter into our calendar, you’ll be able to plan for the last financial quarter of 2021.
Looking for assistance with managing taxes, payroll, bookkeeping, and more? Request a consult with us today. We look forward to hearing from you!
