A lot of small businesses I talk to understand that their tax responsibilities is both federal level and state level, yet surprisingly few are actually on top of those state and local taxes. I know everyone clamors during tax season to handle their federal year end taxes, but the state and local level taxes I know are being left to slide by the way side. Below are the due dates for the whole year for the taxes most small businesses deal with, including federal year end taxes. Please bear in mind this list is not inclusive of ALL taxes. These are the most common per my professional experience. If a particular tax is left off (ie excise taxes) and the tax applies to you, it does not mean you have the permission to not file for that tax. The due dates are the numbers following the words (ie 1/15 would be due January 15 th of each year). Included also are the government agency to which the tax is due. First quarter due dates
- Estimated Tax Payments prior year, Federal, IRS 1/15
- Fourth quarter Sales taxes and payments for last year, state, Secretary of State or State Department 1/20
- W2’s & 1099s, Federal, IRS (and also to the recipients) , 1/31
- Fourth quarter Payroll Taxes and payments for last year, Federal, IRS 1/31
- Fourth quarter Payroll Taxes and payments, state, state workforce commission for last year 1/31
- Prior year Federal Unemployment Tax Report and payments, federal, IRS, 1/31
- S Corp and C-Corp regular due date, federal, IRS 3/15
Second quarter due dates
- Individual and partnership Return regular deadline, federal, IRS 4/15
- Estimated Tax Payments, 1st quarter current year, federal, IRS 4/15
- Annual Property tax renditions (not the payment), local, County appraisal District, TX 4/15
- First quarter Sales taxes and payments, state, Secretary of State or State Department 4/20
- First quarter Payroll Taxes and payments for current year, Federal, IRS 1/31
- First quarter Payroll Taxes and payments, state, state workforce commission for current year 4/30
- TX Franchise regular deadline 5/15 (Partnerships and individuals not required to file)
Third quarter due dates
- Second quarter Sales taxes and payments, state, Secretary of State or State Department 7/20
- Second quarter Payroll Taxes and payments for current year, Federal, IRS 7/31
- Second quarter Payroll Taxes and payments, state, state workforce commission for current year 7/31
- TX Franchise extended deadline, state, Secretary of State or state department 8/15 (Partnerships and individuals not required to file your state may be different)
- S Corp and C-Corp extended deadline 9/15
- Individual and partnership Return extended deadline 10/15
- Third quarter Sales taxes and payments, state, Secretary of State or State Department 10/20
- Third quarter Payroll Taxes and payments for current year, Federal, IRS 10/31
- Third quarter Payroll Taxes and payments, state, state workforce commission for current year) 10/31
You see there...there are lots of taxes to keep track of and if you as the small business owner get in the habit of missing these deadlines, you are putting your business at risk because the state can basically shut you down. Here is where you perform a self-analysis to determine which area, if any you need improve. Remember that these taxes occurs every year so this list will carry you for years. There are a few things to elaborate on – property taxes – these are different with each state. For Texas, homeowners are not the only ones required to pay property taxes. Businesses are required to pay them of the assets you use for business, ie your car, laptop, etc. State Franchise (State return) due dates vary by state. Texas Franchise is reflected above. For Texas, not every business owner must file the state return.. Natural persons are exempted from filing. Natural persons’ means an entity that doesn’t need the permission of the state to be n existence and include individuals running their business under a DBA, a general partnership…because it is formed by two individuals and doesn’t need the permission of the state, and finally, estates of deceased person, again because without the state permission, there will still be an estate for that deceased person, whether it has assets or not. Who do need to file the Texas Franchise are LLCs, Scorps, CCorps, LLPs, LPs, PSCs, PCs, again because these are not natural persons and need permission from the state to exist.