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Taxes - Bittersweet Deadlines

Tax Time - The clock is ticking
Tax Time - The clock is ticking

March 17 is the deadline for corporate taxes. This is a bittersweet exercise. You only have to pay income taxes if you made a profit. Profits are one of the goals of a business. Look at your tax payment as “I reached one more of my goals for 2013.”

Profit is Ideal

Even though the federal government can repeatedly spend more than the income it receives, as individuals and businesses, we cannot. Far too soon the credit cards and credit line will be maxed out if we overspend.

What can we do?

Be aware of all applicable allowable deductions and file all reports in a timely manner.

The amount you legally keep is a more important number than the gross income.

Missing a filing deadline costs you time, gray hairs and penalties. It also cuts into your profit.

These deadlines hit the high points of tax deadlines which are important to most small businesses. Since these are such important dates, you may want to include your anniversary and your spouse’s birthday on this list. Keeping the spouse happy may be as important as keeping the IRS happy.

January 15
Fourth quarter estimated tax payment for 2013

January 21
December 2013 monthly and fourth quarter 2013 sales tax and use tax

January 31
1. Pay your estimated tax balance in full now or file your return and pay now.
2. Employers mail W-2 forms and 1099s.

February 5
2013 sales and use tax deadline for annual filers

February 18
1. Employees deadline to file a new W-4 withholding exemption form
2. Financial institutions mail 1099-B and 1099-S.

February 20
January sales and use tax

February 28
Businesses must snail mail 1099 and 1096 forms to the IRS or electronically file these forms by April 1. General Instructions for Certain Information Returns

March 17
St. Patrick’s Day is celebrated as the day St. Patrick chased the snakes out of Ireland. Interesting to note that this is corporate income tax day. Government or Corporations?

Deadline for forms 1120, 1120A, and 1120S as well as filing form 7004 to request a 6 month extension of time to file.

March 20
February sales and use tax

April 15
1. Deadline for individual tax returns or to file form 4868 to request an automatic extension of time to file. Payment of the tax is still due April 15 even though you have an extension of time to file the official return.
2. Last day to contribute to a traditional IRA, Roth IRA, Health Savings Account, SEP IRA or solo 401(k). If you file an extension, you have until October 15 to fund SEP-IRA or solo 401(k).
3. First quarter estimated tax payments are due.
4. Deadline for estate income tax or trust income tax returns (form 1041) or to request a 5 month extension on form 7004
5. Deadline for partnership tax returns on form 1065 or to request a 5 month extension on form 7004

April 21
March and first quarter sales and use tax

May 15
Deadline for non-profit organizations to file information returns on form 990 or to request an extension on form 8868

May 20
April sales and use tax

June 2
Deadline for financial institution to send our form 5498 to report balances in an IRA

June 16
Second quarter estimated tax payment

June 20
May sales and use tax

June 30
Seriously? Filing if you have over $10,000 in a foreign bank account

July 21
June monthly and second quarter sales and use tax

August 20
July sales and use tax

September 15
1. Third quarter estimated tax payments
2. Final deadline for corporations who filed an extension

September 22
August sales and use tax

October 15
1. Deadline for individual income tax filers who filed an extension
2. Last day for electronically filed tax returns
3. Final deadline to fund a SEP-IRA or solo 401(k) if you requested an extension

October 20
September and third quarter sales and use tax

November 20
1. October sales and use tax
2. Start planning your end of year tax moves for 2014

December 22
November sales and use tax

January 20, 2015
December and fourth quarter 2014 sales and use tax

February 5
Annual sales and use tax

Missing a tax deadline can seriously cut into your time and your business profit.

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