Business owners have a lot on their plate. Remembering all the details about what tax forms to file and when payments are due can be overwhelming. Obviously, as accountants, we are on top of these deadlines for our clients, but we thought it would be helpful to give a yearly overview of the business tax calendar.
January 15:
· Fourth installment of Estimated Taxes Due from the previous year is due.
· Payroll tax deposit.
January 31:
· W2, 1099 and 1099-Misc forms are due to the IRS and recipients.
· FUTA (Federal Unemployment Tax) Form 940 should be filed for the previous year.
· FUTA taxes owed through December of the previous year must be deposited.
· Form 941 – Employers Quarterly Federal Tax Return
· For NJ only: Form NWR-30; Quarterly wage reporting to determine applicable payment contributions to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
· For NJ only: Form NJ-927: Quarterly payment to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
February 15:Payroll tax deposit.
March 15:
· Payroll tax deposit.
· Form 1120-S for S-Corporations or Form 7004 if requesting an extension.
· Form 1065 for partnerships and multi-member LLCs filing as partnerships or Form 7004 if requesting an extension.
April 15:
· Payroll tax deposit.
· Quarterly installment of Estimated Taxes is due.
· Form 1120 Corporate Income Tax Return or Form 7004 if requesting an extension.
· Schedule C for sole proprietorship or single member LLCs; this is filed with Form 1040. Use Form 4868 to file an extension.
April 30:
· Form 941 – Employers Quarterly Federal Tax Return.
· Deposit FUTA Taxes if your tax liability is more than $500 in any given quarter.
· For NJ only: Form NWR-30; Quarterly wage reporting to determine applicable payment contributions to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
· For NJ only: Form NJ-927: Quarterly payment to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
May 15: Payroll Tax Deposit
June 15:
· Quarterly Installment of Estimated Taxes Due
· Payroll tax deposit.
July 15: Payroll Tax Deposit
July 31:
· Form 941 – Employers Quarterly Federal Tax Return.
· Deposit FUTA Taxes if your tax liability is more than $500 in any given quarter.
· For NJ only: Form NWR-30; Quarterly wage reporting to determine applicable payment contributions to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
· For NJ only: Form NJ-927: Quarterly payment to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
August 15: Payroll tax deposit.
September 15: Payroll tax deposit.
October 15: Payroll tax deposit.
October 31:
· Form 941 – Employers Quarterly Federal Tax Return.
· Deposit FUTA Taxes if your tax liability is more than $500 in any given quarter.
· For NJ only: Form NWR-30; Quarterly wage reporting to determine applicable payment contributions to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
· For NJ only: Form NJ-927: Quarterly payment to Unemployment, Workforce Development, Temporary Disability, and Family Leave Insurance.
November 15: Payroll tax deposit.
December 15: Payroll tax deposit.
As you may have seen above, we have indicated that payroll taxes are due on the 15th of each month. Here is a little more information about how your payroll tax payment schedule is determined. You first need to look back on a 12-month period which would end on the most recent June 30th. For example, for 2020, the look back period would the 12-month period ending June 30, 2019. If your payroll tax obligation was $50,000 or less, you will file your payroll taxes monthly. If your payroll tax obligation was more than $50,000, you will make deposits on a semi-weekly schedule. If you are a new employer and don’t have a “look back” period, you will be a monthly depositor.
Also, please note that the all the above dates assume that it will be a normal business day. If the due date falls on a Saturday, Sunday, or legal holiday, forms and payments are considered to be on time if filed on the next business day.
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