When are business taxes due?
While Tax Day is the only date some people may have on their calendar, there are actually many important business tax deadlines throughout the year. To find out the answer to “when are business taxes due?” keep reading! We’ve outlined everything you need to know here.
The business tax due dates you’ll need depend on your earnings as well as business structure. For example, if you’re a single-member LLC, you might be penciling in different tax deadlines than a S corporation owner.
Corporate tax deadlines and calendar
As this calendar is geared toward the needs of small businesses and the self-employed, it provides specific due dates for:
- Filing tax forms
- Paying taxes
- Other actions you should take as required by federal tax law
Additionally, it calls out business and corporate tax deadlines throughout the tax year, including important business tax filing deadlines.
When are business taxes due in 2021 (for the 2020 tax year)?
Many business owners ask questions like, “When are S corporation taxes due?” And “When are LLC taxes due?” If your business is an LLC, you might file as a sole proprietor, partnership, or corporation, depending on your business structure and even the corporation and partnership tax return due dates.
We’ll outline the details of these common business entities and their tax filing due dates below. But, if you’re thinking you don’t have the time or interest in completing your small business taxes, let a Block Advisors small business certified tax pro to assist you in all things tax.
January, February, & March business tax deadlines
January 15: Self-employed estimated quarterly tax payments for Q4 of 2020 are due.
February 1: 1099-NEC for non-employee compensation must be filed with the IRS and furnished to contractors. If you are an independent contractor, you should receive a copy of the form around this date.
March 1: Farmers and fishermen who didn’t pay all estimated tax payments must file an income tax return and pay any tax due by March 1. If all estimated taxes were paid by January 15, 2021, the due date for filing your return is April 15.*
*For 2020 returns, the due date was May 17, 2021.
March 15: S corporation and partnership tax return due date for calendar-year businesses are due. This is also the deadline to file an S corporation and partnership tax extension (using Form 7004).
April, May, & June business tax deadlines
April 15*: Sole proprietorship and single-member LLC tax returns on Schedule C with your personal income tax return (Form 1040).
April 15: This is the corporation tax deadline.
April 15: If you pay quarterly taxes, the first quarter’s payment for 2021 is due this day.
April 15: Today is the last day to make a contribution to a retirement or other tax-advantaged savings accounts, such as a traditional IRA, Roth IRA, Health Savings Account . The deadline for contributing to a SEP IRA and a solo 401(k) is April 15 but may be extended by filing a 6-month extension.
April 15: Report of Foreign Bank and Financial Accounts (FBAR) is due. This applies to business-owned foreign accounts.
April 15: Partnerships, LLC, and S corporation shareholders should file report income and deductions from their Schedule K-1 with their personal income tax returns on this date or request an extension of time to file.
*The 2020 deadline was May 17.
June 15: The second payment of quarterly estimated tax payments for 2021 is due.
July, August, & September business tax deadlines
September 15: The third estimated quarterly tax payment for 2021 is due on this date.
September 15: Extended deadline for calendar-year partnerships and multiple-member LLCs who file Form 1065 for their business. It’s also the S corporation business tax extension deadline (for the business’ return, not the owners). So if your business files a calendar-year Form 1120-S and filed an extension this year, you should file by September 15.
October, November, & December business tax deadlines
October 15: This the due date for sole proprietors, single-member LLCs, S corporation owners, partner, and corporations with a tax extension.
December 1: Consider making year-end tax moves to optimize your tax outcome. While Dec. 1 isn’t an official deadline, noting the date on your calendar can give you a nudge to explore your options before the year is out.
December 15: The fourth estimated quarterly tax payment for corporations for 2021 is due on this date. Please note the fourth quarter payment is due at different times for individuals and corporations.
Corporation due dates and your business calendar year
Not all businesses align with a typical tax year. If your business doesn’t follow a typical calendar year, like some corporations, you should pay taxes on the 15th day of the third month following the close of your tax year.
Get help getting ready for business or corporate tax return due dates
Above, we listed a lot of corporate tax return deadlines… Can you keep them all in mind throughout the year? If not, we get it. It can be hard to stay on top of taxes alone, so that’s why we’re here to help.
Rely on our team of small business certified tax pros to get your taxes right and keep your business on track.