Tax Time!
Taxes are coming! What, when, and which ones are important to me? Don't worry if you're feeling lost, here's a simple breakdown to help you filter out what's important and what's coming up. Remember, different rules apply for individual taxes and even different types of businesses!
Note: For the sake of simplicity, this blog post will NOT cover taxes related to farmers or fishermen. However, farmers and fishermen can find their schedule of taxes on the official IRS website.
The Tenth of the Month (Approximately): If you made more than $20 in tips the prior month, you should report them to your employer. This date typically falls on the closest work day following the 10th of the month when it falls on a weekend.
Quarterly Estimated Tax Payments for 2021: If you're self-employed or part of a small business, you need to pay quarterly taxes. According to the IRS, this includes individuals, "sole proprietors, partners, and S corporation shareholders … if they expect to owe tax of $1,000" and corporations "if they expect to owe tax of $500 or more when their return is filed." For 2021, these tax payments are due on: April 15th, June 15th, September 15th, and January 15th 2022.
Calendar
- January 15th - Final 2020 estimated quarterly tax payment for small businesses.
- February 1st - Deadline for businesses to file W-2s for their employees and 1099-NEC statements if you work with independent contractors.
- March 1st - Deadline to file 1099-MISC, for Miscellaneous Income, on paper. This is only important if your 1099 requires it and only if you want to file using paper.
- March 15th - Tax returns for partnerships and S-corporations are due
- March 31st - Deadline to file 1099-MISC electronically.
- April 15th - Individual taxes and C-corporation taxes are due. Additionally, this is also the last day to file a corporate tax extension.
- September 15th- Deadline for partnerships or S-corporations to file taxes, if their extensions were approved.
- October 15th - Deadline for C-corporations to file taxes, if their extensions were approved.
Remember, if you have any questions about getting your accounts ready for taxes, M. Root Bookkeeping is here to help!