Tuesday, April 15 - Triple Tax Day
Tuesday, April 15, 2014 is typical of mid-April every year for business owners. Every year in April, three small business taxes are due:
Schedule C is due, along with your personal tax return, to report your small business income. Schedule C, which reports net income for the business, is included in line 12 of the owner's Form 1040. In addition, you must complete Schedule SE, calculating self-employment taxes (Social Security/Medicare tax for business owners) is added to the income which must be taxed.
Any tax due is also payable on April 15. You can file and pay your business and personal taxes online, using the IRS EFTPS. Or, your tax preparer can file electronically for you or you can file online through your tax payment software.
Estimated income taxes for business owners who don't pay taxes on business income or self-employment taxes during the year, are also due. The first quarterly estimated tax payment, for income received January through March, is due on April 15.
The March payroll tax payment is due by April 15. This payment is for payroll taxes (income taxes and FICA taxes) collected by employers from employees and matching amounts due by employers). For employers making monthly payments, these taxes must be paid to the IRS the 15th of the month after the month they are withheld. As of January 1, 2011, the IRS will not accept the paper deposit coupon (Form 8109); you must make payroll tax payments using the Electronic Federal Tax Payment System (EFTPS).
If you decide you can't get your business and personal income tax return done by the due date, your application for an extension must be filed by April 15 (April 17 in 2012). Important: You must pay income and self-employment taxes due by the April due date, even if you file an extension. Filing an extension doesn't allow you to extend the time for payment.
State Income Taxes One more thing: Don't forget state income taxes for your business and your personal tax return. Some states have different filing dates, so check with your state's taxing authority for requirements, forms, and filing dates.To help you get started, here are some resources you can use:
- An article on 5 Easy Steps to preparing your business taxes on Schedule C with Schedule SE
- How to calculate and pay estimated taxes
- How and when to make payroll tax payments
April 15 dates: In some years, April 15 falls on a weekend or a holiday. In these years, the due date for all of these tax returns is the first business day after the due date.