Businesses have a number of different tax https://romanbusiness.com/ deadlines to keep track of throughout the year. For most businesses, the most important quarterly tax deadlines are for estimated taxes and employment taxes.
Estimated taxes
Estimated taxes are payments that businesses make throughout the year to cover their expected income tax liability. The IRS requires businesses to make estimated tax payments if they expect to owe more than $1,000 in income tax for the year.
The estimated tax payment due dates are:
- April 18, 2023 (for the first quarter)
- June 15, 2023 (for the second quarter)
- September 15, 2023 (for the third quarter)
- January 15, 2024 (for the fourth quarter)
Employment taxes
Employment taxes are taxes that businesses withhold from employee wages and pay to the government. The most common employment taxes are Social Security, Medicare, and federal unemployment tax (FUTA).
The employment tax payment due dates are:
- April 30, 2023 (for the first quarter)
- July 31, 2023 (for the second quarter)
- October 31, 2023 (for the third quarter)
- January 31, 2024 (for the fourth quarter)
If you miss a tax deadline
If you miss a tax deadline, you may be subject to penalties and interest. The amount of the penalty will depend on how late you are and how much tax you owe.
To avoid penalties, it is important to make your tax payments on time. If you know that you will not be able to make your payment on time, you can request an extension from the IRS.
To learn more
For more information about business tax deadlines, you can visit the IRS website or consult with a tax professional.
Here are some additional tips for staying on top of your business tax deadlines:
- Create a calendar of all your tax deadlines and mark them in red.
- Set up reminders in your phone or email so you don’t forget about upcoming deadlines.
- Automate your tax payments whenever possible.
- Keep good records of your income and expenses so you can easily calculate your tax liability.
- If you have any questions about your taxes, consult with a tax professional.