Have You Filed Your Taxes Yet? Important Tax Deadlines for Small Businesses in 2022
With April literally right around the corner, you've probably already had a conversation or two about getting your taxes in order, especially if you have a small business. The IRS has announced that the April tax filing deadline for most small businesses is April 18, 2022. This year, income tax filing deadlines have not been adjusted due to the pandemic. Depending on the structure of your business, your deadline to file taxes may be earlier or later. Here are some key dates and information to keep in mind when filing your taxes, based on the type of business that you have.
April 18, 2022*
The deadline for C corporations, sole proprietorships (Schedule C), single-member LLCs or LLCs taxed as corporations, and individuals to file their tax returns is April 18, 2022.
This is also the last day for you to make 2021 contributions to both Traditional and Roth IRAs.
If your business is an S corporation or a partnership, your 2021 return was due on March 15, 2022.
*If you are a taxpayer of Maine or Massachusetts, your tax deadline is April 19, 2022, due to the Patriots Day state holiday.
October 17, 2022
If you received an extension on your 2021 income tax return, this is the final extended tax deadline to file individual or corporate tax returns.
2022 Quarterly Tax Deadlines for Businesses
The quarterly estimated taxes you’ll need to file depends on your business’ structure, if you're self-employed, and if your business has employees. Sole proprietors without employees do not need to file quarterly estimated tax payments.
April 18: 1st quarter 2022 estimated tax payment due.
June 15: 2nd quarter 2022 estimated tax payment due.
September 15: 3rd quarter 2022 estimated tax payment due.
October 17: Final extended tax deadline to file individual or corporate tax returns if requested by filing correct forms.
January 17, 2023: 4th quarter 2022 estimated tax payment due.
If you require more time to file your taxes, you can always apply for an extension but keep in mind, a tax extension only extends your filing deadline, meaning you still need to pay any estimated tax payments on your business’s tax deadline.
Make sure you optimize all opportunities for your business this tax season. Tax Incorp can make this process more simple and stress-free by providing you and your business personalized and streamlined back-office accounting and tax filing services.
For more information, schedule a consultation with us today.