Startups and Small Businesses Tax Deadlines Cheat Sheet

There are lots of considerations for any new startup entering the market. While these are all important, there is one consideration often ignored. Any startup looking to have a successful year, or move into its second one, must consider taxes and tax deadlines. There are lots of very complicated questions to answer in relation to taxes. Although there are also some simple ones. Listed below are the answers to one of the most simple questions. When are the most important tax deadlines?

The first and one of the most important tax deadlines for startups is March 15th. This is the due date for S-corp and partnership filing or extension. Small businesses and startups are very commonly S-corps or partnerships. Failing to file can be particularly harmful not only due to the size but the harsh expenses. These expenses can hit each partner each month. The due date is early, but that’s exactly why extensions are expected at the same time.

At the same time as filing, S-corp and C-corp elections are due on March 15th. This will make the standard of taxation clear for each business. S-corps have the business partners move the profits and expenses through themselves. C-corps are publicly traded with shareholders. These each have strengths and weaknesses, but to be recognized, they must submit their election. 

March Tax Deadlines

March 31st is the due date for eFiling, specifically for 1097, 98, and 99’s. This comes after the paper filing deadline in late February. Paper filing will always come first chronologically, but it’s also important to consider the tax deadlines of any filing corporation. Opting to have someone professionally file can be very practical. The only problem is these businesses tend to have even earlier tax deadlines. This means they may have personal deadlines much earlier than the government deadlines.

Following the March deadline, the first and most important deadline is Tax Day itself. April 18th is when filing or extensions are due for individuals, LLCs, and C-corps. While extensions move the filing date all the way out to October, make sure to get those extensions in, especially if that process is happening through a business.

Tax Day Is Coming

Tax Day is also really important because it’s when the first quarter of tax payments is due. Corporations are expected to pay estimated taxes when they hit their first year of profitability. This means payments made in April, June, and September of this year as well as January in 2024. While not all corporations are paying these estimated taxes, it’s good to be prepared for when a business becomes profitable. 

In Conclusion

And those are the major tax deadlines to keep in mind. While not every deadline will apply to every business or startup, it’s essential to know which do. Tax penalties can vary by state or business but tend to be devastating for new businesses. This is why it’s so important to know when and how to file. Not only to keep penalties away but also to ensure the business is taxed properly. The election due date is just as important as any extension or filing due date.

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