When Are Small Business Taxes Due to the IRS?

by Ann Deiterich

Everyone knows that April 15 is tax day for individual filers; however, small businesses are required to file and pay taxes throughout the year. It's important to know when payments are due to avoid penalties and late fees.

Quarterly Payments

If you operate a small business or are self-employed, you must file quarterly tax returns. These returns and payments are due one month after the end of the quarter (April 30, July 31, October 31 and January 31 of the following year.)

Types of Tax

You must pay income tax, social security and Medicare taxes (FICA) and federal unemployment tax (FUTA). When you withhold taxes from your employees, these taxes must be deposited semi-weekly or monthly depending on your payroll calendar.

Required Forms

Form 941 is used to report your quarterly return. It is due within one calendar month after the end of the quarter. Annual reports are due one month after the end of the calendar year. These include: Form 940 (Federal Unemployment Tax Return), Form 943 (Federal Tax Return for Agricultural Employees), Form 944 (used in place of 941 for the "smallest employers who have a combined liability [social security, Medicare, income tax] of $1000 or less"), and Form 945 (used to report income tax withheld on non-payroll items, which include "backup withholding, withholding on pensions, annuities, IRAs, and gambling winnings and payments of Indian gaming profits to tribal members.")

Holidays

If the due date falls on a weekend or legal holiday, you must pay on the next day that is not a weekend or legal holiday. For example, if your due date falls on a Saturday, payments are due the following Monday.

Online Calendar

IRS provides an annual calendar with itemized deposits and due dates. It can be found in the link below in the Resource Section. You can also order a hard copy version at www.IRS.gov or by calling (800) 829-3676.

About the Author

Ann Deiterich has been a writer since 1984 in business-to-business communications, specializing in TQM, business/financial topics, office management and production efficiency. As an environmental proponent, nature and science are her areas of interest. Deiterich holds a Bachelor of Arts in English from Albright college and has three expert rating certifications including Grammar, Words/Phrases and Advertising Skills.

Photo Credits

  • Image by Flickr.com, courtesy of Eliazar Parra Cardenas