Hello, April! After covering January, February and March, it’s time for the fourth (and final) installment in our series on tax dates small businesses need to know about. April is a huge month for tax dates, with the standout date being April 18 as the income tax deadline for both individuals and corporations.
We’ll also look beyond April to see what other dates small businesses should pencil in on their calendars this year, as well as what comes next for anyone that filed for a six-month tax extension deadline.
April 11
Just like previous months, this is the deadline for employees who work for tips. If you received more than $20 in tips at an establishment, it’s time to report the amount received. Use Form 4070 and remember that you’ll need to fill out this form once a month on the following dates in 2017:
- May 10
- June 12
- July 10
- August 10
- September 11
- October 10
- November 13
- December 11
Related: Estimate Your Business Tax in Seconds with This Online Tool
April 18
Traditionally falling on April 15, this year the deadline for filing income tax returns has been bumped to April 18 for individuals and corporations.
Individuals filing will use Form 1040, 1040A or 1040EZ and Form 4868 to request a six-month extension. If you’re self-employed, this is your due date for using Form 1040-ES to pay your first quarter 2017 estimated tax payment.
Corporations will file Form 1120 for their U.S. Corporation Income Tax Return and pay all taxes due by this date. If your corporation needs more time to file, they may request an extension with Form 7004.
Additionally, corporations will need to deposit their first payment installment for their 2017 estimated income tax. If you’re not sure how to determine your estimated tax for the year, use Form 1120-W to for extra assistance.
Are there any other tax dates I should know about?
Here is a look at upcoming quarterly deadlines and extensions small business owners should be aware of once April has ended.
June 15
It is second quarter payment time for 2017 estimated taxes! Just as you did in April, self-employed workers will file using Form 1040-ES while corporations make their second payment installment with the help of Form 1120-W to estimate the year’s tax. All tax due must be postmarked by June 15.
September 15
Third quarter payments are due for self-employed entrepreneurs and corporations (using Forms 1040-ES and 1120-W, respectively) this month.
Additionally, all Partnerships, S Corporations, and electing Large Partnerships that received six-month tax extensions will have to file a 2016 tax return this month. Partnerships will do this using Form 1065, S Corporations will file with Form 1120S and Electing Large Partnerships will use Form 1065-B. All tax due must be postmarked by September 15 and shareholders will need to receive a final copy of Schedule K-1, as well.
October 16
For individuals or self-employed workers that requested a six-month tax extension, this is your deadline for filing your 2016 income tax return. This can be done on either Form 1040, 1040A or 1040EZ, and all tax due must be postmarked by October 16. Same goes for corporations, which will use Form 1120 for filing their tax return.
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December 15
It’s the last major tax payment of the year! The final quarterly payment is the fourth installment for 2017 estimated income tax. Just as before, corporations may estimate the amount of tax due using Form 1120-W.
That covers 2017’s tax dates for both individuals and corporations — make sure that you pay on time and keep your deadlines organized to avoid paying penalties and ensure your startup stays in compliance all year long.
