Quarterly Tax Returns

     

     If you make quarterly tax payments, the due date for the 2nd quarter is fast approaching; June 15. There are a few possibilities that mean you are required to make quarterly tax returns.

1. Self-Employed sole proprietor filing Schedule C.  As part of your personal return, you may be required to make quarterly estimated income tax payments.  Use Form 1040-ES.  Your payments will be in compliance with the federal “pay as you go” system and will save you from any underpayment penalties that you may incur even if you pay the full balance by April 15.  These payments include federal income taxes as well as self-employment taxes.

2. Payroll taxes.  You must issue and withhold taxes from any employee paychecks.  You are given a certain timeframe to pay, usually using Form 941.  They must be paid one month after each quarter.  The next deadline coming up is July 31.

 

3. Some LLCs, S Corporations, partnerships.  If you’re performing services for your company, you are required to pay yourself “reasonable compensation.”  That means giving yourself a paycheck and filing payroll taxes.

     Make sure you’re in compliance before the next quarterly due date!   

March Tax Deadlines

For those small corporations, March 16th is an important date to remember.  Here are a couple things you need to have your tax filings up to date for the month of March.

March 16

Form 1120— File and pay a 2014 income calendar year income tax return.  

Form 7004— It is an Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns.  This form give you a 6 month extension to file, make sure you deposit an estimated amount of what you owe.

Form 2553— S Corporation Election.  Its the form small businesses need to elect themselves to be treated as S Corporations beginning in calendar year 2015.  If this form is filed late, treatment as an S corp won’t begin until calendar year 2016.

Form 1120S— S Corporations need to file and pay a 2014 calendar year income tax return.  They also must distribute the schedule K1 (1120S) to each shareholder.

Form 1065B— Electing Large Partnerships.  Provide each partner with a schedule K1 (1065B).  This due date still applies even if the partnership is filing for an extension (Form 7004).

March 31

If you have missed the March 2 deadline, all forms below must be filed electronically by March 31.

1097, 1098, 1099, 3921, 3922, W-2G

See publication 1220 for filing these forms electronically.