Small Business Tax Deadlines for LLCs and Sole Proprietors 2022-2023
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The business tax deadline for federal tax returns for sole proprietorships and C corporations is April 17, 2023, but the deadline is March 15, 2023 for partnerships, multimember LLC and S corporations. A tax extension generally provides six more months to file but not more time to pay.
That on reason knowing what you need to file — and when — will help you avoid costly IRS penalties and interest. Here are some of the major business deadlines to circle on the calendar.
Business tax deadlines for federal tax returns
Sole proprietorships: Schedule C and personal tax return (IRS Form 1040) due April 17, 2023.
Partnerships: IRS Form 1065 due March 15, 2023.
Multimember LLCs: IRS Form 1065 due March 15, 2023.
S-corporations: IRS Form 1120S due March 15, 2023.
C-corporations: IRS Form 1120 due April 17, 2023.
Business tax extension deadlines
If you need more time to file, you may be able to get a tax extension. You must request an extension on or before the regular filing deadline. If you get a tax extension, the filing deadline changes to the following:
Sole proprietorships: October 16, 2023.
Partnerships: September 15, 2023.
Multimember LLCs: September 15, 2023.
S-corporations: September 15, 2023.
C-corporations: October 16, 2023.
Important notes about business tax extensions:
Sole proprietors and owners of certain single-member LLCs use IRS Form 4868 to get an extension. (Good tax software should be able to handle this.) Corporations, LLCs, and partnerships use IRS Form 7004 to get an extension.
An extension gives you more time to file but it does not give you more time to pay. You typically have to pay any taxes you owe by the initial deadline to avoid penalties.
If you can't afford your tax bill, the IRS offers installment plans that may let you pay your bill over time.
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Deadlines for estimated tax payments
The IRS follows a pay-as-you-go system for taxes. S-corporations or C-corporations that expect to owe more than $500 in taxes, as well as individuals who expect to owe more than $1,000 in taxes should make quarterly estimated tax payments (along with filing a tax return annually).
Employment tax deadlines
Federal Unemployment Taxes (FUTA)
If your FUTA tax liability is more than $500 for the calendar year: You have to make at least one quarterly payment. The quarterly deadlines are the last day of the month after the end of the quarter.
If your total FUTA tax liability for the year is $500 or less: You can either deposit the amount or pay the tax with your Form 940 by January 31.
If your FUTA tax liability is $500 or less in a quarter: Carry it forward to the next quarter or until your cumulative FUTA tax liability is more than $500.
Form 941 deadlines
Form 941, "Employer's Quarterly Federal Tax Return," is for reporting wages you paid and tips your employees reported to you, as well as employment taxes (federal income tax, Social Security and Medicare taxes you withheld, on top of your share of those Social Security and Medicare taxes).
You file Form 941 quarterly. The deadline is the last day of the month following the end of the quarter.
May 2, 2022.
August 1, 2022.
November 30, 2022.
January 31, 2023.
Note: Some employers with small payrolls can file Form 944 once a year instead of Form 941 quarterly if their annual employment tax liability is $1,000 or less. Form 944 generally is due on January 31 of the following year. IRS Topic No. 758 has the details.
Federal Insurance Contributions Act (FICA)
Small business owners must remit income tax withheld from employees’ paychecks, as well as the employee and employer shares of Medicare and Social Security taxes. For FICA, businesses follow either a monthly or semiweekly deposit schedule.
Generally, businesses that paid $50,000 or less in employment taxes must deposit monthly. Each payment is due by the 15th of the following month.
Businesses that paid more than $50,000 in employment taxes must deposit semiweekly. Deposit taxes for payments made on Wednesday, Thursday or Friday by the following Wednesday. Deposit taxes for payments made on Saturday, Sunday, Monday or Tuesday by the following Friday.
Businesses must use electronic funds transfer (EFTPS) to make federal tax deposits.
Deadlines for employee and contractor tax forms
Deadline to send out W-2s
The annual deadline to file W-2s is January 31.
You can send W-2 forms by regular email or make them available digitally, though employees can request a paper copy.
Provide these forms late, and the IRS can hit you with penalties anywhere from $50 to $580 per employee, depending on how late you were.
Deadline to send out 1099s
If you worked with independent contractors during the tax year, you may need to send them a Form 1099-NEC by January 31. The same penalties and deadlines that apply for W-2 forms apply for 1099s.
