Business tax deadline 2022: When are the business tax filing deadlines? (2022)

Filing taxes is hard enough when you only have your own payments to worry about. When you own a business, filing taxes becomes more complicated.

If you’re wondering when your business taxes are due, read on: You'll find all the important business tax deadline dates below.

📝 Table of contents
  • What is the business tax deadline for 2022?
  • Corporate tax deadline: when are corporate taxes due?
  • Partnership and S-corporation tax deadline
  • LLC tax filing deadline
  • Quarterly payroll taxes for employers
  • Requirements for federal excise tax
  • Save hours of admin time with Wise Business

What is the business tax deadline for 2022?

The main tax date in 2022 will be April 18th. Individuals, sole proprietors, and C corporations need to file their taxes by this date. The main ‘tax day’ usually falls on April 15. However, April 15, 2022, is Emancipation Day.

Residents of Maine and Massachusetts have until April 19th, as April 18th is also a legal holiday (Patriots’ Day).¹

Depending on the type of business you run and what your primary source of income is, you may have different business tax filing deadlines.

Income tax for individuals, business owners and businesses

All individuals, business owners and businesses will need to file income tax. The type of income tax deadline you need to pay attention to varies by the type of business you own and the state in which you operate.

If you are a calendar year taxpayer, use the following dates for income tax payments/estimated tax payments:¹

  • January 18: is the final installment date for 2021 estimated tax payments. This applies to individuals who did not make a payment for estimated tax for the last quarter of 2021. Use Form 1040-ES. Farmers or fishermen who have not paid by January 18th must file the 2021 return and pay all taxes due by March 1, 2022. Without doing so, an estimated tax penalty may be charged.

  • January 31: All businesses give annual information statements to the recipients of certain payments made throughout 2021. These payments include cash payments for fish, rent, royalties, retirement plan distributions, and more.

  • April 18: quarterly tax payment due for the first quarter if following the calendar year.

  • June 15: quarterly tax payment due for the second quarter, if following the calendar year.

    (Video) When Are Taxes Due in 2022? | Tax Deadlines and Important Dates

  • September 15: quarterly tax payment due for the third quarter if following the calendar year.

If you are following a different fiscal year, you will need to change some of your income tax estimated payment dates.

Individuals and certain types of businesses have the opportunity to set their fiscal years to different dates compared to the calendar year. Not all types of business are able to do so.

For these individuals and businesses, estimated tax payments will instead be due on the 15th day of the fourth, sixth, and ninth months of your tax year, as well as the 15th day of the first month after your tax year ends.

This roughly coincides with the same quarter lengths as if you followed the calendar year for your business.²

Business tax deadline 2022: When are the business tax filing deadlines? (2)

Employment tax

Employment taxes must be made if you are an employer and pay one or more employees in wages, tips, or other compensation.

All of your payroll withholdings and employment tax payments must be submitted either semi-weekly or monthly. This is based on your filing status.

Monthly deposit schedule: Deposit your employment taxes by the 15th day of the following month.

Semi-weekly schedule: Deposit taxes for payments made on Wednesday, Thursday, and Friday by the following Wednesday. Taxes for payments made on Saturday, Sunday, Monday, and Tuesday must be made by the following Friday.

Important employment tax dates are as follows:³

  • January 31: file Forms 940, 943, 945, and Copy A of all paper forms for W-2s, Wages and Tax Statements, as well as Form W-3, Transmittal of Wage and Tax Statements. Additionally, file Copy A of Form 1099 and 1096

  • February 28: file Copy A of paper Form 1099 with 1096, as well as paper Form 8027

  • March 31: file electronic Form 1099 as well as electronic Form 8027 with the IRS

    (Video) Corporate Tax Filing Deadlines for the 2021 Tax Season | 2022 Tax Deadlines

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Nonemployee compensation

Your business may also make payments to “nonemployees”. These are services performed for your business by a person who is not treated as an employee.

Note that you only need to pay taxes for nonemployee compensation if you pay them $600 or more. If you do:

  • January 31: file Form 1099-NEC each year

Excise tax

Business owners must also pay excise taxes, which are imposed on goods, services, and other activities. All excise taxes are paid either monthly, quarterly, or annually.⁴ This depends on industry-specific requirements.⁵

Business tax deadline 2022: When are the business tax filing deadlines? (3)

Corporate tax deadline: when are corporate taxes due?

If your business counts as a corporation, you must also navigate extra tax deadlines and forms.

Your corporate taxes will be due at different times depending on the structure of your corporation.

If you have a C-corporation (a corporation where the owners or shareholders are taxed separately from the company entity), your deadlines are typically:

  • April 18, 2022, if your corporation is a calendar year taxpayer

If your corporation operates on a fiscal year, your tax deadline is the 15th day of the fourth month following the end of your fiscal year.

In all cases, file IRS Form 1120.

2022 estimated income tax for corporations

If you have a corporation and need to pay estimated income tax, you follow the same basic estimated income tax due dates as other entities. These dates are:⁶

  • April 18 for the first quarter
  • June 15 for the second quarter
  • September 15 for the third quarter
  • December 15 for the fourth quarter

Partnership and S-corporation tax deadline

Naturally, partnerships and S-corporations have different tax deadlines as well.

(Video) When Are Taxes Due in 2022 Tax Deadline and How to File For Free

For S-corporations operating on a calendar year:

  • March 15, 2022: regular tax deadline. File Form 1120-S
  • September 15, 2022: extended tax deadline - only if you request an automatic 6-month extension. File Form 1120-S.

For S-corporations with a different fiscal year:

  • The 15th day of the fourth month following the end of the corporation’s tax year. Corporations with a fiscal tax year ending June 30 must file by the 15th day of the 3rd month.⁷

If your business is any kind of partnership operating on a different fiscal year from the calendar year, your business’s tax deadline is the 15th day of the third month following the end of your fiscal year.

If you follow the calendar year, this would be March 15, 2022. File Form 1065 in any case.

LLC tax filing deadline

LLCs are company structures that provide various financial and legal benefits for their owners.

By default, LLCs are not treated as corporations, although you can elect to have them be treated as such and receive different tax dates.

If you choose to treat your LLC as a corporation, your tax dates are:

If you choose to run your LLC as a sole proprietorship:

The IRS taxes you like an individual. Your income and expenses are therefore reported on your personal tax return.

Without an extension, the personal tax return is due on April 18. File Form 1040, and you’ll be good to go.

Business tax deadline 2022: When are the business tax filing deadlines? (4)

Quarterly payroll taxes for employers

If you employ one or more people in your business, you should file Form 941, Employer’s Quarterly Federal Tax Return. Then deposit your taxes on the following dates:⁸

(Video) Upcoming Tax Deadlines Tax Season 2022 to Avoid IRS Tax Penalties

  • April 30 for first quarter
  • July 31 for second quarter
  • October 31 for third quarter
  • January 31 for fourth quarter of the previous calendar year

The IRS gives you an additional 10 calendar days to file your return if you deposit all your taxes before they are due.

Requirements for federal excise tax

Pay special attention to which types of excise tax forms you may be required to file.

  • File Form 720 if you are required to pay quarterly Federal excise tax returns
  • File Form 11-C if you need to file for wagering income
  • File Form 2290 if your business uses heavy highway vehicles

Furthermore, you must file these forms each quarter of the calendar year, with due dates as follows:

  • April 30 for first quarter
  • July 31 for second quarter
  • October 31 for third quarter
  • January 31 for fourth quarter of the previous year

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Sources:

  1. IRS tax dates - Page 1
  2. IRS tax dates - fiscal year - Page 5
  3. IRS - Employment tax due dates
  4. IRS - Excise tax
  5. IRS - Excise tax overview
  6. IRS estimated income tax
  7. IRS - S-corporation - Page 5
  8. IRS - Payroll tax

All sources checked January 3, 2022.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

(Video) 2022 TAX DEADLINE - 2022 Tax Return

FAQs

What is the due date for company tax returns? ›

Read more news on
Status of taxpayerDue date
Taxpayers whose accounts are required to be audited: A company An individual or other entities whose accounts are required to be audited (like proprietorship, firm etc.) A working partner of a firmOctober 31 of the relevant assessment year
2 more rows
29 Jul 2022

What is January 2022 tax deadline? ›

The Self Assessment tax return deadline is on 31 January each year. This means that the deadline for filing your 2020-21 taxes is on 31 January 2022.

What is the tax year for a limited company? ›

The year end date will be the end of the month in which the company was set up. For example if the company was set up on 5 March 2021 then the year end will be 31 March and the first accounts will be prepared to 31 March 2022.

What is the accounting period for corporation tax? ›

Your 'accounting period' for Corporation Tax is the time covered by your Company Tax Return. It can't be longer than 12 months and is normally the same as the financial year covered by your company or association's annual accounts.

What is the due date for tax filing FY 2021/22 AY 2022 23? ›

On or before the 31st of December of the Assessment Year, you can file a belated return. Once this deadline has past, taxpayers will not be able to file any returns. If the return was missed due to an unforeseen circumstance, you can ask your A.O. asking for permission to file past returns under Section 119.

How do I file a return after 31st March 2022? ›

However, for FY 2020-21 onwards, belated return can be filed 3 months before the end of the relevant assessment year or completion of assessment, whichever is earlier. Hence, the last date to file belated return for the FY 2020-21 is 31st December 2021 (extended to 31st March 2022 specifically for FY 2020-21).

When can I file my 2022 23 tax return? ›

When does the 2022/23 tax year start? The 2022/23 tax year begins on 6 April 2022 and ends on 5 April 2023.

When can I submit my 2021/22 tax return? ›

A tax return for the 2021-22 tax year can be submitted from 6th April 2022 onwards.

What to do if you're being taxed and should not be? ›

You can call HMRC and update them with your current circumstances. If they agree that your tax code is wrong, they will update their records and send new tax code notices out to your employer. You can call HMRC on the Self Assessment Helpline on 0300 200 3310 – you will need your national insurance number to hand.

Do you have to pay tax in your first year of business? ›

You will be paying Income Tax on the profits that you earn from the business. You will deduct all the expenses that were incurred in the running of the businesses such as transport cost, printing and stationery from your income (sales).

What is a business year-end? ›

Key Takeaways

Fiscal year-end refers to the completion of a one-year, or 12-month, accounting period. If a company has a fiscal year-end that is the same as the calendar year-end, it means that the fiscal year ends on Dec. 31.

What is the business tax filing deadline for 2021? ›

Corporate income tax returns

Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month extension by filing Form 7004 and submitting a deposit for the amount of estimated tax owed.

Can I submit my Corporation Tax return myself? ›

You can file your company's corporate tax return yourself or get an accountant to prepare and file it for you.

How much is a business tax return? ›

Fees for a corporate tax return (Form 1120) cost about $913. If your tax situation is complex, or you need to file additional IRS forms, additional fees could apply. For example, if you're self-employed, the average cost for Schedule C is $192.

How do I submit my company tax return? ›

How to submit your Income Tax Returns for Companies ITR14 on ...

Which ITR can be filed by an individual having business income? ›

Please note that Form ITR-4 (SUGAM) is not mandatory. It is a simplified return form to be used by an assessee, at his / her option, if he / she is eligible to declare Profits and Gains from Business or Profession on presumptive basis under Section 44AD, 44ADA or 44AE.

How do I file my 2022 23 tax return online? ›

On the menu tab, choose E-File > Income Tax Returns > File Income Tax Returns. If you want to file IT returns for the financial year 2021-22, you must choose Assessment Year (AY) 2022-23. Under mode of filing, choose 'Online' and then click on 'Continue'. Choose the type of your ITR form like ITR-1 or ITR-2, etc.

How can I file my return after due date? ›

An assessee who files a belated return can claim a refund. One who files ITR-U can't.” While furnishing belated ITR, select the option 'Filed under Section 139(4)—After the due date'. Remember that a belated return filed under Section 139(4) can be revised.

What is the penalty for late filing of income tax return? ›

In case you have missed the due date for filing ITR, you can file a belated return on or before December 31, 2022 of the assessment year. A penalty of Rs 5,000 is levied for the delay in return filing.

How much is the fine for filing taxes late? ›

A late filing fee/penalty for filing belated ITR is levied under section 234F of the Income-tax Act, 1961. As per the law, a late filing fee of Rs. 5,000 will be levied on individuals who file belated ITR.

What is the time limit for belated return? ›

Now, a belated return can be filed at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. Till FY 2019-20 (AY 2020-21), an individual could file the belated ITR till March 31 of the assessment year.

How often do businesses pay VAT? ›

Most businesses need to complete VAT returns quarterly. They must usually be completed and submitted within one month and 7 days of the end of the relevant period and payment made at the same time.

Is there an extension on tax returns? ›

To request an extension to file your federal taxes after April 18, 2022, print and mail Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. We can't process extension requests filed electronically after April 18, 2022. Find out where to mail your form.

What are the dates for this tax year? ›

The 2021/22 tax year begins on 6 April 2021 and ends on 5 April 2022.

When can I submit self assessment? ›

You have to file your Self Assessment by 31st January after the end of the tax year it applies to. Tax years run from 6th April to 5th April. You don't have to wait, though. If you're employed, you can submit your Self Assessment as soon as you receive your Form P60 from your employer.

How much can a retired person earn without paying taxes in 2022? ›

In 2022, this limit on your earnings is $51,960.

We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.

How much can you make without paying taxes over 65? ›

For retirees 65 and older, here's when you can stop filing taxes: Single retirees who earn less than $14,250. Married retirees filing jointly, who earn less than $26,450 if one spouse is 65 or older or who earn less than $27,800 if both spouses are age 65 or older.

Do you pay tax on state pension? ›

How is tax collected from my state pension? The state pension is taxable income, but you receive it gross. This means no tax is deducted at source (that is, before it is paid to you) from the state pension.

How much can a small business earn before paying tax? ›

For the 2019-20 financial year, the tax-free threshold for individuals is $18,200. If your business is structured as a company, you're required to pay tax on every dollar the company earns.

Do you have to pay tax on a small business? ›

Tax you need to know about. Income Tax: if you're a sole trader then you'll pay income tax on your business's profits. If your business is your only source of income then you'll only pay tax after you reach the personal allowance. If you have another job, you may reach the limit and start paying income tax sooner.

Does a business pay tax on gross or net profit? ›

For Tax Reporting

For all business legal types, the amount of tax the business pays begins with the calculation of net earnings. If you are self-employed, your net earnings from self-employment are used to calculate your Self-employment Taxes.

When should my LLC fiscal year end? ›

The LLC fiscal year is the calendar year that limited liability companies choose as their tax year. Generally, most companies choose a fiscal year ending on December 31, which coincides with the taxable year for individual tax returns.

When should my business fiscal year end? ›

The tax years you can use are: Calendar year - 12 consecutive months beginning January 1 and ending December 31. Fiscal year - 12 consecutive months ending on the last day of any month except December.

Is a trade name the same as a business name? ›

A trade name is the name your business is commonly known as or the name you use when advertising or doing business. A trade name is also called a DBA (doing business as) name.

What is the extended due date for LLC tax returns? ›

With an extension, the deadline for filing is September 15. Shareholders must submit their Schedule K-1 as part of their personal income tax return by April 18.

What happens if you miss partnership tax deadline? ›

The penalty is 0.5% of the tax not paid by the due date. This late payment penalty applies every month or part of a month that your payment is late until your tax bill is paid in full or until the penalty reaches 25% of the tax owed.

Do I need an accountant for corporation tax? ›

While there is no legal requirement for limited companies to use an accountant there are many benefits in doing so, such as completing your annual accounts and company tax return. They can also take care of tax registration for new companies.

What is the corporation tax rate for 2022? ›

Corporation tax rate increase to 25% will not go ahead, so the rate will remain at 19% Planned Health and Social Care Levy of 1.25% from April 2023 will be abolished.

Do business owners file personal taxes? ›

Most small business owners file their personal and business taxes together. The Ascent shows you how to file your business and personal returns depending on your business type. Whether you're a person or a business, you have to file your taxes.

Will I get a tax refund if my business loses money? ›

A common business accounting question that tax practitioners often hear from small-business clients is “Why doesn't my business get a tax refund?” Taxpayers, in general, receive a refund only when they have paid more tax than was due on their return. The same is essentially true of businesses.

How much tax do I pay on 20000 a year self employed? ›

Here's an example of how these calculations might work: Say you earned a net income of $20,000 last year while working as a freelance photographer. To determine your self-employment tax, multiply this net income by 92.35%, the amount of your self-employment income subject to taxes. This gives you $18,740.

What is the due date for company tax returns? ›

Read more news on
Status of taxpayerDue date
Taxpayers whose accounts are required to be audited: A company An individual or other entities whose accounts are required to be audited (like proprietorship, firm etc.) A working partner of a firmOctober 31 of the relevant assessment year
2 more rows
29 Jul 2022

How long do I have to submit my company tax return? ›

Corporation tax return due, 12 months after a company's accounting period.

When can I file 2022 taxes? ›

When to file your tax return. Officially, the new financial year starts on July 1, 2022, which is technically the first day you can lodge your tax return. However, it's not necessarily the best time to do it.

What is the deadline for corporate tax returns 2021? ›

Corporate income tax returns

Companies have until April 15, 2021 to submit corporate tax returns for income received in 2020. Businesses may use Form 1120 or request a six-month extension by filing Form 7004 and submitting a deposit for the amount of estimated tax owed.

What is the corporate tax extension deadline for 2021? ›

September 15, 2021 is also the extended tax-filing deadline for S Corporations, partnerships, and multi-owner LLCs. And October 15, 2021 is the extended tax-filing deadline for single-owner LLCs, sole proprietors, and other corporations that filed for a tax extension.

What are the VAT quarters 2022? ›

Deadlines for submitting VAT returns 2022/23
7 April 2022Deadline for VAT returns and payments of Accounting Quarter period ending 28 February 2022
7 November 2022Deadline for VAT returns and payments of Accounting Quarter period ending 30 September 2022
10 more rows
1 Apr 2022

What is the Corporation Tax rate for 2022? ›

Corporation tax rate increase to 25% will not go ahead, so the rate will remain at 19% Planned Health and Social Care Levy of 1.25% from April 2023 will be abolished.

Will the IRS extend the tax deadline in 2022? ›

To request an extension to file your federal taxes after April 18, 2022, print and mail Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. We can't process extension requests filed electronically after April 18, 2022.

What is the extended due date for C corporations? ›

As a reminder, the extended due date to file Form 100, California Corporation Franchise or Income Tax Return, is the 15th day of the 11th month after the close of the C Corporation's taxable year. For C Corporations operating under a calendar year, the 2020 taxable year extended due date is November 15, 2021.

What is the due date for 7004? ›

Form 7004 Deadline

Corporation income tax returns are always due by the 15th day of the third month after the tax year closes. For corporations that maintain their books and records using the calendar year, the deadline is always March 15.

Can you file an extension for corporate tax returns? ›

Corporations are allowed an automatic seven-month paperless extension of time to file their returns if they both: Are in good-standing with both Franchise Tax Board and the California Secretary of State on the original due date of the return. File their returns by the extended due date of the return.

Can you file form 7004 late? ›

There is no penalty for not filing the Form 7004 as it is a form that business owners can elect to file but it is not required. However, the IRS will not grant an extension to those who fail to file the extension before the original deadline of the form they wish to extend.

What happens if you submit a VAT return late? ›

If you miss the deadline for submitting your return HMRC will record a 'default' on your account. Once you've defaulted, you'll begin a 12 month 'surcharge period'. A surcharge is an extra amount on top of the VAT you owe.

How often do businesses pay VAT? ›

Most businesses need to complete VAT returns quarterly. They must usually be completed and submitted within one month and 7 days of the end of the relevant period and payment made at the same time.

How do companies file VAT returns? ›

Broadly, filing VAT return is a 4-step process. First, you need to download the latest VAT return Excel format, next you need to complete the excel format by mentioning details in relevant sheets, then generate the zip file and finally, upload the zip file into the iTAX portal.

What is the new dividend tax rate? ›

Legislation introduced in the Finance Bill 2021-22 to raise the rates of income tax applicable to dividend income by 1.25 per cent. The dividend ordinary rate will be set at 8.75 per cent, the dividend upper rate will be set at 33.75 per cent and the dividend additional rate will be set at 39.35 per cent.

What are the new income tax changes? ›

Earlier this year, the Finance Minister Nirmala Sitharaman proposed a 1% tax deducted at source (TDS) on any payment made in exchange for the transfer of virtual digital assets (VDAs), often known as cryptocurrency and non-fungible tokens (NFTs).

What will tax cuts mean? ›

a reduction made by the government in the amount of tax that people pay.

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