2017 Small Business Tax Calendar: Dates You Need to Know
Small Business Tax: Is it already that time of the year again? If you’re wondering why things seem to be moving so fast, that’s because the IRS has changed a few things around, moving a few deadlines closer to the beginning of the year.
We’ve collected all the important small business tax deadlines on this calendar. Here’s to the hard work (numerical and otherwise) it takes to run your own successful business.
January 16, 2017
Deadline for 4th quarter estimated tax payments for 2016.
Who’s it for?
Self-employed individuals or businesses that need to make quarterly tax payments.
February 1, 2017
Deadline to send out W-2 for your employees and 1099s for your contractors, and file to the IRS (either electronically or on paper).
Who’s it for?
Form W-2: If your business has employees, you will need to submit copies of their W-2s to the IRS.
Form 1099: If your business employs independent contractors, you will need to submit copies of their 1099s to the IRS. (Read below for exceptions.) Here’s how to prepare 1099s for your contractors.
- To determine which form to send, reference this 1099 vs. W-2 calculator.
- Beginning with 2016 tax returns, the IRS has changed filing deadlines for W-2s and 1099s, combining them into a single deadline earlier in the year.
- If you’re filing Form 1099-MISC and Box 7 (Nonemployee Compensation) is empty, you may file the return on February 28.
February 28, 2017
Deadline for mailing mail out Forms 1099 to the IRS on paper. (Provided you’re not required to meet the earlier February 1 deadline.)
Who’s it for?
Form 1099: If your business employs independent contractors, you will need to submit copies of their 1099s to the IRS.
March 15, 2017
Deadline for corporate tax returns: Forms 1120, 1120S, and 1065.
Who’s it for?
Form 1120: If you’re a C-corporation, where shareholders are taxed separately from the business.
Form 1120S: If you’re an S-corporation, where shareholders are taxed for profits.
Form 1065: If your business is in a partnership.
- This is also the final deadline to request a 6-month automatic extension. To do so, you must file Form 7004 and cite an estimated tax.
- If you want to register your business as an S-corporation beginning in the 2017 calendar year, you must file Form 2553 by this date.
- Read more about the difference between C-corp and S-corp.
March 31, 2017
April 18, 2017
Tax Day
For self-employed individuals:
Deadline for individual tax returns using Forms 1040, 1040A, 1040EZ.
For C-corporations:
Final date to make payments for the 2016 calendar year, and to deposit the first installment of taxes for 2017.
- Last day to make a contribution to your traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, or solo 401(k) for the 2016 tax year.
- Individuals: To request an automatic 6-month extension, file Form 4868. Remember, you must still make an estimated tax payment by April 18.
Who’s it for?
Forms 1040, 1040A, 1040EZ: If you’re an individual filing your earnings for 2016.
June 15, 2017
September 15, 2017
Deadline to make estimated tax payments for the 3rd quarter of 2017.
If you requested an extension, this is your final deadline to file corporate tax returns for 2016 using Forms 1120, 1120A, and 1120S.
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October 16, 2017
Self-employed Individuals:
If you requested an extension, this is your last day to file tax returns for 2016 using Forms 1040, 1040A, and 1040EZ.
C-corporations:
If you requested an extension, this is your last day to file tax returns for 2016 using Form 1120.
This is the final day the IRS will accept an electronically filed tax return. If you miss the deadline, you will have to file by paper.
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December 15, 2017
Deadline to make estimated tax payments for the 4th quarter of 2017.
So, did you mark your calendar? If not, here’s yet another reminder to do so. It may be tedious now, but you’ll thank yourself later. And from us to you, a big round of cheers for running your business for another year. As you know too well, it doesn’t happen on its own after all.
If you need a hand estimating quarterly taxes, tracking mileage and expenses and paying or collecting invoices, QuickBooks can help.
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