10 Key Tax Deadlines for Your Small Business in 2023: Get Ahead of the Game Right Now

As a small business owner, tax season can be a daunting time of the year. To help ease the stress, it's important to stay organized and plan ahead. By understanding the key tax deadlines for 2023, you can get ahead of the game and ensure your small business stays on track.

1. LLC Filing Deadline: March 15th

For those small businesses that operate as Limited Liability Companies (LLCs), the filing deadline is March 15th. LLCs are considered pass-through entities, which means any profits or losses are reported on the owner's personal tax return. It's important to make sure all necessary documents are filed on time.

2. First Quarter Estimated Tax Payment: April 15th

Small businesses are required to make estimated tax payments throughout the year. The first payment is due on April 15th for the first quarter. This payment is based on the previous year's tax liability and estimated current year earnings. Failure to make these payments can result in penalties and interest.

3. Personal Tax Filing Deadline: April 15th

For small business owners who file their taxes as individuals, the personal tax filing deadline is also April 15th. It's important to note that any profits or losses from the small business will be reported on the personal tax return.

4. Second Quarter Estimated Tax Payment: June 15th

The second estimated tax payment is due on June 15th for the second quarter. Again, this payment is based on the previous year's tax liability and estimated current year earnings. It's important to stay on top of these payments to avoid penalties and interest.

5. Payroll Tax Filing Deadline: July 31st

Small businesses with employees are required to file quarterly payroll tax returns. The deadline for the second quarter is July 31st. This includes reporting wages, tips, and other compensation paid to employees, as well as any payroll taxes withheld.

6. Third Quarter Estimated Tax Payment: September 15th

The third estimated tax payment is due on September 15th for the third quarter. Again, this payment is based on the previous year's tax liability and estimated current year earnings. It's important to stay on top of these payments to avoid penalties and interest.

7. Payroll Tax Filing Deadline: October 31st

The deadline for the third quarter payroll tax return is October 31st. It's important to make sure all necessary payroll taxes are paid and accurately reported.

8. Fourth Quarter Estimated Tax Payment: January 15th

The final estimated tax payment is due on January 15th for the fourth quarter. Again, this payment is based on the previous year's tax liability and estimated current year earnings. It's important to stay on top of these payments to avoid penalties and interest.

9. Business Tax Filing Deadline: March 15th

The filing deadline for small businesses that file as corporations is March 15th. It's important to make sure all necessary documents are filed on time.

10. Personal Tax Filing Extension Deadline: October 15th

If you need more time to file your personal tax return and are unable to meet the April 15th deadline, you can file for an extension. The extension deadline is October 15th, but it's important to note that this extension only extends the time to file, not the time to pay any taxes owed.

Conclusion

Staying on top of tax deadlines is essential for any small business. By planning ahead and staying organized, you can avoid penalties and interest, and ensure your small business stays on track. Remember to consult with a tax professional if you have any questions or concerns.