A comprehensive tax deadline guide for all small business owners. Get ahead of taxes this season with the experts at Hullstone!

If you own or manage a small business, it's critical to stay on top of all the important tax deadlines in order to ensure your business remains compliant. With changes in legislation and tax regulations occurring regularly, it can be difficult for small business owners to keep up with all the new rules. To help you out, we’ve put together an overview of some of the most important and common tax deadlines that apply to small businesses in 2023. 

2022 Tax Return

Let's start with the deadline everyone should know about. 

• April 18th, 2023 – Due date for filing your 2022 Tax Return if you are a calendar year filer.

If you need more time, you can submit Form 4868 to request an extension. If accepted, you have until October 16th 2023 to file your 2022 tax return 

As a small business owner, your taxes become a bit more complicated, and it is advised that you work with a tax professional to make sure you are filing all appropriate forms associated with your business entity type. In addition, having to file more forms, you may have additional deadlines to consider. 

The additional forms and due dates to consider based on Business Entity Type: 

• March 15th, 2023 – Due date to file Form 1065 for partnerships and multi-member LLCs. 
• March 15th, 2023 – Due date to file Form 1120S for S corporations 
• April 18th, 2023 – Due date to file Form 1120 for C corporations 
• April 18th, 2023 – Due date to file Schedule C (included in your personal tax return) for sole proprietors and single member LLCs. 

Estimated Tax Payments

Now that you are a small business owner, part or all of your income is no longer being paid in the form of a payroll check, which means taxes are not being withheld on that income. To avoid a large tax payment and penalties at the end of the year, it is advised you start making quarterly Estimated Tax payments by estimating how much you anticipate you will owe in tax by the end of the year and split that up into 4 payments throughout the year. Below are the federal deadlines for the 2023 tax year to pay your estimated tax payments: 

• April 18th, 2023 – First Quarter 2023 Estimated tax payment due. 
• June 15th, 2023 – Second Quarter 2023 Estimated tax payment due. 
• September 15th, 2023 – Third Quarter 2023 Estimated tax payment due.  
• January 15th, 2023 – Fourth Quarter 2023 Estimated tax payment due. 

Depending on the state you live in, you may need to pay estimated tax payments for your state income tax as well.

Employment Tax Deadlines & Requirements

If your small business has employees or hires 3rd party contractors, then there are a few more steps than simply filing annual income tax.  

• 15th of every month – If the monthly deposit rule applies to your business, then Payroll Tax Withholdings such as Social security, Medicare, and withheld income tax is due federally.  
• April 30th, 2023 – Report Q1 payroll withholdings with Form 941 and quarterly payroll form for your respective state 
• July 31st, 2023 – Report Q2 payroll withholdings with Form 941 and quarterly payroll form for your respective state 
• October 31st, 2023 – Report Q3 payroll withholdings with Form 941 and quarterly payroll form for your respective state 
• January 31st, 2024  
  • Report Q4 payroll withholdings with Form 941 and quarterly payroll form for your respective state 
  • W-2s are to be distributed to all employees and in their hands prior to this due date
  • Certain 1099’s are to be distributed to all 3rd party contractors that you paid $600 or more in the year 2023. Additionally, you will need to file Form 1096, which is a summary of the 1099’s your company distributed for 2023, unless you filed your 1099s electronically. 
  • Report and pay Federal Unemployment tax requirements with Form 940 

The above due dates are the most common that business owners need to be aware of, however there are still more that may pertain to your business. You can read up the entire federal tax calendar here (2023 Publication 509). Additionally, all of the due dates mentioned above are federal deadlines, and there may be additional due dates and forms that you are responsible for depending on the state you live in. It is advised that you contact a tax professional that is familiar with the state and federal requirements for your business.