Many small business owners make the mistake of waiting until their annual or quarterly business taxes are due before they begin their search for tax relief. If you wait too long to start planning for your tax liability, you could find yourself in a worse situation than you were in when you filed your original return. In some cases, the Internal Revenue Service (IRS) will notify you that you are required to repay the entire amount of your tax liability rather than just a part. If you are an owner of a business, you may even find yourself in legal trouble if the IRS comes after you for the money you owe.
Because some taxpayers incorrectly believe that their yearly business tax due dates fall on different calendar dates, many mistakenly try to file their return for the most current year instead of the current date. Some businesses have single member LLCs; others have multi-national corporations. Regardless of your business structure, there are important deadlines that must be met in order to properly prepare and file your tax return. Your business tax deadlines depend on whether you filed your business taxes by one of the calendar dates or one of the irregular quarterly deadlines. However, due to certain circumstances, sometimes people in businesses may fail to file the return or meet the requirements. Tax accounting firms or a personal tax accountant can be a great help in these situations. A personal tax accountant may help people in ensuring that all their taxes are done and the accounting needs are fulfilled. This can be helpful for people in small businesses to handle their corporate taxes. Also, finding a good accountant can be vital. Nevertheless, searching for ‘tax accountant near me‘ on the internet may do the job. Coming back to the topic, here are some common business tax deadlines.
Single member limited liability company (Solo L LLC): If you did not incorporate your business, you may be able to use the ‘Solo L’ terminology to describe your entity type. The word’sole’ refers to your sole ownership; the word ‘limited’ refers to your liability (or limited liability entity) share ownership. If you incorporate your business, each member’s personal share of the company’s profits is called its ‘attributable share.’ The solo-llc designation can save you significant time and tax penalties if you file your tax return by one of the designated dates. You should check with your accountant to see if you qualify for a special designation. If you do qualify, you should obtain a certificate of administration from the IRS (form 1040).
International Filing deadline: April fifth is the international filing deadline. To be eligible, you must have made all of your U.S. taxable deposits and paid U.S. tax (together with all applicable foreign tax payments). For most common international tax situations, taxpayers are entitled to an extension. If your financial circumstances change after you filed your tax return, you should contact your tax professional for assistance. In most cases, extensions are granted for one year, although the IRS may also consider other factors including an unforeseen change in your business affairs.
Social Security Tax: You are required to pay social security taxes when you file your federal income tax return regardless of whether you are working abroad. The social security tax is based on your net income from all sources. Therefore, it does not include your social security benefits. The tax authorities require you to report all your social security taxes regardless of where you live until you complete the paperwork to file your federal income tax return for the yearbook of your filing status. The tax authorities issue a refund check to individuals who do not report all their social security taxes by the deadline.
General Tax Calendar deadline: April first is the general tax calendar deadline. You are required to file your income tax return by this date if you meet certain requirements. You must usually pay the social security tax and Medicare taxes if you are a United States citizen. Otherwise, you must file an income tax return with the Internal Revenue Service by the end of this calendar year. If you are a nonresident alien, you have to file a U.S. tax return and wait for the appropriate tax due dates for the country you reside in. The tax due dates vary by country and are listed in the individual tax booklet for the particular country you reside in.
Foreign currency tax: April 15th is the deadline for filing taxes for the current fiscal year instead of the fiscal year. If you do not file taxes for the current year by this time, you will be taxed for the entire current year. If you file taxes early, you may need to pay the tax due immediately. For example, if you do not file taxes for the five months ending on December 31st, you may need to pay the tax due on January 1st.
If you are a small business owner or a sole proprietor, you should consider these tax deadlines carefully to ensure you file your taxes on time and without penalties and/or excessive interest. Business owners should keep records of their filings with the IRS. This includes personal information like phone numbers and addresses. If you are late on your tax returns, you may have to pay a significant penalty.