Without fail, at the beginning of every calendar year, we are contacted by both businesses and individuals to inquire about, or rather, confirm tax deadlines. Because Washington D.C. observes the April 16th holiday, Emancipation Day, which happens to fall on a Saturday this year, the holiday will instead be observed the day prior, April 15th, which will move the tax deadline to Monday, April 18, 2022.
However, it is important to note that tax filing deadlines this year have not been changed due to the pandemic. So, for the most part, with the exception of the March 15, 2022 deadline to file business tax returns for S corporations, partnerships, or LLCs that are taxed as partnerships, the deadline for C corporations, sole proprietorships (Schedule C), single-member LLCs or LLCs that are taxed corporations (not to mention, individuals) is April 18th. But, on account of the third Monday in April, April 18th is Patriot’s Day, which happens to be a holiday observed in Maine and Massachusetts, residents in those two states have until April 19, 2022, in which to file their tax returns. Additionally, for businesses that were affected by natural disasters, such as businesses in Tennessee, Illinois, and Kentucky that were ravaged by winter storms in 2021, or businesses in Colorado that had to deal with wildfires in 2021, the IRS has extended the 2021 tax filing deadline for the victims of those disasters to May 15, 2022.
If you were to require more time to file your taxes, you are able to file for a tax-filing extension right up until April 18, 2022, the tax-filing deadline, which will provide you with six extra months – until October 17, 2022 – to file your return. Just be certain to use the correct form when filing for an extension; IRS Form 4868 for sole proprietorships, and IRS Form 7004 for partnerships, S corps, and C corps. It is important to note that when filing a tax extension, only the deadline itself is extended, which means that you are still required to pay any estimated tax payments on time by the indicated deadline to avoid penalties and late fees that will be imposed.
Other types of taxes must be paid throughout the year, and are listed as follows:
- Employment Tax – If you were a business with employees, your employees’ payroll withholdings and unemployment taxes must be made and are submitted semi-weekly or monthly. Further information on Employment Tax can be found in Form 941, Employer’s Quarterly Federal Tax Return. The essential deadlines for Form 941 in 2022 (and the beginning of 2023) are April 29, July 29, October 31, 2022, and January 31, 2023.
- Excise Tax – Some businesses are subject to excise taxes, and generally include manufacturers, retailers, and trucking companies, which, depending on the requirements of specific industries, are usually paid, every month, quarter, or year. Further information on Excise Tax can be found in IRS Publication 509.
- Employment Tax and Payroll Withholdings – As noted above under the heading, Employment Tax, which must be deposited semi-weekly or monthly, and include federal income tax, federal unemployment tax (FUTA), and Social Security and Medicare (FICA) withholdings. Aside from Form 941, all other employment taxes in the 940 series are due on the last day of the first month after the calendar year.
- Estimated Income Tax – Using the information located on Form 1120-W, quarterly estimated income tax payments must be calculated and are due on April 18 (first quarter), June 15 (second quarter), September 15 (third quarter), and December 15 (fourth quarter).
Still, have questions about tax filing deadlines and deductions for your business? Tsamutalis & Company LLC will work with you throughout the year to ensure compliance with tax laws and regulations while also maximizing your profits. Contact us to learn more about what it’s like to work with our team for your New Jersey small business accounting and tax needs.