Useful U.S. Small Business Tax Information

Published in 2009 | Edited June 3, 2024

Exhale, sip a cool glass of water (I prefer mine with lemon slices) while you spend the next few minutes browsing this handy reference for small business tax information you need to know. A good place to start would be the IRS moving timelines.

Once you have looked over the useful information found on this page, I invite you take a few more moments to relax ... and discover some of the other informal chats on good bookkeeping practices found on this site.

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IMAGE INDEX - Basic Tax Articles for U.S. Bookkeepers

Notice to Site Visitors

I developed this U.S. small business tax information page as a handy reference for myself. While I do my best to ensure it is accurate and complete, I make it available for your use with the understanding that I cannot be held liable for errors and/or omissions.

This page may change as I update this site and collect more information on small business tax information relating to the sole proprietor in the United States ... so I'm going to apologize in advance for those of you who don't like lots of changes.

I am not a U.S. tax professional. I am a retired Canadian who was certified professional bookkeeper in Canada. I'm been slowly learning about U.S. small business tax information as I'm always curious how your regulations are different than Canada's. I took a U.S. online course on basic bookkeeping in 2009 to satisfy that curiosity.

Small business tax information is subject to frequent change and should NOT be confused with advice ... so professional advice should be sought prior to acting on any of this information. Please make yourself familiar with my site policies prior to relying on any of the information on this site.

Here's information I've gathered over the years.

Tax Compliance and U.S. Bookkeeping

Owning and operating a business in the United States means you have some legal responsibilities. Internal Revenue Service (IRS) requires regular reporting of employment taxes and business taxes. Each state has their own tax related requirements as well. These regulations are often referred to as government compliance requirements.

Tax compliance returns and payments should be filed on time. Failure to report and remit by due dates leads to costly penalties and interest charges. Filing extensions for sending in your tax return still require you pay your taxes on time ... it does NOT extend your tax payment/deposit due date.

This site provides some U.S. (and Canadian) bookkeeping information you need to know to put more money in your pocket and avoid these charges.

What is considered the "official" receipt date at the IRS?

Every sole proprietor needs small business tax information about filing deadlines and due dates ... so you can avoid costly penalty and interest charges. So how does IRS determine their "official" deadline date? Here's what I found.

Business compliance deposits and returns received after the due date will be considered on time if you can prove it was mailed in the U.S. on or before the due date. It must also have been properly addressed with sufficient postage.

Monthly tax deposits of $20,000 or more must be received by IRS on or before the due date.

If the due date falls on a weekend or a federal (not state) public holiday, then you have until the next business day. There are two exceptions to this rule for excise taxes:

"For deposits of regular method taxes, if the due date is a Saturday, Sunday, or legal holiday, the due date is the immediately preceding day that is not a Saturday, Sunday, or legal holiday.

Under the special September deposit rules, if the due date falls on a Saturday, the deposit is due on the preceding Friday. If the due date falls on a Sunday, the deposit is due on the following Monday. For more information see the Instructions for Form 720."

IRS allows private delivery services by DHL Express, FedEx and UPS. Don't forget to request written proof of the mailing date. Private delivery services do not deliver to P.O. box addresses. Only the U.S. Postal Service delivers to an IRS P.O. box address.

U.S. Tax Compliance Responsibilities YOU Should Know

Source: IRS

Make sure you discuss your situation with a professional who can give you small business tax information tailored to your specific circumstances.

Business Tax Compliance
Monthly, Quarterly and Annual EXCISE TAX Returns

• Heavy Highway Vehicle Use Tax Return (Form 2290) is due and taxes payable (pay online using EFTPS) on the last day of each month for vehicles first used in the prior month. For example vehicles first used in September; return due and taxes payable on October 31.
• Monthly Tax Return for Wagers (Form 730) is due and taxes payable (pay online using EFTPS) on the last day of each month on wagers first used in the prior month. For example wagers accepted used in June; return due and taxes payable on July 31.
• Quarterly Federal Excise Tax Return (Form 720) is due April 30, July 31, October 31, January 31. 
• Annual Tax Return for Wagering (Form 11-C) is due and taxes payable (pay online using EFTPS) on  June 30 if you are in the business of taking wagers.

Note that EFTPS payments must scheduled by 8 p.m. ET at least one calendar day BEFORE the tax due date.

Generally, due dates move to the next business day if they fall on the weekend or on a holiday. To find your due dates for the current month, open up the IRS Tax Calendar at tax.gov/calendar. Then select Excise Taxes and go to the month you are interested in.

You can also subscribe / download to the IRS calendar program to have the dates integrate with your mobile or desktop calendar software such as Outlook or iCal. Search for "IRS Tax Calendar for Businesses and Self-Employed" on the IRS website.

Bookkeeper's Small Business Tax Information
U.S. Tax Season Deadlines

Source: IRS Tax Calendars - Publications 509 and 1518

Attention EPTPS users, you must schedule your payment by 8 p.m. ET at least one calendar day before the tax due date.

* You have until Apr 15 to file if you paid your prior year estimated tax payments by Jan 15 of the current year.

**Due date is February 10th not February 1st for filing Forms 940, 941, 944, 945 for the fourth quarter of the prior year if you timely deposited all required payments.

**REMINDER Beginning in 2017, the deadline moved to January 31st for both paper and electronically filed forms. All paper filers and electronic filers for W-2 and W-3 forms as well as 1099 must now be reported to the IRS/SSA at the same time the employees / contractors receive their statements.

Payment Deadline	Tax Type	Tax Period	Form to be Filed	Tax Filing Deadline
FEBRUARY and MARCH
Feb 15	File New Form W-4	prior year	W-4	Feb 15
Feb 16	Begin ITW	prior year	No Form W-4 Rec'd	Feb 16
Feb 28	Farmers Fisherman Pay Tax Due*	prior year	Form 1040 or EPTPS or credit card	Feb 28
Mar 15	S Corporate Tax Return if not filing 6 month extension	prior year	Form 1120S	Mar 15
Mar 15	Partner's Share of Income, Deductions, Credits, Etc.	prior year	Sch K-1 Form 1065	Mar 15

* You have until Apr 15 to file if you paid your prior year estimated tax payments by Jan 15 of the current year.

Payment Deadline	Tax Type	Tax Period	Form to be Filed	Tax Filing Deadline
APRIL to JUNE
April 15	Corporate Tax Return if not filing 5 month extension	prior year	Form 1120	Apr 15
Apr 15	C corporate Estimated Tax Installment	2nd installment	see form 1120W	Apr 15
Apr 15	Personal Taxes if NOT filing 6 month extension (Form 4868)	prior year	see Form 1040, 1040A or 1040-EZ	Apr 15
Apr 15	Personal Taxes if filing 6 month extension Deposit Estimated Taxes	prior year	see Form 4868	Oct 15
May 10	Form 941 if deposited all required payments on time	1st quarter current year	Form 941*	May 10
Jun 15	Individuals Outside the US	prior year	Form 1040	Jun 15

Payment Deadline	Tax Type	Tax Period	Form to be Filed	Tax Filing Deadline
JULY and AUGUST
July 1	Occupational Tax and Registration for Wagering	July 1 prior yr to June 30 current yr	EFTPS Form 11-C	Jul 1
July 31	Annual Return/Report of Employee Benefit Plan	prior year	Form 5000 or 5000-Z	July 31
Aug 10	Form 941 if deposited all required payments on time	2nd quarter current year	Form 941*	Aug 10

Payment Deadline	Tax Type	Tax Period	Form to be Filed	Tax Filing Deadline
SEPTEMBER to DECEMBER
Sep 15	S Corporate Tax Return if Form 7004 extension filed	current year	Form 1120S	Sep 15
Sep 15	Partner Taxes if Form 7004 extension filed	current year	see Form 1065 and Sch K-1 to each partner	Sep 15
Sep 15	C corporate Estimated Tax Installment	3rd installment	see form 1120W	Sep 15
Oct 16	C Corporate Tax Return if 6 month extension filed	current year	Form 1120	Oct 15
Oct 16	Personal Tax Return if 6 month extension filed	current year	Form 1040, 1040A or 1040-EZ	Oct 15
Nov 12	Form 941 if deposited all required payments on time	3rd quarter	Form 941*	Nov 13
Dec 15	C corporate Estimated Tax Installment	4th installment	see form 1120W	Dec 15

* Nov 2 if you did not deposit payments on time.

Market Watch - Business Plan Aids-Currency Converters

Here are some links to economic and market data which may be useful small business tax information when putting together your business plan.

Visit TD Wealth Management's Market Resource Center. You will find analysis of global economic performance with emphasis on North America provided by TD Economics. It includes U.S. consumer price index reporting. You'll also have access to a market snapshot, interest rate headlines and investment calculators.

New York Times Markets Overview highlights U.S. and world markets, currencies, consumer rates ... to name a few.

About.com has a good introductory article where you can learn about economic indicators entitled A Beginner's Guide to Economic Indicators. I was unable to find the U.S. equivalent of Canadian Business.com's nice concise summary of Economic Indicators. The Economist.com does have some Weekly Indicators: Economic and financial indicators. I'll keep looking for a concise U.S. small business tax information source for economic indicators.

Trading Economics United States Stock Market Chart - Dow Jones Industrial Average gives you the monthly historical values over a two year period. They also have a banner of economic indicators quoting the interest rate, growth rate, inflation rate, jobless rate, exchange rate and more. I like the historical value chart because I can visually see trending.

Here are links to two currency converters mentioned on the IRS website ... XE Currency Converter and World Currency Converter. You can pick which you prefer.

Monitor Bank Rates.com monitors Savings Rates. You key in your zip code and it finds the best rates near you.

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Bookkeeping Essentials › U.S. Small Business Tax Information