When are Business Taxes Due
Do you have in mind when are business taxes due and how they are paid for?
There are certain guidelines on how to check when business taxes due and we will provide you the kind of business taxes that you need to include in your tax calendar and other related information about the matter.
The Importance of Paying Business Taxes in Due Time
Paying the taxes is important in a certain business. Taxes are generally imposed with accordance to the law of a particular state. This is the reason why failure to pay taxes within a specific time frame is punishable under existing laws. A general tax calendar is used as a guide for businesses to remind them on when the business taxes due. A penalty is imposed if the business taxes are not paid in due time. To explain further for example, a penalty of five percent is given to the total unpaid tax due for the first two months. Another five percent is assessed in every month prior to the first two months of unpaid tax due, then so on and so forth. While the maximum late penalty will cost equal to twenty-five percent of the unpaid tax owed. This information is based on the Revenue Act.
Basically, there are specific types of taxes that are forced to pay by business establishments. Income tax, Self-Employment tax, Employment taxes, and Excise Tax are the four types of business taxes. However, the entity of the business determines on which of the given business taxes needed to be paid in due time and how you will pay for it. There are five types of business structures namely: Sole Proprietorships, Partnerships, Corporations, S Corporations, and Limited Liability Company or LLC. There are corresponding secured tax forms needed to be filled-up accordingly.
The Corresponding Due Dates of Business Taxes
Essentially, business taxes due dates varies depending on the day when it will fall. For instance, if the tax return due date falls on Saturday or Sunday which is not a business day, it can be moved to the next business day which is Monday. Just be careful in identifying the legal identity of your business so you can apply the appropriate business taxes.
Sole proprietorship is literally owning a business by a single person or unincorporated type of business structure. The yearend falls to December 31 so the tax return due date is on April 15 of the following year. Partnership is owned by two or more persons so a partnership return form is being filed like the K-1 forms while the yearend also falls on December 31 and April 15 of the next year when the taxes due. The LLC is taxed as partnership so same payment regulation is applied. On the other hand, Corporations tax return are due on the third month after the end of fiscal year which falls March 15 if December 31 is the yearend. Same also goes with to S Corporations.
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