2022 Federal tax deadlines for your small business
Update: The IRS has announced that the April tax filing deadline for 2021 taxes is April 18, 2022. Washington, D.C. observes Emancipation Day as a holiday on April 16 each year. Since that falls on a Saturday in 2022, the holiday will be observed on Friday, April 15, moving the tax filing deadline to the next business day, which is Monday, April 18.
Residents of Maine and Massachusetts get an additional day to file, since the third Monday in April is Patriots Day, which is a holiday in those two states. So if you are filing a return in either of those states, you have until Tuesday, April 19 to file.
This year, income tax filing deadlines have not been adjusted due to the pandemic. But some businesses may have more time to file and pay, while others may face an earlier deadline than they expect. Here’s what you need to know.
Most business income tax returns are due on April 18
If your business is a sole proprietorship (or you’re an independent contractor), your 2021 federal business income tax return is due on April 18, 2022. C corporations also have an April 18 deadline if they use a fiscal year that is the same as the calendar year. However, if the fiscal year is different than the calendar year, C corporations must file by the 15th of the fourth month following the end of their fiscal year.
If your business is a partnership or an S corporation, your 2021 federal business income tax return is due on March 15, 2022.
Businesses affected by natural disasters may get more time
Businesses affected by the December tornadoes in Kentucky and the January wildfires in Colorado can take advantage of an extra month to file their taxes. The IRS has extended the deadline to file 2021 taxes to May 15, 2022, for victims of these disasters.
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Your small business tax checklist for 2022
It may feel like you just finished your 2020 business income taxes, but it’s already time to start thinking about filing your 2021 taxes. The good news is, this year’s tax season will look a little more ‘normal’ than last year’s. But there are still a few things to look out for.
Whether you've started your first company this year or you are a veteran entrepreneur, your business might be subject to a variety of federal taxes. Required tax filings depend on your industry, annual revenue, and the number of employees.
Most businesses and self-employed individuals must submit estimated tax payments each quarter and file an income tax return each year. Filing dates depend on whether you operate a corporation, partnership, S corporation, or sole proprietorship.
Sole proprietorships use the same tax schedule as individuals, so 2021 returns are due on April 18, 2022. If your business is an S corporation or a partnership, your 2021 return is due on March 15, 2022. Corporations can have various tax filing deadlines, depending on their fiscal year, which should be defined in the corporate resolution.
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State income tax due dates can vary. Check with the tax collection authority in your state for the filing and payment deadline in your state.
If you have employees, you’ll have tax obligations related to them. Payroll withholdings and unemployment tax payments are submitted semi-weekly or monthly, depending on your filing status. Employers must document deposits and distribute year-end tax documents to employees, such as W-2 forms.
Certain businesses, including manufacturers, retailers, and trucking companies, are subject to excise tax. Depending on industry-specific requirements, excise tax may be paid monthly, quarterly, or annually.
The following deadlines are geared toward small businesses that follow a calendar-year reporting system. Additional information, including schedule modifications for fiscal-year tax filters, appears in IRS Publication 509.
Tax filings for wages and non-employee compensation
By January 31, employers must distribute paper copies of appropriate tax forms to individuals who received cash payments during 2021, including wages, non-employee compensation, dividends, royalties, and profit-sharing distributions. Alternatively, electronic files can be delivered with the recipient's consent. Copies must be submitted to the Social Security Administration at the same time. Companies that use independent contractors must distribute 1099s or other forms to those workers as well. The January 31 deadline applies to the following tax documents:
- Forms 1097, 1098 and 1099
- Forms 3921 and 3922
- Forms W-2 and W-2G
Small businesses have until February 28 to send corresponding copies to the IRS. Employers may also be required to submit Form 1096, Annual Summary and Transmittal of U.S. Information Returns, and Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. For electronic filings, the deadline for these filings is March 31.
Tax tip: If you received a PPP loan in 2021 and it has been forgiven (or you can reasonably expect it will be forgiven) the expenses you paid with the proceeds of the loan, such as employee wages and rent, are not deductible expenses on your tax return. If your loan is not forgiven, the expenses you paid with its proceeds are deductible.
Employment Taxes and Payroll Withholdings
Small businesses must deposit employment taxes monthly or semi-weekly based on tax liability as reported on Form 941, Employer's Quarterly Federal Tax Return. Items subject to this requirement include federal income tax, federal unemployment (FUTA) tax, and Social Security/Medicare (FICA) withholdings. Additionally, employers must report their payroll withholdings quarterly or annually using IRS Form 941, 943, 944, or 945. Key deadlines for Form 941 are April 29, July 29, October 31, 2022, and January 31, 2023. All other forms in the 940 series are due on the last day of the first month after the end of the calendar year (January 31, 2022):
- Form 940, Employer’s Annual Federal Unemployment (FUTA) Return
- Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees
- Form 944, Employer’s Annual Federal Tax Return
- Form 945, Annual Return of Withheld Federal Income Tax
Income Tax Returns for Partnerships and S Corporations
If your business is classified as a partnership or an S corporation, you must submit your tax return on March 15 or the 15th day of the third month after the end of your organization's tax year. Partnerships must complete Form 1065, which is used to generate a Schedule K-1 earnings statement for each partner. For S corporations, Form 1120S is needed to prepare the Schedule K-1.
Partnerships and S corporations may request a six-month extension by submitting Form 7004 along with a deposit equal to the amount of estimated tax owed. In this case, the annual tax return along with interest and penalties will be due on September 15.
Corporate income tax returns
C corporations have until April 18, 2022 to submit corporate tax returns for income received in 2021. Businesses may use Form 1120 or request a six-month extension by filing Form 7004 and submitting a deposit for the amount of estimated tax owed. The first quarterly estimated tax payment of the year is also due on this date.
If your business requests an extension, you have until October 15 to submit your income tax return using Form 1120. You'll be required to pay penalties, interest, and any remaining tax at that time.
2022 Tax filing deadlines for estimated income tax
Businesses must calculate their quarterly income tax liability using the worksheet Form 1120-W. Quarterly estimated income tax payments for corporations are due on the following dates:
- First quarter: April 18
- Second quarter: June 15
- Third quarter: September 15
- Fourth quarter: December 15
Federal excise tax requirements for small businesses
Federal excise taxes apply to a number of different products and industries. Therefore, filing requirements vary depending on the nature of your business.
Form 720, Quarterly Federal Excise Tax Return, applies to retailers, manufacturers, communications companies, and travel services. It's filed quarterly, with this year’s due dates falling on April 29, July 29, October 31, 2022, and January 31, 2023.
Companies that accept wagers must file Form 11-C, Occupational Tax and Registration Return for Wagering, before accepting any bets, and Form 730 for every subsequent month.
Companies that operate heavy highway vehicles must file Form 2290 by the last day of the vehicle's first month of service. For subsequent filings, the excise tax period begins on July 1 and ends on June 30.
Find more information about when to file taxes in 2022
This guide includes an overview of the 2022 tax filing deadlines that apply to small businesses. Your company may also qualify for tax credits and deductions on essential expenses, such as business insurance, which may reduce your tax burden. If you have specific questions about when to file taxes in 2022, additional information is available online through the IRS Small Business and Self-Employed Tax Center.