Tax Dates for Small Businesses

11/28/2016
Deposit payroll tax for payments on Nov 19-22 if the semiweekly deposit rule applies.

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

11/15/2016
Deposit payroll tax for Oct if the monthly rule applies.

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

11/02/2016
Deposit payroll tax for payments on Oct 26-28 if the semiweekly
 deposit rule applies.

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

10/31/2016

• File Form 720 for the third quarter.


• File Form 730 and pay tax on wagers accepted during September.


• File Form 2290 and pay the tax for vehicles first used during
September.


• File Form 941 for the third quarter.

Deposit FUTA owed through Sep if more than $500.

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

10/28/2016Deposit payroll tax for payments on Oct 22-25 if the semiweekly
deposit rule applies

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

8/31/2016


• File Form 730 (Monthly Tax Return for Wagers) and pay tax on wagers accepted during July.
• 

File Form 2290 (Heavy Highway Vehicle Use Tax Return) and pay the tax for vehicles first used during
 July.
• Deposit payroll tax for payments on Aug 24-26 if the semiweekly 
deposit rule applies

contact@officetaxservices.com

(858)247-1680

 

Tax Dates for Small Businesses

8/5/2016

Deposit payroll tax for payments on Jul 30-Aug 2 if the 
semiweekly deposit rule applies.


Tax Dates for Small Businesses

8/3/2016

Deposit payroll tax for payments on Jul 27-29 if the semiweekly
 deposit rule applies

contact@officetaxservices.com

(858)247-1680

Tax Dates for Small Businesses

8/1/2016

• 
File Form 720 for the second quarter. 
• File Form 730 and pay the tax on wagers accepted during June.
• 

File Form 2290 and pay the tax for vehicles first used during
 June.


• Deposit FUTA owed through June if more than $500.
• 

File Form 941 for the second quarter.


• File Form 5500 or Form 5500-EZ for calendar year 2015 employee 
benefit plan

contact@officetaxservices.com

(858)247-1680

 
 

Tax Dates for Small Businesses

7/29/2016 - Deposit payroll tax for payments on Jul 23-26 if the semiweekly
 deposit rule applies.

contact@officetaxservices.com

(858)247-1680

 

When You Should Use Schedule C-EZ

You should use Schedule C-EZ if you have a small business that does not have a loss and all these following situations:

• Business expenses of $5,000 or less
• Must use the cash method of accounting
• Cannot have an inventory at any time during the year
• Must have only one business as a sole proprietor, qualified joint venture, or statutory employee
• Cannot have employees
• Cannot deduct expenses for business use of home
• Cannot have prior year unallowed passive activity losses from the business
• Cannot be required to file form 4562 - Depreciation and Amortization for the business

contact@officetaxservices.com

(858)247-1680

When Should You Use Schedule C ?

Use Schedule C (Form 1040) to report income and deductions resulting from your trade or business. Also use Schedule C to report:

• Wages and expenses you had as a statutory employee
• Income and deductions of certain qualified joint ventures
• Certain income shown on Form 1099-MISC

 Generally, a single-member domestic LLC is not treated as a separate entity for federal income tax purposes. If you are the sole member of a domestic LLC, file Schedule C or C-EZ (or Schedule E or F, if applicable) unless you have elected to treat the domestic LLC as a corporation. 

If you are a self-employed, single member LLC treated as a sole proprietor, qualified joint venture, statutory employee or sole proprietor  taxpayer, you should file Schedule C.

contact@officetaxservices.com

(858)247-1680

Online Invoicing Designed for Small Business Owners

Online invoicing designed for small business owners Try it FREE

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(858)247-1680

Does a Small Business Need to Pay Estimated Tax?

You generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return. If you had a tax liability for the prior year, you may have to pay estimated tax for the current year. The IRS rule is that you must pay at least 90% of income taxes (and self-employment taxes) during the year or 100% of income taxes from last year, to avoid fines and penalties.

If you are filing as a sole proprietor, partner, S corporation shareholder and/or a self-employed individual, you should use Form 1040-ES, Estimated Tax for Individuals, to figure and pay your estimated tax.

For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you do not pay enough tax by the due date of each of the payment periods, you may be charged a penalty even if you are due a refund when you file your income tax return.

Remember, because the business owner owes the tax, the owner must pay from his personal account. 

contact@officetaxservices.com

(858)247-1680