Important 2016 Tax Dates and Deadlines for Small Businesses and Self-Employed Individuals

Small business owners and self-employed individuals are often focused on aspects of their business that can help them grow and efforts regarding sales, marketing strategy, customer service and day-to-day operations. Keeping track of accounting and tax deadlines can become burdensome and distract from areas of business that help impact the bottom line, however, not filing tax forms correctly or filing after the appropriate deadline can result in costly consequences.

Luckily, we’re here to eliminate extra stress and help you plan for 2016. Below is a list of important tax dates and links to some useful forms.

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January

• 15^th– Individuals: Pay the final installment of your 2015 estimated tax. Use Form 1040-ES.
• 15^th– Farmers and fishermen: Pay your estimated tax for 2015. Use Form 1040-ES.
• 31^st– Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2015. Furnish Form W-2 to employees who worked for you during 2015

February

• 1^st– File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.
• 1^st– File your tax return if you did not pay your last installment of estimated tax by January
• 10^th– File Forms 940, 941, 943, 944 and/or 945 if you timely deposited all required payments.
• 15^th– File a new Form W-4 if you claimed exemption from income tax withholding in 2015.
• 15^th– Furnish Forms 1099-B, 1099-S and certain Forms 1099-MISC to recipients.
• 16^th– Begin withholding on employees who claimed exemption from withholding in 2015 but did not file a W-4 to continue withholding exemption in 2015.

March

• 1^st– File Form 1096 with information returns, including Forms 1098, 1099 and W-2G for payments made during 2015.
• 1^st– File Form W-3 with Copy A of all Forms W-2 issued for 2015.
• 1^st– Farmers and fishermen: File Form 1040 and pay any tax due. However, you have until April 15 to file if you paid your 2015 estimated tax payments by Jan 15, 2016.
• 15^th– Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 6-month extension, file Form 7004 and deposit estimated tax.
• 15^th–S Corporations: File Form 1120S for calendar year and pay any tax due. Furnish a copy of Sch. K-1 to each shareholder. File Form 2553 to elect S Corporation status beginning with calendar year 2016.
• 15^th– Electing Large Partnerships: Furnish Sch. K-1 (Form 1065-B) to each partner.
• 31^st– Electronically file Forms W-2, W-2G, 1098, 1099, and 8027.

April

• 15^th– Individuals: File Form 1040, 1040A, or 1040EZ. For automatic 6-month extension file Form 4868 and deposit estimated tax. Pay the first installment of 2016-estimated tax.
• 15^th– Partnerships: File Form 1065 and furnish a copy of Sch. K-1 to each partner.
• 15^th– Electing Large Partnerships: File Form 1065-B calendar year return.
• 15^th– Household Employers: File Sch. H with Form 1040 if you paid $1,800 or more to a household employee.
• 15^th– Corporations: Deposit the first installment of your 2016 estimated tax.

May

• 2^nd– Employers: File Form 941 for the first quarter.
• 2^nd– Deposit FUTA tax owed through Mar if more than $500.
• 10^th– File Form 941 for the first quarter if you timely deposited all required payments.

June

• 15^th– Individuals living outside the U.S.: File Form 1040.
• 15^th– Individuals: Pay the second installment of 2016 estimated tax.
• 15^th– Corporations: Deposit the second installment of your 2016 estimated tax.

July

• Deadlines will be pushed until August 1^st due to the 31^st following on a Sunday.

August

• 1^st– Deposit FUTA owed through June if more than $500.
• 1^st– File Form 941 for the second quarter.
• 1^st– File Form 5500 or 5500-EZ for calendar year 2015 employee benefit plan
• 10^th– File Form 941 for the second quarter if you timely deposited all required payments.

September

• 15^th– Individuals: Pay the third installment of your 2016 estimated tax.
• 15^th– Partnerships: File Form 1065 if you timely requested a 5-month extension.
• 15^th– Corporations: File calendar year Form 1120 or 1120S if you timely requested a 6-month extension.
• 15^th– Corporations: Deposit the third installment of your 2016 estimated tax.

October

• 17^th– Individuals: File Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension.
• 17^th– Electing Large Partnerships: File Form 1065-B if you timely requested a 6-month extension.
• 17^th– File Form 5500 if you timely requested an extension on Form 5558.

November

• 1^st– File Form 941 for the third quarter.
• 1^st– Deposit FUTA owed through Sept. if more than $500.
• 10^th– File Form 941 for the third quarter if you timely deposited all required payments.

December

• 15^th– Corporations- Deposit the fourth installment of your 2015 estimated tax.

Source: http://www.tax.gov/calendar/

Please note: these are estimated dates until the IRS updates their 2016 tax calendar for businesses and self-employed. Also, this is only general event types please visit the IRS site for more detailed information. Currently, some of the links go to the 2015 form. We will update links as soon as the IRS posts updated 2016 versions.