One of several important dealines for your small business

It’s important to not miss those deadlines. Here’s  a list of Federal and Texas deadlines that may be important to you.

Federal Returns

• Sole proprietorships are generally due April 15th
• C Corps are generally due 2 ½ months after the end of the corporation’s fiscal year
• S Corps are generally due March 15^th
• Partnerships are generally due April 15th
• Limited Liability Companies (LLC) can be partnerships or corporations and follow those deadlines respectively

Federal Estimated Quarterly Tax Payments

You should be paying quarterly estimated taxes if your business has a tax bill of more than $500.00 to avoid penalties from the IRS.  The due dates for estimated Quarterly Tax Payments are April 15th, June 15th, September 15th, and January 15th.

Employer Payroll Tax Deposits

The IRS will notify you if you are a Monthly Schedule Depositor or a Semiweekly Schedule Depositor. For 2009, the determination is made from the total of withheld social security taxes, withheld Medicare taxes, company paid social security taxes, company paid Medicare taxes, and withheld federal income taxes from the look back period of the third and fourth quarters of 2007 and the first and second quarters of 2008. Generally employers who incur a tax liability of $50,000 or less will be monthly depositors and more than $50,000 are semiweekly depositors.

Monthly depositors: Taxes are due on the 15^th of the following month.  If your total tax liability for the quarter will be less than $2,500, payment may be made with the return.

Semiweekly depositors:

The date of the paycheck, not the date of the end of the pay period determines when taxes are due. For example, your pay periods end on Sundays and wages are paid on the following Wednesdays. If the end of the pay period is Sunday, June 27^th and wages are paid on Wednesday, July 1^st, the wages and taxes are third quarter, not the second quarter.

Sales Tax

Sales tax deadlines vary. In Texas they can be monthly, quarterly or annually. The frequency is determined by the Comptroller’s Office when you apply for a sales tax permit and is based on your estimated sales amount.

If you are required to file monthly:
the return and payment are due by the 20^th of the following month

If you are required to file quarterly:
January through March, reports and payment are due April 20^th
April through June, reports and payment are due July 20^th
July through September, reports and payment are due October 20
October through December, reports and payment are due January 20^th

Annual returns are due January 20^th for the previous calendar year.

Franchise Tax

Texas Franchise Tax reports and payments are due May 15^th. Don’t forget to file the Public Information Report along with your Franchise Tax return.