Staying on top of business due dates is crucial for any entrepreneur or financial manager. Missing a deadline can lead to penalties, interest, and even legal trouble. But with so many dates to juggle, it’s easy to feel overwhelmed. September, in particular, is a busy month for business filings and tax payments.
Fear not! This comprehensive guide will equip you with the knowledge and tools to navigate September’s business due dates with confidence. We’ll delve into key dates for different business entities, including S corporations, corporations, partnerships, and more, ensuring you meet each deadline with ease.
September 15th: A Day Packed with Deadlines
- S Corporations: Did you request a 6-month extension for your 2021 calendar year income tax return (Form 1120-S)? If so, mark September 15th on your calendar as the deadline to file and pay any tax due. Remember to also provide each shareholder with their Schedule K-1 (Form 1120-S) or a substitute.
- Corporations: For calendar-year corporations, September 15th is the day to deposit the third installment of estimated income tax for 2022. Don’t miss this crucial step to avoid penalties.
- Social Security, Medicare and Withheld Income Tax: If you follow the monthly deposit rule, September 15th marks the deadline to deposit the tax for payments made in August. This applies to both Social Security and Medicare taxes, as well as withheld income tax.
- Nonpayroll Withholding: Similar to the previous point, September 15th is the deposit deadline for nonpayroll withholding taxes, again if you follow the monthly deposit rule. This includes taxes withheld from payments made to independent contractors and other non-employees.
September 15th: Partnerships – A 5-Month Extension Reminder
Did your partnership receive a 5-month extension for filing your 2021 calendar year return (Form 1065)? September 15th is your deadline to file and provide each partner with a copy of their Schedule K-1 (Form 1065) or a substitute.
September 30th: Fiduciaries of Estates and Trusts – Extended Deadline
If you were granted a 5 1/2-month extension for your 2021 calendar year return (Form 1041) as a fiduciary of an estate or trust, September 30th is your final day to file. Don’t forget to provide each beneficiary with their K-1 (Form 1041) or a substitute.
Beyond the Deadlines: Proactive Strategies for Success
While September is a crucial month for business due dates, remember that staying organized throughout the year is key. Here are some proactive tips to ensure you never miss a deadline:
- Mark deadlines on your calendar: Whether you prefer a physical calendar, a digital app, or a combination of both, make sure to prominently mark all important business due dates.
- Set reminders: Don’t rely solely on your calendar. Set up email reminders or notifications on your phone to ensure you don’t miss a deadline.
- Gather paperwork early: Don’t wait until the last minute to gather the necessary paperwork for your filings. Start collecting documents well in advance to avoid unnecessary stress.
- Seek professional help: If you’re feeling overwhelmed or unsure about any aspect of your business filings, don’t hesitate to seek help from a qualified accountant or tax professional.
Conquer September’s business due dates with confidence by staying informed, organized, and proactive. Remember, managing your deadlines efficiently not only saves you from penalties and stress, but also reflects positively on your business’s professionalism and financial health. So, take a deep breath, grab your calendar, and get ready to tackle September with ease!