Small businesses must pay quarterly estimated taxes in order to avoid a large tax liability at the end of their tax year. Business can also avoid paying penalties if they pay their quarterly estimated taxes on time. Here is the tax calendar for all forms of business organizations.
For individuals and sole proprietorships that use IRS Form Schedule C to file their business income, you use IRS Form 1040-ES to file and pay your quarterly taxes. Your payments are due on the 15th of April, June, and September of 2010 and the 18th of January of 2011. You do not have to make the January 18, 2011 payment if you file your 2010 tax return by January 31, 2011 and pay your entire tax liability for 2010 at that time.
For partnerships, Federal Form 1065 is due on the 15th of the 4th month after the end of the partnership’s tax year. Each partner should be provided with a Schedule K-1 as well.
For corporations and S corporations, Federal Form 1120 or Federal Form 1120S, with payments, must be filed by the 15th day of the third month after the end of the corporations’ tax year. Estimated tax payments are due on the 15th day of the 4th, 6th, 9th, and 12th month of the corporations’ tax year.
If a due date falls on a Saturday, Sunday, or legal holiday, then the due date becomes the next day that is not a Saturday, Sunday, or legal holiday.
