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Published:

Nov 21, 2022

Author:

Jeremy A. Johnson, CPA

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When Are Small Business Taxes Due for 2022?

Tax deadlines are coming up, and small business owners are asking the same question, “When are small business taxes due for 2022?”

Today, we have to get straight to business, and I need to be transparent about my motivations.

  1. After reading this blog, I want you to call me.
  2. I want your strategic tax plan completed and implemented before the filing deadline.
  3. I want your tax liability reduced drastically.
  4. I want to earn your trust and your business for life.

If I don’t get involved soon, you’re going to overpay on taxes. That’s unacceptable to us. We like to see DFW businesses keep what they earn, and the truth is, we are good at it.

Here’s what’s in today’s article:

  • Business tax return deadlines for 2022.
  • A list of documents you need to send to my office today to get a strategic tax plan and pay less in taxes.

Let’s take a look at the first part and get into some details.

A Concise Guide to Business Tax Return Deadlines

You asked for it, and here it is: a detailed guide that tells you when small business taxes are due for sole proprietors, partnerships, LLCs, LLPs, S corporations, and corporations.

Entity structure dictates when business taxes are due for 2022

Business tax deadlines are based primarily on your legal entity structure, also known as your business structure. To keep it simple, let’s assume that your business uses the calendar year as its fiscal year, which is standard for most. Your books close December 31, so the deadlines for business tax returns are going to be either April 18 or March 15.

Business Taxes Due by April 18

April 18 is the deadline to file business tax returns for the following business structures:

  • Sole proprietorships – File an individual tax return and Schedule C (Form 1040) to report your business’ profits and losses. Due April 18.
  • Single-member LLCs – File individual tax returns and report profits and losses exactly like a sole proprietor. (Unless the sole member treats his or her LLC like a corporation). Due April 18.
  • Corporations – Corporations are liable for income tax, estimated tax (quarterly), employment taxes, excise taxes, and more. Deadlines for estimated tax payments and filing employment taxes come before April 18, but the business tax deadline is still April 18.

Business Taxes Due by March 15

March 15 is the date when small business taxes are due for the following business structures:

  1. Partnerships
    1. Limited & General
  2. Multi-member limited liability companies (LLC)
  3. Multi-member limited liability partnerships (LLP)
  4. S-Corporations

Partnerships, LLCs, LLPs, and S-Corps are “pass-through entities.” They do not pay business income tax. Instead, all profits “pass-through” the business and appear as income on the owners’ individual tax returns.

For owners operating their business as a pass-through entity, there are two dates to keep in mind. Personal income taxes are due April 18. Business tax returns are due March 15.

“When are small business taxes due for 2022” refers to tax returns, not documents

Some tax-related documents must be delivered to shareholders or partners before April 18. For example, some partnerships distribute Schedule K-1 (a report of income, gains, and losses) to the partners by March 15 and file individual tax returns by April 18.

If You Run an LLC or LLP, Know Your Tax Structure

A multi-member LLC can retain its business structure but change its tax structure. Your LLC may have opted to be taxed as a partnership, S corporation, or C corporation.

For LLCs taxed as partnerships or S corporations, the forms change, but the filing date stays the same: March 15. (But with no extension)

Bring This Information For Tax Planning

The fiscal year ends on December 31, so we need to move quickly to create a tax plan. Take a look at the following list of documents. If you don’t have one or two, that’s fine.

  • Last year’s tax return
  • Current year income (year-to-date)
  • Business profit & loss statement
  • Current year deductions
  • Current year estimated payments & withholdings
  • An income tax projection

Remember, our team can work with you to put together any financial document you need. The point is to get started today before it’s too late.
Schedule a discovery call here.

Talk soon,
Jeremy A. Johnson, CPA