As a small business owner, it's important for you to be aware of what your tax payment obligations are and when they are due. You may be thinking "that stuff is impossible to keep track of!" While it can be a pain, even if you use a tax adviser or accountant for this purpose, you should know what is required from you and when.
There's no sinking feeling like the one you have when you thought you had a cash surplus on your books, and then suddenly you have to make a payment to the IRS that depletes your entire balance. Worse yet is the scenario where the funds have been spent elsewhere because you didn't realize a tax payment was due. With a good awareness of your filing and payment obligations, you won't find yourself in this situation or subject to penalties for late filing or payments.
So, our discussion includes information on:
- due dates for regular returns and payments
- estimated tax payments
- penalties for underpayments or late returns
Finally, we'll end with a discussion of other situations in which you may need to deal with the IRS: