It’s a good idea for startups to track tax deadlines each year. January 31 is important to remember as the due date for employee and independent contractor payments while February 28 is when 1099 filings are due.
An important date for S corporations and partnerships to remember is March 15, which is when extensions and elections are due. Deadline for payout information returns for everyone is March 31st, Tax day extensions due date falls on April 18th this year, and extended returns for C corporations, single-owner LLC, and individuals with a 6-month extension are due.
The standard fiscal deadline for taxes is 3.5 months after the month when the tax year ends if not using the December 31st year end date, except for the tax years that end in June which have a September 15th deadline. Another common fiscal year is one that ends on January 31st which tech companies use when trying to follow Salesforce’s footsteps. Dissolution happens when companies close using a fiscal year end date for their deadlines after the month they dissolve with the state.
It’s best for everyone to file their taxes on time to avoid penalties that can cost $10,000 or more.