Are Business Taxes Filed Quarterly or Annually?

Whether you’ve recently started your own business or have plans in the works to do so, you’ll need to make sure that you’re aware of all of the relevant tax rules and regulations that apply to your particular situation, including how often you will need to file taxes for your business. Keep reading for some basic guidance. Then, if you find yourself in need of some additional tax help in Des Moines, IA, you can contact a professional for assistance with tax preparation or planning.

What to know about annual tax filing

If you operate any kind of small business, you will need to file an annual tax form.

In broad terms, depending on the type of business you own, if it has a specific calendar year-end, you will need to file the relevant tax form by a particular deadline.

Do you oversee a business that can be classified as a partnership? You’ll complete and submit Form 1065 by April 15. If you operate a sole proprietorship, you’ll complete Schedule C as you complete the rest of your personal tax return, and it—along with the rest of your personal tax return—will be due April 15.

There are a couple of instances in which your tax return will be due earlier, on March 15. If you operate a C Corporation, you’ll file Form 1120 by that date. S Corporation business owners will need to file Form 1120S by that same date.

What about if your business is a Limited Liability Company (LLC)? Your business should still fall under one of the above categories; you will follow the tax guidelines and deadlines for that type of business.

What to know about quarterly tax filing

Business owners who have employees must file taxes quarterly to be in compliance with tax withholding requirements.

If you don’t have employees but operate as a corporation and perform work related to your business, you will need to file taxes quarterly to correspond with the payments you are giving yourself.

Sole proprietors who are self-employed and file Schedule C with the rest of their personal tax return may also need to pay estimated income taxes on a quarterly basis, using Form 1040-ES. If you’re required to make these payments, they cover the federal income and self-employment taxes that you owe.

To know for sure whether you’ll need to pay estimated taxes, talk with a tax services professional so that you will not be faced with a possible underpayment penalty.

If you’re feeling overwhelmed thinking about taxes, you might consider seeking tax help in Des Moines, IA to provide more peace of mind or give you back some valuable time that you can put into growing your business.

Accounting & Tax Professionals, PLC is the premier tax preparation and accounting service in the local area. We are a locally owned and operated business with 20 years of experience. Our experts offer a variety of personal and business services, including tax resolution, tax audit representation, tax preparation, small business accounting, notary services, payroll, investment consultation, financial and tax planning—and beyond. Contact us to learn more about our services and what we can do for your business!

Leave a Comment