News & Advice

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How Many Times A Year Does A Business Need To File Taxes?

The frequency with which a business needs to file taxes depends on several factors, including its legal structure, income level, and tax obligations.

Here’s a general overview…

  1. Annual Tax Filing – Most businesses are required to file an annual tax return with the Internal Revenue Service (IRS) or relevant tax authority. The deadline for filing annual tax returns for businesses is typically March 15th for calendar year taxpayers (or the 15th day of the third month after the end of the fiscal year).
  2. Estimated Quarterly Taxes – Depending on the type of business and its tax obligations, businesses may be required to make estimated quarterly tax payments to the IRS or relevant tax authority. This is common for self-employed individuals, sole proprietors, partners in partnerships, and S corporation shareholders. Estimated tax payments are typically due on April 15th, June 15th, September 15th, and January 15th of the following year.
  3. Sales Tax Filings – Businesses that collect sales tax on goods or services sold to customers may be required to file sales tax returns with state or local tax authorities on a regular basis. The frequency of sales tax filings varies by jurisdiction, with some requiring monthly, quarterly, or annual filings.
  4. Payroll Taxes – Businesses with employees are required to withhold federal income tax, Social Security tax, and Medicare tax from employees’ wages and remit these taxes, along with the employer’s share of Social Security and Medicare taxes, to the IRS on a regular basis. The frequency of payroll tax filings depends on factors such as the business’s payroll size and the amount of taxes withheld.
  5. Other Filings – Depending on the nature of the business and its activities, there may be other tax filings required throughout the year. For example, businesses engaged in certain industries or activities may have excise taxes or other specialized tax obligations.

It’s essential for businesses to understand their specific tax obligations and filing requirements to ensure compliance with tax laws and regulations. Failure to file taxes or make required tax payments on time can result in penalties, interest, and other consequences. Consulting with a tax professional or accountant can help businesses navigate their tax obligations and meet filing deadlines.