If your business hired a contractor and paid them over $600 in the last year, you are responsible for issuing them a 1099-NEC. The deadline was January 31.
All payments made to nonemployees in the year (payments of fees, benefits, commissions etc), will require a 1099-MISC which is due on February 15.
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April 18 is the deadline to file for an extension using Form 4868.
After an extension, you will need to file by October 16. Even if you did file an extension, you will still be liable to pay some taxes on the original due date.
If you want to file an extension, you will need to do so by March 15 using Form 7004.
If you filed an extension, you will now have until September 15 to file S corp taxes. Even if you did file an extension, you will still be liable to pay some taxes on the original due date.
If you want to file an extension, you will need to do so by March 15 using Form 7004.
If you filed an extension, you will now have until September 15 to file partnership taxes. Even if you did file an extension, you will still be liable to pay some taxes on the original due date.
If you want to file an extension, you will need to do so by April 18 using Form 4868.
If you filed an extension, you will now have until October 16 to file c corp taxes. Even if you did file an extension, you will still be liable to pay some taxes on the original due date.
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Frequently asked questions
How do I determine if I need to file as a self-employed individual?
You are considered self-employed if you are an independent contractor, freelancer, or own an unincorporated business. You generally need to report self-employment income on Schedule C of your tax return.
What are the penalties for failing to file or pay business taxes on time?
Penalties can include late filing penalties, late payment penalties, and interest charges. The specific penalties vary depending on factors such as the type of tax and how late the payment or filing is.
How do I choose between forming an LLC and an S Corporation (S Corp) for my business?
The choice between an LLC and an S Corp depends on factors like your business goals, ownership structure, and taxation preferences. Consult with a tax advisor or attorney to make an informed decision.
What tax forms do I need to use when filing business taxes?
The forms you need to use depend on your business structure. Common forms include Form 1040 (for sole proprietors), Form 1120 (for C Corporations), and Form 1065 (for partnerships).
What tax forms do I need to use when filing business taxes?
The forms you need to use depend on your business structure. Common forms include Form 1040 (for sole proprietors), Form 1120 (for C Corporations), and Form 1065 (for partnerships).
Can I claim deductions and credits to reduce my business tax liability?
Yes, there are various deductions and credits available for business expenses, research and development, energy efficiency, and more. Consult a tax professional to identify which ones apply to your business.