Did you know that businesses can be fined over $25k for missing their tax filing deadlines? Many businesses have multiple forms that need to be submitted throughout the year, and sometimes it can get confusing remembering the timeline to get all the right paperwork together. An unorganized business is at risk of forgetting important dates which can lead to very serious consequences.
When most people think of tax season, they think about the period between January 31 and April 18. This is the time between when most people receive their W-2, 1099-K, or other forms related to their payment for work, and when they have to file their taxes. While this time can be stressful for many folks, business owners have even more deadlines to meet which is why things can get hectic if you are not careful.
Depending on the size and type of business you own, there can be tax filing deadlines spread out across the entire calendar year. After Tax Day, companies that have more than 10% ownership in foreign countries need to submit their forms, LLC DE Franchise Annual Fees are due, and much more.
With so many different deadlines to keep track of, it is important to make sure you know every date where you need to have tax papers filed. This is where a tax season calendar can come in handy. With a calendar that maps out every deadline for each form your business needs to file, you can be sure your business is not at risk for missing any important date. Additionally, you can feel stress free knowing your tax season is already mapped out for the year with all the filing deadlines.
Missing tax deadlines can have very serious consequences for business owners. Stay ahead of tax season with an organized calendar that is fit to your business’ needs.