Taxes can be difficult enough without the added pressure of keeping up with current deadlines and updates for filing. What is more, if you own a startup, no doubt your hands are already full with the multitude of responsibilities weighing on you. In light of these pressures, a clear, colorful tax calendar highlighting the 2023 tax deadlines can be a huge help. This handy infographic will display tips, dates, and reminders especially created for startups, including C-Corps, Partnerships, and S-Corps.
Consider a few key reminders this calendar offers. For example, January 31 is when all payments for employees and independent contractors are due, and February 28 is when all paper filings are due, which should be filed using the 1099 or 1099-DIV forms.
There are plenty more helpful reminders such as March 15 is when S-Corp and C-Corp elections are due, which must be filed within 75 days of the start of that tax year. Let’s not forget that e filing is due by March 31, and tax day extensions are due by April 18.
Keep in mind too, corporations must pay estimated taxes on their first year of profit, while businesses that need a foreign investment form will need to meet the May 31 deadline. This foreign investment form is required for all companies with 10% or greater foreign ownership. Penalties are steep as well, reaching up to $10k and criminal charges. If you miss filing form 5472 for your foreign investment information, you could incur a $25,000 penalty.
While you may not enjoy filing taxes, at least you never have to miss a tax deadline again.