Business Tax Compliance Checklist

Business Tax Compliance Checklist

Stay compliant and avoid penalties with this comprehensive tax checklist

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📅 Quarterly Tax Filings

  • Form 941 - Employer's Quarterly Federal Tax Return ⓘFor reporting income taxes, Social Security tax, and Medicare tax withheld from employee's paychecks
    File Form 941 to report income and employment taxes withheld from employees.
    Due: Last day of the month following the end of the quarter
  • Form 940 - Employer's Annual Federal Unemployment Tax Return
    Report and pay federal unemployment tax (FUTA).
    Due: January 31st (for the previous year)
  • Form 1040-ES - Estimated Tax for Individuals
    Make quarterly estimated tax payments.
    Due: April 15, June 15, September 15, January 15
  • State Quarterly Unemployment Tax
    File and pay state unemployment insurance taxes.
    Due: Dates vary by state (typically end of month after quarter)
  • State Sales Tax Return
    Report and remit sales tax collected from customers.
    Due: Varies by state (typically 20th of month after quarter)

📝 Annual Tax Requirements

  • Form W-2 - Wage and Tax Statement ⓘRequired for all employees who received wages during the calendar year
    Prepare and send W-2 forms to employees and the SSA.
    Due: January 31st
  • Form 1099-NEC/MISC - Nonemployee Compensation
    Send to independent contractors who were paid $600+ during the year.
    Due: January 31st
  • Form 1120 - U.S. Corporation Income Tax Return
    File annual corporate income tax return (for C Corporations).
    Due: 15th day of the 4th month after year-end
  • Form 1120S - U.S. Income Tax Return for an S Corporation
    File annual tax return for S Corporations.
    Due: March 15th
  • Form 1065 - U.S. Return of Partnership Income
    File annual income return for partnerships and LLCs.
    Due: March 15th
  • Schedule C (Form 1040) - Profit or Loss From Business
    Report income/expenses for sole proprietorships.
    Due: April 15th
  • State Income Tax Returns
    File annual state income tax returns.
    Due: Varies by state (typically April 15th)

🔐 Business Licenses & Permits

  • Business License Renewal
    Renew your general business license with city/county.
    Due: Typically annual, check your jurisdiction
  • Professional License Renewals
    Renew any professional or occupational licenses.
    Due: Varies by profession and state
  • Sales Tax Permit Renewal
    Renew your sales tax permit/reseller certificate.
    Due: Varies by state
  • Health/Safety Permits
    Renew health department permits, fire inspections, etc.
    Due: Typically annual

📈 Tax Planning & Compliance

  • Quarterly Tax Planning Meeting ⓘMeet with your tax professional to plan for upcoming tax obligations and identify tax-saving opportunities
    Schedule meeting with tax professional to review tax strategy.
    Due: End of each quarter
  • Review Accounting Records
    Ensure bookkeeping is up-to-date and accurate.
    Due: Monthly
  • Asset Depreciation Schedule Review
    Update depreciation schedules for business assets.
    Due: Annually (before tax filing)
  • Tax Deduction Documentation
    Organize receipts and documentation for business deductions.
    Due: Ongoing (review quarterly)
  • Review Tax Law Changes
    Stay informed about new tax laws affecting your business.
    Due: Quarterly
Notes & Reminders:
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