Estimated Tax Payments for Individuals
The IRS's General Rule States - In most cases, you must pay estimated taxes (Form 1040-ES) if both of the following apply.
1. If you expect to owe at least $1,000 in tax for the year, after subtracting your withholding and refundable credits.
2. If you anticipate your withholding and refundable credits to be less than the smaller of:
90% of the tax to be shown on your current year's tax return, or 100% of the tax shown on your previous year's tax return covering all 12 months.
Estimated Tax Payment Due Dates:
1st Payment: April 15
2nd Payment: June 15
3 Payment: September 15
4th Payment: January 15 (last quarter of the previous year)
Estimated Tax Payments for Corporations
The IRS General Rules States - In most cases, you must pay estimated taxes (Form 1120-W) if the following apply:
Corporations must make estimated tax payments if they expect their estimated tax (income tax less credits) to be $500 or more.
S Corporations must make estimated tax payments on certain taxes.
Tax-exempt corporations, tax-exempt trusts, and domestic private foundations must make estimated tax payments for certain taxes.
Estimated Tax Payment Due Dates:
1st Payment: April 15
2nd Payment: June 15
3 Payment: September 15
4th Payment: January 15 (last quarter of the previous year)
Nonpayroll Withholding - Employers
When the monthly deposit tax rule applies, you must deposit the tax payments made for the previous month.
2020 Monthly Deposit Schedule:
January 15, February 18, March 16, April 15, May 15, June 15, July 15, August 17, September 15, October 15, November 16, December 15
The Electronic Federal Tax Payment System: https://www.eftps.gov/eftps/
Social Security, Medicare, and Withheld Income Tax - Employers
When the monthly deposit tax rule applies, you must deposit the tax payments made for the previous month.
2020 Monthly Deposit Schedule:
January 15, February 18, March 16, April 15, May 15, June 15, July 15, August 17, September 15, October 15, November 16, December 15
The Electronic Federal Tax Payment System: https://www.eftps.gov/eftps/
Employer & Employee Social Security & Medicare Taxes - Employers
File Form 941, deposit, and pay any undeposited tax from the previous quarter following the accuracy of deposit rules. Tax liabilities of less than $2,500 from the previous quarter and you didn't incur a $100,000 next-day deposit obligation during the current quarter; you don't have to make a deposit. Pay any amount due in full with a timely filed return, or deposit any amount you owe by the due date of the return to avoid penalties.
1st Payment: April 30
2nd Payment: July 31
3 Payment: September 31
4th Payment: January 31 (last quarter of the previous year)
Federal Unemployment Tax - Employers
You must file Form 940 to pay Federal Unemployment tax. If your undeposited tax is $500 or less, you can pay it with your return or deposit it. If it is more than $500, you must deposit it.
FUTA Filing Due Dates:
1st Payment: April 30
2nd Payment: July 31
3 Payment: September 31
4th Payment: January 31 (last quarter of the previous year)
Annual Federal Tax Return - Certain Employer's
The IRS notifies certain employer's in writing to file Form 944 to report social security and medicare taxes withheld. This form is due on January 31 to report taxes withheld for the previous year. However, if you made deposits on time in full payment of the taxes due for the year, you may file the return by February 10. The following rules apply:
• If net taxes for the year are less than $2,500 and you file and pay timely and in full.
• If net taxes for the year are $2,500 or more and you already deposited taxes owed for the first three quarters of 2019, and if your net taxes for the fourth quarter are less than $2,500, and you file timely and pay in full for the taxes owed in the 4th quarter.
Annual Return of Withheld Federal Income Tax - Employers File Form 945 to to report income tax withheld on non payroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. This form is due on January 31 to report taxes withheld for the previous year. However, if your tax liability is less than $2,500 you can file the return by February 10 if you file timely and pay in full.
1099-Misc - Businesses, Individuals, and Employers
Any company or individual that hired a contractor to perform work for them and earned $600 or more within the previous year legally need to be provided with a 1099-Misc by January 31.
General Rules:
Sole Proprietor = Must Send 1099-MISC
Unincorporated Contractor or Partnership/LLP = Must Send 1099-MISC
An LLC that elects S-Corporation or C-Corporation treatment = Do NOT Send 1099-Misc
1099-MISCs should also be issued for:
Attorney fees paid, even if the lawyer is incorporated
Proceeds paid to an attorney for legal settlements, etc.
Payments made to any for-profit medical care providers
W-2 - Employers
All employers must legally provide copies of Form W-2 to their employees by January 31 for their previous year's earnings.
S-Corporation Election
In order to be treated as an S-Corporation, you must file Form 2553 by March 15, and treatment will begin on January 1 of the following year.
Employees Who Earn Tips
Report tips received of $20 or more to your employer on Form 4070A by the 10th day of each month for the previous full month. This includes all cash tips and tips paid by credit card, debit card, gift card, or any other electronic payment method. Additionally, you need to report any non-cash tips, such as tickets or other items of value.
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