Corporate Tax Filing Deadlines for the 2021 Tax Season | 2022 Tax Deadlines

End of tax year 2021

It’s that time of the year again where businesses are preparing their end-of-year tax. We’ve put together a calendar to help you prepare your taxes on time, as well as more useful resources like our business tax deductions calculator

If you are wondering where to start with year-end tax planning, check out our CEO, Trevor McCandless’s tips for successful tax planning.

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What are the Corporate Tax Filing Deadlines in 2022?

If a corporation or partnership operates on a fiscal year, the deadline is the 15th day of the fourth month following the end of the corporation’s fiscal year.

 

These colors correspond with the calendar above:

February 15, 2022

S-Corporation and Partnership should submit all supporting documents

If your company operates on a calendar year, this date should serve as your company’s deadline to allow your accountant time to prepare your taxes for the March 15 deadline.

March 1, 2022

C-Corporation and Individuals should submit their tax documents

If your company operates on a calendar year, now would be a good time to submit your documents to your accountant so they have enough time to prepare your return.

March 15, 2022

S-Corporation and Partnership income tax returns due (IRS Form 1120)

If your company operates on a calendar year, you need to either file your tax return or extension by this date.

April 18, 2022

C-Corporation and Individual income tax returns due (IRS Form 1120)

If your company operates on a calendar year. View Form 1120-W, Estimated Tax for Corporations. The Individual Tax Return Extension Form for Tax Year 2021 is also due on this day.

April 18, 2022

1st-quarter 2022 estimated tax payment due

If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by this date.

Last day to make a 2021 IRA contribution
If you haven’t already funded your retirement account for 2021, do so by April 18, 2022. That’s the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh, SEP, or other eligible plan and you get a filing extension to October 15, 2022, you can wait until then to put 2021 money into those accounts.

June 15, 2022

2nd-quarter 2022 estimated tax payment due
For this, you need to fill out Form 1120-W, Estimated Tax for Corporations. If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by this date.

August 15, 2022

S-Corporations and Partnerships should submit their tax documents to their accountant if they filed for an extension

If your company operates on a calendar year, your extension deadline is September 15, 2022. 

September 1, 2022

C-Corporation and Individuals that applied for an extension should submit supporting documents to their accountant 

The extension deadline is October 15 and your accountant needs time to prepare your tax return.

September 15, 2022

S-Corporation and Partnership extended tax return deadline (IRS Form 1120)

If your company operates on a calendar year, your extension deadline is September 15, 2022.

September 15, 2022

3rd-quarter 2022 estimated tax payment due
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your third-quarter payment is postmarked by September 15, 2022.

October 15, 2022

C-Corporation and Individual income extended tax return deadline (IRS Form 1120)

If your company operates on a calendar year your extension deadline will fall on this date. Remember to apply for an extension before the first deadline, April 18!

January 15, 2023

4th-quarter 2022 estimated tax payment due
If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2023.

Tax Deductions for Business Expenses

If you’re doing your own taxes, use our calculator to determine what you can write off as a business expense :

business tax deductions for your business expenses

US Tax Rates

What is the Tax Rate for C Corporations?

In 2017, the Tax Cuts and Jobs Act reduced the top corporate income tax rate from 35 percent down to 21 percent.

A corporation’s receipts minus its allowable deductions equals the corporate profits that are taxed.

It’s important for your business to have its taxable income calculated correctly by a professional. If you don’t have an in-house accountant, your company can talk to us about outsourced tax planning and tax filing preparation

A US-based corporation that is owned by a foreign multinational company will typically pay the same US corporate tax as US owned corporations.

The TCJA got rid of the graduated corporate rate schedule. It also eliminated the corporate alternative minimum tax.

Until the end of 2022, the law allows for complete expensing of most new investments. This benefit will be gradually phased out through 2026.

What Is the Federal Corporate Tax Rate?

The federal corporate tax rate and the corporate tax rate are the same thing. They are just different terms that people use.

In 2019, corporate income tax brought in $230.2 billion. This is about 6.6 percent of all federal revenue.

How do you know the amount you owe in corporate taxes?

Let’s say your annual revenue for 2020 is $250,000 and your expenses are $55,000. 

First, deduct $55,000 from $250,000. This leaves you with $195,000 of taxable income. Now, multiply $195,000 by 21 percent. This gives you $40,950. This is how much you would owe in federal corporate tax.

Rates from State-to-State

State corporation tax rates are taxes in addition to federal rates. The rates are going to vary from state to state. In fact, Texas, Nevada, Ohio, and Washington have a gross receipt tax as opposed to a corporate tax. South Dakota and Wyoming have no state corporate income tax.

State corporate income tax can be as low as one percent in states like Alaska or North Dakota or as high as 10 percent in states like Pennsylvania. 

Explore Your Tax Planning Options

 

This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.

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