Halloween isn’t the only frightening event in October; there are several October small business tax deadlines looming ahead. Here’s the list of important due dates next month.
- October 2 – Businesses who take wagers must file form 730 and pay taxes on wagers accepted in August; October 31 is the deadline for wagers accepted in September.
- October 10 - Employees need to report to their employers tips of $20 or more received in September.
- October 16 – Individuals (which includes sole proprietors) who filed a 6-month extension must now file their 2016 return.
- October 16 – Calendar year C corporations who filed a 6-month extension must now file their 2016 tax return (form 1120).
- October 16 – if you pay your payroll taxes monthly, September's taxes are due by this date. If you pay semiweekly, check the IRS tax calendar for October’s due dates.
- October 31 – Those who pay excise tax need to file form 720 for the third quarter.
- October 31 – Employers must file form 941 to report payroll taxes withheld for the third quarter.
- October 31 – Employers also need to pay their FUTA owed through September, if it's more than $500.
- State Taxes – State sales tax deadlines vary by state, so check your state’s taxation website for monthly due dates and forms.
The key to smooth quarterly and yearly tax filings is ensuring your accounting system is set up correctly and each entry throughout the year is accurate.