Small business owners seem to always be facing some type of deadline. Whether it’s meeting payroll or filling a contract on time, it never seems to end. Fortunately, small business tax deadlines are minimal in February. Only those businesses who pay employees on a semiweekly schedule will be faced with specific deadlines. There are, however, other forms which are also due to be filed with the IRS in February.
Semiweekly Payroll Deposit Deadlines
All February small business tax deadlines fall early in the month. Small businesses should be prepared to make their payroll deposits as follows:
- February 2, 2018 – payments for January 27 – 30
- February 7, 2018 – payments for January 31 – February 2
- February 9, 2018 – payments for February 3 – 6
Missing any of these deadlines could result in penalties being assessed by the IRS. But keep in mind, all of your employer payroll taxes are tax deductible. This is also a good time to review your internal records and make sure you are not missing other valuable tax deductions as you prepare to file last year’s returns.
Other February Small Business Tax Deadlines
If you have not completed filing Copy A of Form 1099s you issued, this is also the time to file that with Form 1096, the Annual Summary and Transmittal of U.S. Information Returns. It is important to get this to the IRS in a timely manner since they will likely be processing returns for those to whom you have issued 1099s.
What Can Driven Insights do For You?
Driven Insights eliminates the finance function from your list of things to worry about with our outsourced accounting services for small businesses. We handle day-to-day bookkeeping, controller and CFO tasks on an ongoing basis. Reach out to learn more about how we can help you grow: [email protected] or 888-631-1124.
