Are you prepared to meet your business goals this year?
As 2023 progresses, you’ll want to be thinking about your business goals for this year. Have you prepared and filed your taxes? Are you reviewing your insurance plans or meeting with an accountant? Have you created a detailed budget for this year or next? As these questions arise, you’ll no doubt discover that planning ahead is crucial for deciding what strategies are best for your business and most importantly, knowing what the deadlines are for implementing them. Here are the deadlines for each quarter…
1st Quarter Goals
It’s time to prepare and file your taxes.
- 1/15 – December federal withholding tax
- 1/15 – Q4 quarterly estimates
- 1/31 – December state and county withholding
- 1/31 – State Unemployment tax for Q4
- 1/31 – Federal Unemployment tax for Q4 or previous year*
- 1/31 – Annual Form 940
- 1/31 – Q4 Form 941
- 1/31 – Prepare and file 1099s
- 1/31 – Prepare and file W2
- 2/15 – January federal withholding tax
- 2/28 – January state and county withholding
- 3/15 – February federal withholding tax
- 3/15 (unless extended) – Business taxes
- 3/31 – February state and county withholding
2nd Quarter Goals
It’s time to evaluate and organize your business, review insurance plans, and train on new software, processes, and/or equipment.
- 4/15 – HSA contributions for the previous year
- 4/15 – March federal withholding tax
- 4/15 – Q1 quarterly estimates
- 4/15 (unless extended) – Personal income taxes
- 4/30 – March state and county withholding
- 4/30 – State unemployment tax for Q1
- 4/30 – Federal unemployment tax for Q1*
- 4/30 – Q1 Form 941
- 5/10 – Real estate taxes
- 5/15 – April federal withholding tax
- 5/15 – Personal property tax (PPT)
- 5/15 – April state and county withholding
- 6/15 – May federal withholding tax
- 6/15 – Q2 quarterly estimates
- 6/30 – May state and county withholding
- 6/30 – FAFSA application
3rd Quarter Goals
It’s time to review and make changes to withholding, meet with an accountant, file estimated taxes, and order anything that is needed by the end of the year.
- 7/15 – June federal withholding tax
- 7/31 – June state and county withholding
- 7/31 – State unemployment tax for Q2
- 7/31 – Federal unemployment tax for Q2*
- 7/31 – Q2 Form 941
- 8/15 – July federal withholding tax
- 8/31 – July state and county withholding
- 9/15 – August federal withholding tax
- 9/15 – Q3 quarterly estimates
- 9/15 – Extended business taxes
- 9/30 – August state and county withholding
4th Quarter Goals
It’s time to budget for next year, enroll in Medicare as needed, and finalize your health insurance for next year.
- 10/15 – September federal withholding tax
- 10/15 – Extended personal taxes
- 10/31 – September state and county withholding
- 10/31 – State unemployment tax for Q3
- 10/31 – Federal unemployment tax for Q3*
- 10/31 – Q3 Form 941
- 11/10 – Real estate taxes
- 11/30 – October federal withholding tax
- 11/30 – October state and county withholding
- 12/31 – 529 college savings plan contributions
- 12/31 – November federal withholding tax
- 12/31 – November state and county withholding
*NOTE: Federal unemployment tax is not due until the tax liability is $500 or greater—or year end, whichever comes first.
It may be overwhelming to think of all the goals to strive for and all the deadlines to meet in a year. That is why our Business Services Team is here to support you. We provide year-round consultation and education for every business need, so that you can have peace of mind as we guide you through each step. Click here to learn more about our Business Services.
Feel free to contact us if you have any questions or would like to set up a consultation with our Business Services Team. Click here for contact information.
Blog by Erika Lewis – Business Services Director
Learn more about Erika and the rest of the Storen Financial team here.