Important Dates - Agile Income Tax Services

Small to Medium Sized Business Accounting

Hello there! Welcome back to the Agile Income Tax LLC blog, your trusted resource for accounting and tax tips. If you run a small to medium-sized business in Texas, this blog post is for you. We’re going to guide you through the important annual dates that should be marked on your calendar to ensure smooth financial operation and tax compliance.

Key Dates in the Texas Accounting Calendar for Small to Medium Sized Businesses

W-2 and 1099-MISC Distribution

By this date, make sure you've provided all of your employees and applicable contractors with their W-2 or 1099-MISC forms. This is crucial complete these forms on time, as they are essential for completing income tax returns.

January 31st

OSHA 300A Summary

Businesses with more than ten employees and not categorized as a partially exempt industry must post a summary of the work-related injuries and illnesses of the previous year. This summary, also known as the OSHA 300A log, must be presented from February 1st to April 30th.

February 1st

S Corporation and Partnership Tax Returns

This is the deadline for filing tax returns or extension requests for S Corporations and Partnerships (using forms 1120S and 1065, respectively). If you've filed an extension, the final deadline will be on September 15th.

March 15th

Individual and C Corporation Tax Returns

The most widely recognized date on the tax calendar. Individuals (form 1040) and C Corporations (form 1120) should file their tax returns or extension requests by this date. For those who apply for extensions, the final deadline for individuals is October 15th, while for C Corporations, it's October 15th if their fiscal year follows the calendar year.

April 15th

Texas Franchise Tax

Texas Franchise Tax Reports are due on May 15th. This tax applies to all entities doing business within the state, including LLCs, corporations, and partnerships.

May 15th

Employee Benefit Plan Returns

The Form 5500 (Annual Return/Report of Employee Benefit Plan) should be filed for any employer who offers an employee benefit plan such as a pension or a 401(k).

July 31st

Texas Sales Tax Holiday

From the first Friday in August until the following Sunday, Texas holds an annual Sales Tax Holiday. This is the perfect time for businesses to stock up on certain tax-free items like clothing, backpacks, and school supplies.

August 1st

Extended Individual and C Corporation Tax Returns

For individuals and C corporations that filed for an extension earlier in the year, this is the final deadline to submit tax returns.

October 15th

Remember, each business is unique and these dates are subject to change, so please consult with a professional or trusted tax advisor to confirm what applies to your situation.

As always, your Agile Income Tax LLC team stands ready to help you navigate the complexities of the accounting and tax world. We take pride in empowering small and medium-sized businesses with the tools and knowledge to succeed. If you have any questions or need our services, feel free to contact us.

We make it easier for you to focus on what you love – growing your business. Let Agile Income Tax LLC take care of your accounting needs. Don’t wait until the next annual date is around the corner, plan ahead – your business will thank you!