Checklist and taxes due dates for entrepreneurs

According to statistics provided by the U.S. Small Business Administration Office of Advocacy (2024), 80% of the small businesses in the country have no employees. This means that almost all of the entrepreneurs work alone on their new business.

Having to think about new products, prepare the store, social media, buy and prepare stock and also think about finances may become too much for just one person. Lucky for you today we will focus on the solo ventures tax obligations and due date, so you can mark it on the calendar and avoid possible late payment fees.

Did your business win or lose money?

You must figure out your net loss or net income to know under which category your business falls into. Subtract your business expenses from the income. If you have a profit it should be included on a Form 1040 or 1040-SR. If your business has a loss, you can deduct it from your gross income on the same form as the profits.

Self employment or income tax?

If your earnings from self-employment were equal or more than $400, you will have to file an income tax return. If they are less you may have to file an income tax return if you meet any other requirement relevant for the Form 1040 and 1040-SR.

Due dates

Sales Tax Filing Deadlines

• 1st Quarter:  April 30th
• 2nd Quarter: July 31st 
• 3rd Quarter: October 30th
• 4th Quarter: January 31st

Consider a business tax expert

Set free from the stress of the tax season and other payments, consider having an accountant or tax professional helping your business grow and have all your taxes paperwork in order.