As the old saying goes, Nothing is sure but death and taxes. The fact is, there’s just no getting around it – business and payroll taxes must be dealt with no matter how tedious the job may seem. Of course, when you’re trying to run a company, this can get pretty, well, taxing. Not to worry, though – for a business tax accountant from Dunham Accounting Services, LLC, taxes are just a part of what we do to make life easier on you!
There are several major tax filings with which you need to be concerned, (you meaning us – Dunham Accounting Services):
1. Business Income Tax
Business income tax has two major components, quarterly estimated filings, and Business Income Tax returns. At Dunham Accounting Services we will prepare your returns. Depending upon your type of business, C-Corp, S-Corp, LLC, Partnership, etc. and whether you are operating on a calendar year or other fiscal year, your Annual returns will be due at different times of the year. We will prepare your returns for the appropriate filing date.
2. Personal Income Tax
In addition to the annual Income Tax Return which is to be filed by April 15, there are required quarterly filings for those who are self-employed or have other income. Sometimes an extension is required. Dunham Accounting Services can file your extensions and file your tax returns when you have acquired all of your information.
3. Payroll Tax – Periodic filings throughout the year. Dunham Accounting Services will prepare Payroll Tax filings on your behalf.
4. Sales Tax
The Michigan Department of Treasury requires all sales tax filing to be completed by the 20th day of the following month for both monthly and quarterly filing. For annual filing, the due date is February 28. Dunham Accounting will help you determine which filing is appropriate and will prepare it for you.
5. 1099 Forms and Reports – to be provided to contractors by January 31 each year. We will prepare the forms and reports on your behalf.
6. W2 Forms and Reports – to be provided to employees by January 31 each year. Dunham Accounting Services will generate your W2 Forms and Reports as part of our Payroll services.
Important Tax Dates in 2023
January 17, 2023
4th Quarter 2022 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 17, 2023 tax deadline.
April 17, 2023
Individual Tax Returns Due for Tax Year 2022
If you haven’t applied for an extension, e-file or postmark your individual tax returns by midnight April 17, 2023.
Individual Tax Return Extension Form Due for Tax Year 2022
If you need more time to get your information together for us to prepare your tax return, we will file your request for a tax extension by April 17 to push your tax deadline back to October 16, 2023. Please note that your taxes are still due by April 17. We can prepare an estimated payment to avoid penalties.
1st Quarter 2023 Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, we will send your Form 1040-ES postmarked by the April 17, 2023 tax deadline.
Last Day to make a 2022 IRA Contribution
If you wish to fund your retirement account for 2022 and haven’t done so, you can until April 17, 2023, the deadline for a contribution to a traditional IRA and a Roth IRA. If you have a SEP or Keogh we can file an extension on your behalf to give you until October 17, 2023 which will allow you to wait until then to put 2022 money into your Keogh or SEP account.
June 15, 2023
2nd Quarter 2023 Estimated Tax Payment Due
For the self-employed or those who have other second-quarter income which require you to pay quarterly estimated taxes, we will make sure forms are ready for you to make sure your payment is postmarked by the June 15, 2023 tax deadline. (Make sure that you get your information to us in a timely manner).
September 15, 2023
3rd Quarter 2023 Estimated Tax Payment Due
If you are self-employed or have other third-quarter income which requires you to pay quarterly estimated taxes, get us your information and we will make sure your third quarter payment is ready to be postmarked by Sept. 15, 2023 tax deadline.
October 16, 2023
Extended Individual Tax Returns Due
If you filed for an extension on your 2022 tax return, you need to get us the information so we can have your return completed for your to mail and have postmarked by October 16, 2023.
January 15, 2024
4th Quarter 2023 Estimated Tax Payment Due
Self-employed or have other fourth-quarter income which requires you to pay quarterly estimated taxes? Give us your info and we will have it ready for you to mail in time to be postmarked by January 15, 2024 tax deadline.
From Planning to Preparation
The type of taxes you pay depends on the type of business you have. We will put in the research to ensure your company is complying with all tax laws and regulations that fit your category of business. Our research won’t stop there, however. We will also strategically identify areas in which you might be able to save on taxes and analyze data throughout the year to provide a full and detailed report of recommendations. With all this in mind, we will prepare and file your taxes for you, and ensure all banking transactions are efficient and accurate.
From Your Company to Your Employees
In general, all companies (other than partnerships) must pay income tax, and are typically required to make regular payments of estimated tax. You may also be subject to an excise tax, and if you have employees working for you, your business must be responsible for employment taxes. These include: Social Security, Medicare, federal income tax withholding, as well as unemployment. Then, of course, there’s sales tax.
That’s a lot to keep track of for sure, but the good news is you don’t have to because we will! As part of our payroll services, individual employee taxes will be managed, just as your overall business taxes are by your own, personal business tax accountant. All forms, updates, processing, paperwork, and paycheck deductions, etc. will be handled without you even having to think about it.
From Stressful to Stress-Free
With the help of your personal business tax accountant from Dunham Accounting Services, LLC, you can breathe easy knowing that A) You don’t have to deal with taxes, and B) The people who are dealing with them for you have the knowledge and expertise to do so professionally and with your company’s best interests in mind.
If you need help making heads or tails of taxes, or would like assistance with any other financial needs like payroll, billing, invoicing, or bookkeeping, just give us a call at 616-734-6914, stop by our Byron Center office, or use our online contact form to drop us a line. We’ll be happy to discuss our services with you and start saving you money, as well as something even more valuable—your time.