I’m a Service-Based, Small Business – When Are My Taxes Due?
January 31, 2015
In the U.S.?
Taxes are due Wednesday April 15th, 2015, if you’re an unincorporated sole proprietorship in the United States.
Businesses that are run as a Sole Proprietorship (you aren’t incorporated and are the only person in your business) need to file the following forms:
- Form 1040 (http://www.irs.gov/pub/irs-pdf/f1040.pdf)
- Schedule C (http://www.irs.gov/pub/irs-pdf/f1040sc.pdf)
- Schedule SE (http://www.irs.gov/pub/irs-pdf/f1040sse.pdf)
If you work from home you’ll also want to look at this form to calculate your deductible expenses:
- Expenses for Business Use of Your Home (Form 8829) (http://www.irs.gov/pub/irs-pdf/f8829.pdf)
If you can’t make the April 15th deadline, don’t worry just yet. You can apply for a six-month extension using Form 6848. But don’t forget, if you owe money, or estimate that you will owe money, you’re still required to submit an estimated payment by April 15th.
- Six Month Extension (http://www.irs.gov/pub/irs-pdf/f4868.pdf)
Taxes are due Monday June 15, 2015 for businesses in Canada.
However – if you owe any money you must make your payment by April 30th. Otherwise, you will be charged interest.
Most people aim to have their return filed by Thursday April 30th, 2015 to calculate any taxes owing and make a payment before any interest can be charged.
Businesses that are run as a Sole Proprietorship (aka you aren’t incorporated and are the only person in your business) need to file:
- T1 (Income Tax and Benefit Return) (http://www.cra-arc.gc.ca/E/pbg/tf/5006-r/5006-r-14e.pdf)
- T2125 (Business Income and Expenses) (http://www.cra-arc.gc.ca/E/pbg/tf/t2125/t2125-14e.pdf)