How To Calculate Your Income Tax In Business

Introduction & Importance of Business Income Tax Calculation

Calculating your business income tax accurately is one of the most critical financial responsibilities for any entrepreneur or small business owner. Unlike traditional employment where taxes are automatically withheld from paychecks, business owners must proactively calculate, report, and pay their taxes quarterly or annually. This process involves understanding complex tax codes, identifying eligible deductions, and applying the correct tax rates based on your business structure and income level.

The importance of proper tax calculation cannot be overstated. According to the Internal Revenue Service (IRS), small businesses account for over 99% of all U.S. businesses, yet they’re also responsible for a significant portion of tax compliance errors. Miscalculations can lead to:

• Underpayment penalties (currently 0.5% per month of unpaid tax)
• Overpayment that reduces your working capital unnecessarily
• Audit triggers from the IRS due to inconsistent reporting
• Missed deduction opportunities that could save thousands
• Cash flow problems from unexpected tax bills

This comprehensive guide will walk you through everything you need to know about calculating your business income tax, from understanding the different tax obligations for each business structure to leveraging deductions and credits that can significantly reduce your tax burden. We’ll also provide real-world examples and case studies to illustrate how these calculations work in practice.

How to Use This Business Income Tax Calculator

Our interactive calculator is designed to provide accurate tax estimates for various business types. Follow these steps to get the most precise results:

1. Select Your Business Type:

   Choose from Sole Proprietorship, LLC (single or multi-member), S-Corp, or C-Corp. Each structure has different tax implications:

   • Sole Proprietorship: Business income is reported on your personal tax return (Schedule C)
   • LLC: Defaults to pass-through taxation (like sole proprietorship) unless elected as S-Corp or C-Corp
   • S-Corp: Pass-through entity with potential payroll tax savings
   • C-Corp: Subject to corporate tax rates plus potential double taxation on dividends

2. Enter Your Annual Revenue:

   Input your total business income before any expenses. This should match your gross receipts as reported on your tax return.

3. Input Total Business Expenses:

   Include all ordinary and necessary business expenses such as:

   • Cost of goods sold (COGS)
   • Operating expenses (rent, utilities, salaries)
   • Marketing and advertising costs
   • Business travel and meals (50% deductible)
   • Home office expenses (if applicable)
   • Depreciation of business assets

4. Select Your Filing Status:

   Your personal filing status affects your tax brackets and standard deduction amount. Choose from Single, Married Filing Jointly, or Married Filing Separately.

5. Choose Your State:

   State income tax rates vary significantly. Some states like Texas and Florida have no state income tax, while others like California have progressive rates up to 13.3%.

6. Enter Qualified Business Income (QBI):

   For pass-through entities (sole props, LLCs, S-Corps), you may qualify for the 20% QBI deduction under Section 199A, subject to income limitations.

7. Review Your Results:

   The calculator will display:

   • Your taxable income after deductions
   • Federal income tax estimate
   • Self-employment tax (15.3% for sole props/LLCs)
   • State income tax estimate
   • Potential QBI deduction amount
   • Total estimated tax liability

Important Note: This calculator provides estimates based on current tax laws. For precise calculations, especially for complex business structures or high-income situations, consult with a certified tax professional or CPA.

Formula & Methodology Behind the Calculator

The business income tax calculation involves several complex components that interact differently depending on your business structure. Here’s the detailed methodology our calculator uses:

1. Calculating Taxable Income

The foundation of your tax calculation is determining your taxable income:

Taxable Income = (Annual Revenue - Business Expenses) - (Standard Deduction or Itemized Deductions)

For 2023, the standard deduction amounts are:

• Single: $13,850
• Married Filing Jointly: $27,700
• Married Filing Separately: $13,850

2. Federal Income Tax Calculation

The U.S. uses a progressive tax system with seven brackets for 2023:

Filing Status	10%	12%	22%	24%	32%	35%	37%
Single	$0 – $11,000	$11,001 – $44,725	$44,726 – $95,375	$95,376 – $182,100	$182,101 – $231,250	$231,251 – $578,125	$578,126+
Married Filing Jointly	$0 – $22,000	$22,001 – $89,450	$89,451 – $190,750	$190,751 – $364,200	$364,201 – $462,500	$462,501 – $693,750	$693,751+
Married Filing Separately	$0 – $11,000	$11,001 – $44,725	$44,726 – $95,375	$95,376 – $182,100	$182,101 – $231,250	$231,251 – $346,875	$346,876+

The calculator applies these brackets progressively. For example, if you’re single with $50,000 taxable income:

• First $11,000 at 10% = $1,100
• Next $33,725 ($44,725 – $11,000) at 12% = $4,047
• Remaining $5,275 ($50,000 – $44,725) at 22% = $1,160.50
• Total federal tax = $6,307.50

3. Self-Employment Tax Calculation

For sole proprietors and single-member LLCs, you must pay self-employment tax (15.3%) on 92.35% of your net earnings:

Self-Employment Tax = (Net Earnings × 92.35%) × 15.3%

Net earnings are calculated as:

Net Earnings = Annual Revenue - Business Expenses

Note: The 15.3% consists of:

• 12.4% for Social Security (on first $160,200 for 2023)
• 2.9% for Medicare (no income cap)

4. Qualified Business Income Deduction (Section 199A)

For pass-through entities, you may qualify for a 20% deduction on qualified business income, subject to limitations:

• Full deduction for taxable income ≤ $182,100 (single) or $364,200 (joint)
• Phase-out begins above these thresholds
• No deduction for “specified service businesses” (like health, law, consulting) above $232,100 (single) or $464,200 (joint)

QBI Deduction = Lesser of:
1. 20% of Qualified Business Income, or
2. 20% of (Taxable Income - Net Capital Gains)

5. State Income Tax Calculation

State tax rates vary significantly. Our calculator uses:

• Flat rate for states with simple systems (e.g., NC at 4.75%)
• Progressive rates for states with brackets (e.g., CA from 1% to 13.3%)
• 0% for states with no income tax (TX, FL, WA, etc.)

For example, California’s 2023 rates:

Filing Status	1%	2%	4%	6%	8%	9.3%	10.3%	11.3%	12.3%	13.3%
Single	$0 – $9,330	$9,331 – $22,107	$22,108 – $34,892	$34,893 – $48,435	$48,436 – $61,214	$61,215 – $312,686	$312,687 – $375,221	$375,222 – $625,369	$625,370 – $1,000,000	$1,000,001+

Real-World Business Tax Calculation Examples

Let’s examine three detailed case studies to illustrate how business income tax calculations work in practice.

Case Study 1: Freelance Graphic Designer (Sole Proprietorship)

Business Profile: Sarah is a single freelance graphic designer in Texas with no employees.

Financials:

• Annual Revenue: $85,000
• Business Expenses: $22,000 (equipment, software, home office, marketing)
• Standard Deduction: $13,850 (single filer)

Tax Calculation:

1. Net Income: $85,000 – $22,000 = $63,000
2. Taxable Income: $63,000 – $13,850 = $49,150
3. Federal Income Tax:
   • $11,000 × 10% = $1,100
   • $33,725 × 12% = $4,047
   • $4,425 × 22% = $973.50
   • Total: $6,120.50
4. Self-Employment Tax: ($63,000 × 92.35%) × 15.3% = $8,750.40
5. QBI Deduction: $63,000 × 20% = $12,600 (limited to 20% of taxable income: $49,150 × 20% = $9,830)
6. Adjusted Taxable Income: $49,150 – $9,830 = $39,320
7. Recalculated Federal Tax: $4,047 (12% bracket) + ($39,320 – $44,725) × 22% = $4,047 – $1,160.50 = $2,886.50
8. State Income Tax: $0 (Texas has no state income tax)
9. Total Estimated Tax: $2,886.50 (federal) + $8,750.40 (SE) = $11,636.90

Key Takeaways:

• The QBI deduction reduced her federal tax by $1,234
• No state tax savings due to Texas tax laws
• Effective tax rate: ~18.8% of net income

Case Study 2: Consulting LLC (Married Filing Jointly)

Business Profile: Mark and Lisa own a consulting LLC in New York. They elected S-Corp status and pay themselves reasonable salaries.

Financials:

• Total Revenue: $250,000
• Business Expenses: $95,000 (including $80,000 salaries)
• QBI: $155,000 ($250k – $95k)
• Other Income: $120,000 (combined salaries)
• Standard Deduction: $27,700

Tax Calculation:

1. Total Income: $120,000 (salaries) + $155,000 (business profit) = $275,000
2. Taxable Income: $275,000 – $27,700 = $247,300
3. Federal Income Tax:
   • $22,000 × 10% = $2,200
   • $67,450 × 12% = $8,094
   • $101,300 × 22% = $22,286
   • $56,550 × 24% = $13,572
   • Total: $46,152
4. QBI Deduction: $155,000 × 20% = $31,000 (no phase-out at this income level)
5. Adjusted Taxable Income: $247,300 – $31,000 = $216,300
6. Recalculated Federal Tax: $2,200 + $8,094 + $101,300 × 22% + ($216,300 – $190,750) × 24% = $38,506
7. Payroll Taxes: $80,000 × 15.3% = $12,240 (employer portion)
8. NY State Tax: ~$11,200 (6.85% on $163,300 after deductions)
9. Total Estimated Tax: $38,506 + $12,240 + $11,200 = $61,946

Key Takeaways:

• S-Corp election saved ~$5,000 in SE taxes compared to LLC default taxation
• QBI deduction provided $7,544 in federal tax savings
• NY state taxes added significant burden (effective rate: ~24%)

Case Study 3: E-commerce C-Corporation

Business Profile: TechGadgets Inc. is a C-Corp in California with $1.2M revenue.

Financials:

• Revenue: $1,200,000
• Expenses: $850,000 (COGS, salaries, operations)
• Taxable Income: $350,000
• Dividends Paid: $50,000

Tax Calculation:

1. Corporate Tax: $350,000 × 21% = $73,500
2. Shareholder Tax on Dividends: $50,000 × (15% qualified dividend rate + 3.8% NIIT) = $9,400
3. CA State Tax: $350,000 × 8.84% = $30,940
4. Total Tax Burden: $73,500 + $9,400 + $30,940 = $113,840
5. Effective Rate: $113,840 / $350,000 = ~32.5%

Key Takeaways:

• Double taxation evident (corporate + dividend taxes)
• Higher effective rate than pass-through entities
• CA state taxes add significant cost

Expert Tips to Optimize Your Business Tax Calculation

Proper tax planning can legally reduce your tax burden by thousands of dollars. Here are expert strategies:

1. Business Structure Optimization

• Sole Proprietor → S-Corp Conversion: If your net income exceeds $60k, consider S-Corp election to save on self-employment taxes. Example: $100k net income could save ~$3,000 in SE taxes.
• LLC Tax Election: Multi-member LLCs can choose between partnership taxation or S-Corp status based on which provides better tax treatment.
• C-Corp Considerations: Only beneficial if you plan to retain earnings in the business (taxed at 21%) rather than distribute as dividends.

2. Deduction Maximization Strategies

1. Home Office Deduction: Use the simplified method ($5/sq ft up to 300 sq ft) or actual expense method (utilities, mortgage interest, repairs proportional to office space).
2. Section 179 Deduction: Immediately expense up to $1,160,000 of qualifying equipment purchases in 2023 (phase-out begins at $2,890,000).
3. Retirement Contributions: Solo 401(k) allows $66,000 contribution ($22,500 employee + 25% of compensation). SEP IRA allows 25% of net earnings up to $66,000.
4. Health Insurance Premiums: 100% deductible for self-employed (including spouse and dependents).
5. Vehicle Expenses: Actual expenses (gas, maintenance, depreciation) or standard mileage rate (65.5¢/mile for 2023).

3. Quarterly Estimated Tax Planning

• Pay quarterly estimates if you expect to owe $1,000+ in taxes to avoid underpayment penalties.
• Deadlines: April 15, June 15, September 15, January 15 of following year.
• Use IRS Form 1040-ES to calculate safe harbor payments (100% of prior year tax or 90% of current year tax).
• Consider annualizing income method if your income fluctuates seasonally.

4. State Tax Optimization

• Nexus Planning: If operating in multiple states, structure operations to minimize taxable presence in high-tax states.
• State-Specific Credits: Research credits like:
  • California: Competitive Grant Program (up to $100k for small businesses)
  • New York: Investment Tax Credit (5-10% of qualified investments)
  • Texas: No state income tax but has franchise tax (0.375-0.75% of margin)
• Relocation Considerations: States like Florida, Texas, and Nevada offer significant tax advantages for business owners.

5. Advanced Tax Strategies

• Income Shifting: Defer income to next year or accelerate deductions into current year based on expected tax rates.
• Entity Restructuring: Consider creating a management company to convert ordinary income to lower-taxed royalty income.
• Cost Segregation: Accelerate depreciation on real estate (typically 39 years to 5-15 years).
• R&D Tax Credits: Up to $250k/year for qualified research activities (even for small businesses).
• Accounting Method: Cash basis may be better for service businesses; accrual basis often required for inventory-based businesses.

6. Audit Protection Strategies

• Maintain contemporaneous records for all deductions (especially meals, travel, home office).
• Document all business purposes for expenses that could be considered personal.
• Be consistent in how you classify workers (employees vs independent contractors).
• File all required forms (1099s for contractors, W-2s for employees) on time.
• Consider tax audit insurance (~$500/year) if your business has complex deductions.

Interactive FAQ About Business Income Tax Calculation

What’s the difference between taxable income and net income for a business? ▼

Net income (or net profit) is your total revenue minus all business expenses. Taxable income is what’s actually subject to income tax after additional adjustments:

• Net income starts with revenue minus COGS and operating expenses
• Taxable income adjusts for:
  • Non-deductible expenses (like 50% of meals)
  • Personal portions of mixed-use expenses
  • Deductions like QBI, retirement contributions
  • Standard/itemized deductions

Example: A business with $200k revenue and $120k expenses has $80k net income. After a $16k QBI deduction and $13.85k standard deduction, taxable income would be $50,150.

How does the QBI deduction work for different business types? ▼

The Qualified Business Income (QBI) deduction under Section 199A allows eligible businesses to deduct up to 20% of their qualified business income. Here’s how it applies:

Eligible Businesses:

• Sole proprietorships
• Partnerships
• LLCs (taxed as sole props or partnerships)
• S-corporations

Ineligible Businesses:

• C-corporations
• Specified Service Businesses (SSBs) like health, law, consulting if income exceeds $182,100 (single) or $364,200 (joint)

Calculation Rules:

1. Generally 20% of QBI (net income minus reasonable compensation for S-corps)
2. Limited to 20% of taxable income minus net capital gains
3. For income above thresholds, limited to greater of:
   • 50% of W-2 wages paid by business, or
   • 25% of W-2 wages + 2.5% of qualified property

Example: A consulting LLC with $150k net income (single filer):

• Below threshold: Full 20% deduction = $30k
• If income were $250k: Limited to $31k (20% of $155k taxable income after standard deduction)

What are the most commonly missed business tax deductions? ▼

Business owners frequently overlook these valuable deductions:

1. Home Office Deduction: $5/sq ft (up to 300 sq ft) or actual expenses. Many fear it triggers audits, but it’s legitimate if you meet the requirements (exclusive, regular use for business).
2. Vehicle Expenses: Either standard mileage rate (65.5¢/mile for 2023) or actual expenses (gas, maintenance, depreciation). Many forget to track business miles properly.
3. Retirement Contributions: Solo 401(k) or SEP IRA contributions reduce taxable income. A $20k contribution could save $4,400 in taxes (22% bracket).
4. Health Insurance Premiums: 100% deductible for self-employed, including dental and vision. Many don’t realize this includes premiums for spouse and dependents.
5. Education Expenses: Work-related courses, books, and seminars that maintain or improve your skills. The IRS allows these even without formal degree programs.
6. Start-up Costs: Up to $5,000 in first-year deductions for business start-up costs (market research, training, advertising before opening).
7. Bad Debts: If you use accrual accounting, uncollectible receivables can be deducted when they become worthless.
8. Bank Fees: Monthly account fees, wire transfer fees, and credit card processing fees are all deductible.
9. Subscriptions and Memberships: Industry publications, professional association dues, and even some software subscriptions (like QuickBooks or Adobe Creative Cloud).
10. Charitable Contributions: Cash and property donations to qualified charities. Many forget that sponsoring local events can sometimes qualify.

Pro Tip: Use a dedicated business credit card for all expenses to simplify tracking. Apps like Expensify or QuickBooks Self-Employed can automatically categorize transactions.

How do I calculate self-employment tax correctly? ▼

Self-employment tax consists of Social Security (12.4%) and Medicare (2.9%) taxes, totaling 15.3% on 92.35% of your net earnings. Here’s the step-by-step calculation:

1. Calculate Net Earnings:

   Net Earnings = Gross Income - Business Expenses

   Example: $100,000 revenue – $40,000 expenses = $60,000 net earnings
2. Apply 92.35% Factor:

   $60,000 × 92.35% = $55,410

   (This accounts for the employer portion that would normally be deducted)
3. Calculate Self-Employment Tax:

   $55,410 × 15.3% = $8,478.33

4. Deduct Employer Portion:

   You can deduct half of your SE tax (the “employer portion”) as an above-the-line deduction:

   $8,478.33 × 50% = $4,239.17 deduction

Important Notes:

• Social Security portion (12.4%) only applies to first $160,200 of earnings (2023 limit)
• Medicare portion (2.9%) applies to all earnings (plus 0.9% additional on earnings over $200k/$250k)
• S-Corp owners only pay SE tax on their salary, not on distributions
• Use Schedule SE (Form 1040) to calculate and report SE tax

Example Comparison:

Scenario	Net Income	SE Tax	Deductible Portion	Effective Rate
Sole Proprietor	$80,000	$11,229	$5,615	14.0%
S-Corp (Salary $50k, Distributions $30k)	$80,000	$7,658	$3,829	9.6%

What records should I keep for business tax purposes? ▼

The IRS recommends keeping records for at least 3-7 years (depending on the situation). Here’s a comprehensive list of what to maintain:

Income Records (Keep 7 years)

• Invoices sent to clients
• Bank deposit records
• Cash register tapes
• Form 1099-NEC received
• Sales receipts
• Credit card charge slips

Expense Records (Keep 7 years)

• Receipts for all purchases (digital or paper)
• Bank and credit card statements
• Canceled checks
• Mileage logs (date, miles, business purpose)
• Entertainment records (who, when, where, business purpose)
• Asset purchase records (for depreciation)

Employment Records (Keep 4-7 years)

• Form W-4 (Employee’s Withholding Certificate)
• Form I-9 (Employment Eligibility Verification)
• Payroll records (hours, wages, tax withholdings)
• Form W-2 and W-3
• Form 941 (Quarterly payroll tax returns)
• Form 940 (Annual federal unemployment tax)

Asset and Depreciation Records (Keep until disposed + 7 years)

• Purchase invoices
• Depreciation schedules
• Section 179 election statements
• Records of improvements vs repairs
• Disposal records (sale, trade-in, or abandonment)

Tax Return Documentation (Keep permanently)

• Signed copies of all tax returns (federal, state, local)
• Supporting schedules and worksheets
• Proof of filing (certified mail receipts, e-file confirmations)
• Amended return copies (Form 1040-X)

Digital Recordkeeping Best Practices

• Use cloud storage with backup (Google Drive, Dropbox, or dedicated services like Shoeboxed)
• Scan paper receipts immediately (apps like Expensify or Evernote can help)
• Organize files by year and category (e.g., “2023/Expenses/Office-Supplies”)
• Use accounting software (QuickBooks, Xero) that links to bank accounts
• Keep a separate business bank account and credit card

IRS Audit Triggers to Avoid:

• Claiming 100% business use for vehicles (unless truly exclusive)
• Rounding numbers on returns (use exact amounts)
• Large meals/entertainment deductions without proper documentation
• Home office deduction without clear exclusive use
• Consistently reporting losses (especially for hobbies masquerading as businesses)

How do state taxes affect my business income tax calculation? ▼

State taxes can significantly impact your overall tax burden, with rates ranging from 0% to over 13%. Here’s how they interact with your federal taxes:

1. State Income Tax Systems

• No Income Tax States (9): AK, FL, NV, NH, SD, TN, TX, WA, WY (NH taxes interest/dividends only)
• Flat Tax States (9): CO (4.4%), IL (4.95%), IN (3.23%), KY (5%), MA (5%), MI (4.25%), NC (4.75%), PA (3.07%), UT (4.85%)
• Progressive Tax States (32): Rates typically range from 1-13.3% (CA). Most have 3-9 brackets.

2. State Tax Deduction on Federal Returns

Under the Tax Cuts and Jobs Act (2017-2025), the state and local tax (SALT) deduction is limited to $10,000 per year. This cap particularly affects:

• High-income earners in high-tax states (CA, NY, NJ)
• Homeowners with high property taxes
• Business owners with significant state tax liabilities

Example Impact: A NY business owner with $15k state tax and $8k property tax can only deduct $10k total on federal return.

3. State-Specific Business Taxes

• Franchise Taxes: TX, CA, and other states charge based on revenue or capital (regardless of profitability)
• Gross Receipts Taxes: WA, OH, and others tax total revenue (not just profit)
• Local Business Taxes: Some cities (e.g., NYC) have additional taxes

4. Nexus Rules for Multi-State Businesses

You may owe taxes in multiple states if you have:

• Physical presence (office, warehouse, employees)
• Economic nexus (typically $100k+ sales or 200+ transactions)
• Affiliate nexus (related entities operating in the state)

State Tax Planning Strategies:

• Entity Selection: Some states tax C-corps differently than pass-through entities
• Apportionment: Multi-state businesses can allocate income based on sales, property, and payroll factors
• Credits and Incentives: Many states offer:
  • R&D credits
  • Job creation credits
  • Industry-specific incentives (film, tech, manufacturing)
• Relocation: Moving to a no-tax state can save 5-10% of income (but consider other costs)

5. State Tax Comparison Table

State	Top Individual Rate	Corporate Rate	Sales Tax	Notable Business Tax Features
California	13.3%	8.84%	7.25%	$800 annual franchise tax; high property taxes
New York	10.9%	7.25%	4%	NYC adds 8.85% local tax; economic nexus at $500k sales
Texas	0%	0%	6.25%	0.375-0.75% franchise tax on margin; no personal income tax
Florida	0%	5.5%	6%	No personal income tax; corporate tax only on C-corps
Illinois	4.95%	7%	6.25%	Flat individual rate; high property taxes

Resources:

• Federation of Tax Administrators – Links to all state tax agencies
• IRS State Tax Links – Official state tax information

What are the deadlines I need to know for business taxes? ▼

Missing tax deadlines can result in penalties (typically 5% per month up to 25%). Here’s a comprehensive calendar of key dates:

Federal Tax Deadlines

Tax Type	Form	Due Date	Extension Available
Individual Return (Sole Prop/LLC)	1040 + Schedule C	April 15	Yes (to Oct 15)
Partnership Return	1065	March 15	Yes (to Sept 15)
S-Corporation Return	1120-S	March 15	Yes (to Sept 15)
C-Corporation Return	1120	April 15	Yes (to Oct 15)
Estimated Tax Payments	1040-ES	Apr 15, Jun 15, Sep 15, Jan 15	N/A
Payroll Tax Deposits	941	Monthly or Semi-weekly	N/A
Annual Payroll Return	940	Jan 31	N/A
W-2/G to Employees	W-2, W-3	Jan 31	N/A
1099 to Contractors	1099-NEC	Jan 31	N/A

State Tax Deadlines

Most states follow federal deadlines, but some key exceptions:

• California: Returns due April 15, but estimated payments are Apr 15, Jun 15, Sep 15, Jan 15 (next year)
• New York: Corporate returns due March 15 (like federal), but personal returns due April 15
• Texas: Franchise tax reports due May 15
• Delaware: Corporate franchise tax due March 1

Extension Rules

• Federal extensions (Form 4868 for individuals, 7004 for businesses) give you 6 more months to file, but not to pay
• Estimated taxes must still be paid by original deadlines to avoid penalties
• Most states automatically grant extensions if you file a federal extension
• Some states (CA, NY) require separate extension forms

Penalty Avoidance Tips

• Underpayment Penalties: Avoid by paying 100% of prior year tax or 90% of current year tax via estimated payments
• Late Filing: 5% per month (up to 25%) of unpaid tax. File even if you can’t pay!
• Late Payment: 0.5% per month (up to 25%) of unpaid tax
• First-Time Penalty Abatement: IRS may waive penalties if you have clean compliance history

Year-Round Tax Calendar

Month	Key Tasks
January	Issue W-2s to employees (by Jan 31) Issue 1099s to contractors (by Jan 31) File annual payroll tax forms (940, 941) Make 4th quarter estimated tax payment
March	File S-Corp/Partnership returns (by March 15) Make 1st quarter estimated tax payment
April	File individual/C-Corp returns (by April 15) Make 1st quarter estimated tax payment File extension if needed
June	Make 2nd quarter estimated tax payment (by June 15)
September	Make 3rd quarter estimated tax payment (by Sept 15) File extended S-Corp/Partnership returns
October	File extended individual/C-Corp returns (by Oct 15)
December	Review year-to-date income/expenses Consider bonus depreciation or equipment purchases Adjust 4th quarter estimated payment if needed

Pro Tip: Set up calendar reminders 2 weeks before each deadline. Consider working with a tax professional who can help you meet all requirements and potentially identify savings opportunities throughout the year.