Small Business Tax Resources

Hi there,

It is officially tax season! Tax day this year is April 18, 2022. Individual taxpayers, sole proprietors, and C corporations need to file their taxes by this date to avoid penalties. If you're self-employed, your quarterly estimated tax payments are due April 18, June 15, and September 15 (2022); and January 15 (2023).

Here is a list of resources you might find helpful ahead of Tax Day:

• If you are self-employed, you'll file Form 1040-ES.
• If your business is a C Corporation, you'll file Form 1120.
• If your business is a partnership, S corporation, or LLC that is taxed as a partnership, your tax return was due March 15th (more info here). 
• Are you a sole proprietor? Here's a guide to filing (and understanding) your taxes.
• You can also file for a 6 month extension on your business taxes before April 18 with Form 7004 (or Form 4868 if you're a sole proprietor).

Not paying your taxes can cause real problems for your business, so make sure you file by the due date. If your tax bill is more than you can afford, try to pay at least part of the deposit to reduce penalties. A tax professional can help you manage the rest.

Never hesitate to reach out to our team with any questions about factoring or business funding. If you need legal advice or other expert assistance regarding your taxes, please seek the services of a tax advisor or professional.

Thank you,

Daniel Eke

Factor Funding Co.

Did You Know?

Businesses paid more than $839 billion in state and local taxes in FY2020. Source