2022 Q1 Tax deadlines: Mark your calendars

As the new year kicks off, it’s time to mark your calendars for essential tax dates in 2022. Here are some notable dates for the first quarter.

January 31^st, 2022

Form 1099 – NEC

This form is necessary if you are working with any independent contractors or non-employees who you are compensating. Form 1099 – NEC has two copies, Copy A and Copy B. You should fill out Copy A and send it to the IRS, then send Copy B to the contractor.

Form W-2

You should fill this form out if you have employees. For each employee, you must fill in two copies of the form, and send one to the IRS. The second form is to be sent to your employee.

Form W-2 reports the annual wages of employees and any amount of withheld tax from their paychecks.

March 15^th, 2022

Form 1065

This is the US Return of Partnership income where you declare your profits and losses, as well as credits and deductions. Form 1065 is necessary for all business partnerships and captures the annual federal tax returns.

March 31^st, 2022

Form 1099-MISC

1099-MISC (Miscellaneous Income) is used only to report certain payments made to persons for business-related purposes (excluding nonemployee compensation). Form 1099-MISC, and all other 1099 forms, are due to the IRS by February 28 if filed on paper, or March 31 if filed electronically. 

There is considerable documentation that you will need to support your tax filing, and you should keep accurate physical records throughout the year. The documentation to retain includes: –

–          Invoices – These track your income, particularly with due dates and status of payments.

–          Receipts – To track your expenses as you spend money. Categorize your receipts for ease of reference. Make sure that you have everything in place by ‘Tax Day’ on April 15^th, 2022. Set yourself up for success with the support of RCN CPAs & Business Advisors. Our team offers year-round tax advice and can also assist you by filing your taxes. Book a discovery call. Take away the stress of tax filing and ensure that you have an excellent tax plan in place.