As a small business owner, one of the most important things you’re responsible for is taking care of your taxes every month.
We’ve gathered the most important February tax due dates! Knowing these tax due dates will help you stay on top of your financial commitments and out of the doghouse with Uncle Sam. Don't forget! Paying on time means you won’t have to pay any unnecessary penalties or interest. YAS!
Here are the February 2018 due dates you need to know....
Payroll Tax Deadlines
If you’re a semi-weekly payroll tax depositor:
If your payroll date falls on a Sat, Sun, Mon, or Tue, be sure to make your payment the following Friday
If your payroll date falls on a Wed, Thur, or Fri, be sure to make your payment the following Wednesday
If you’re a monthly payroll tax depositor:
February 15th, 2018: 941 Federal Monthly Deposit
February 12th, 2018: Form 4070 (employee tips over $20) due to you from employees (make sure to collect them!)
Federal Annual Filings: 2017
February 12, 2018: File Form 940, Unemployment Tax, only if you filed on time all year.
February 15, 2018: New W-4 required for 2018 from anyone who claimed exempt in 2017. If you don’t receive a new W-4, begin withholding income taxes from employee.
February 28, 2018: File Form 8027 if you are a large food or beverage establishment.
February 28, 2018: File Forms 1096, 1098, 1099 (except Form 1099-MISC reporting non-employee compensation), and W-2G if you file paper forms.
State Sales Tax: for January 2018
February 20, 2018: Colorado Sales Tax
February 20, 2018: Arizona Sales Tax
Bonus: Bank Holidays
It’s also very important to know the banking holidays every month. Make sure to mark them on your calendar and plan accordingly when it comes to payroll, paying contractors, and paying bills. It could also affect your deposits and how much you’re paying your employees.
Bank Holiday ---> Monday, February 19th: Presidents’ Day