What is a tax calendar?

A tax calendar is a schedule of all tax filing and payment deadlines for a business, including estimated tax payments, payroll tax deposits, information returns, and annual tax returns. For professional service firm owners, a tax calendar prevents missed deadlines and associated penalties.

Key characteristics

• Lists all filing deadlines

• Includes payment due dates

• Covers federal and state

• Updated annually

• Includes reminders

• Prevents penalty situations

Why it matters for professional service firms

Missing tax deadlines triggers entirely avoidable penalties. A comprehensive tax calendar with advance reminders ensures timely compliance. Professional service firm owners should maintain a tax calendar and review it at least monthly.

Real-world example

Rachel's tax calendar included: quarterly estimated taxes (April 15, June 15, September 15, January 15), payroll tax deposits (semi-weekly per schedule), Form 941 (April 30, July 31, October 31, January 31), Form 940 (January 31), W-2/W-3 (January 31), 1099s (January 31), S corp return (March 15), personal return (April 15). Calendar reminders are set 2 weeks before each deadline.