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For the 2022 tax filing season, individuals must file their tax returns by April 18. If you can’t meet this year’s deadline, you’ll need to file an extension. The extended deadline for 2022 is Oct. 17.

However, if you’re self-employed, own a small business or work a side gig, you’re responsible for meeting many tax deadlines throughout the year.

You’ll need to track your income, estimated tax payments and employment records. If you have employees, you’ll need to pay employment taxes throughout the year. And if you pay another independent contractor or small business, you may need to file information with the Internal Revenue Service (IRS).

Use our guide to make sure you have the right forms on hand by each deadline.

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Tax Due Dates for The Self-Employed

Income Taxes

If you’re self-employed, you might choose to be taxed as a sole proprietorship. A sole proprietor files a Form 1040 federal income tax return with a Schedule C, which is due by April 18 for the 2022 tax filing season. Schedule C allows self-employed people to report their income or loss from their business to the IRS.

You may need to file both a federal and state income tax return. Since your state tax return due dates vary depending on where you reside, you should check with your state tax agency to determine when your return is due.

Some states do not require state income tax filings, like Alaska, Florida, Nevada, South Dakota, Tennessee, Texas and Wyoming.

Estimated Tax Payments

Paying estimated income tax payments can help avoid a large bill at tax time. The IRS requires self-employed people to pay estimated tax payments if they expect to owe taxes of at least $1,000 for the year.

To calculate and pay your estimated taxes, you’ll need to divide the tax year into four quarters and make a payment based on your income earned for each tax period. Here’s when your quarterly payments are due in 2022:

The IRS may charge a tax penalty if you don’t pay enough or fail to pay on time. If you fail to pay your taxes by the due date, the IRS will charge you a .05% penalty. Also, if you neglect to file your taxes timely, the IRS will charge you a 5% of unpaid taxes. Both penalties are charged each month (or part of the month). Your taxes remain unpaid but won’t exceed 25% of your total amount due.

If you fail to file and pay, the IRS will charge a combined penalty, however, it won’t exceed 5% of unpaid taxes for each month or part of the month your return is filed late.

Even if you expect to receive a refund when you file your tax return for the year, you may still receive a penalty for submitting estimated payments late. Since making these estimates can be complicated, consider seeking a tax professional’s assistance.

Employment Taxes

If you pay wages, tips or other compensation to your employees, you need to file and pay employment taxes.

You’re responsible for filing Form W-2, Wage and Tax Statement with Form W-3, Transmittal of Wage and Tax Statements to the Social Security Administration office, reporting all wages paid to each employee during the year.

The IRS requires you to file Form 940, the Federal Unemployment Tax Act (FUTA) tax return annually. The federal government uses this tax to pay unemployment benefit claims to workers who have lost their jobs. In most cases, the employer pays the FUTA tax for the first $7,000 of wages earned for each employee during the year.

Not only are you responsible for filing some employment tax returns annually, but you are also required to file quarterly returns. If your employees’ wages are subject to federal income tax withholdings, Social Security, and Medicare taxes, you might need to file Form 941, Employer’s Quarterly Federal Tax Return.

You might also need to file this return if you do not have any taxes to report for a specific quarter.

There are certain instances where you are not required to file Form 941 but can opt to file Form 944, Employer’s Annual Federal Tax Return instead. Form 944 is designed for smaller employers who have lower tax liabilities ($1,000 or less) and only requires filing the form annually.

Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.

For instance, you can file Form 944 if the IRS has notified you by mail that you’re eligible to file it. Also, if you expect your employment taxes will be $1,000 or less, you can choose to file Form 944 instead. However, you must contact the IRS during the first quarter of the year to request to file Form 944.

Form 1099-MISC and Form 1099-NEC Information Tax Return Filings

Most self-employed people pay other small businesses for different services and might be required to file Form 1099-MISC or Form 1099-NEC. These services may include accounting, legal, advertising, administrative, tax services and other professional services.

If you made a payment during the year to a small business or self-employed person who did work for your business, you might need to Form 1099-MISC or Form 1099-NEC to the IRS and provide a copy to the person whose services you used.

The type of payment you made will determine which form you’ll need to file.

Compensation payments made to non-employees (for example, a self-employed person or contractor) should be reported on Form 1099-NEC. If applicable, you must file with the IRS and send it to recipients by Feb. 1.

You may need to file a Form 1099-MISC for payments you made for prizes and awards, rents, royalties, attorney fees and certain medical services (if you paid more than $600 in one calendar year or at least $10 in royalty payments).

Form 1099-MISC must be sent to recipients by Feb. 1 and filed with the IRS by March 1.

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