Most of the penalties I see on new clients are not from doing anything wrong. They are from a date nobody had written down.
Here is the whole year on one page. Print it and put it where you will see it.
Federal, every year
January 15 — 4th quarter estimated tax for last year. This one gets missed constantly because it lands in the wrong calendar year from the income it covers.
January 31 — 1099-NEC to contractors AND to the IRS. Same date for both. Also W-2s to employees and the Social Security Administration.
March 15 — S-corporation and partnership returns. Note this is a month before the personal deadline, which surprises people every year.
April 15 — Personal return, plus 1st quarter estimated tax for this year. Two different things due the same day.
June 15 — 2nd quarter estimated tax.
September 15 — 3rd quarter estimated tax, plus extended S-corp and partnership returns.
October 15 — Extended personal returns.
Texas, every year
May 15 — Franchise tax report and the Public Information Report.
This is the one that catches people, so read the next part carefully.
The franchise report is not optional just because you owe nothing
Texas sets a no-tax-due revenue threshold. Under it, you owe no franchise tax. You still have to file the report.
That distinction has teeth. Skipping the filing is how a business ends up with its right to transact business forfeited, which is a genuine problem the day you try to sign a lease, open a bank account, or defend yourself in a lawsuit.
Two more things worth knowing:
- The $50 late fee attaches to the franchise tax report, not to the Public Information Report. There is no separate $50 penalty for a late PIR or OIR.
- Late payment is separate from late filing: 5% at first, 10% once it is more than 30 days late, plus interest starting at day 61.
Sales tax, if you collect it
Your filing frequency is assigned by the Comptroller based on how much you collect, so check your own notice rather than assuming:
- Monthly filers: the 20th of the following month
- Quarterly filers: the 20th of January, April, July, October
- Annual filers: January 20
What to actually do with this
Put three things in your phone calendar right now, with a one-week warning on each: January 31, March 15 (if you are an S-corp or partnership), and May 15.
Those three cover the deadlines that cause the most expensive surprises. The estimated-tax dates matter too, but missing them costs interest, while missing the other three can cost you your entity’s good standing.
Dates reflect the standard schedule. When a deadline falls on a weekend or holiday it generally shifts to the next business day, and the IRS occasionally grants disaster-area extensions that apply to Texas counties. Verify anything you are relying on, or ask me.