Key Tax Deadlines for Connecticut Businesses

Key Tax Deadlines for Connecticut Businesses

Understanding key tax deadlines is essential for businesses in Connecticut to ensure compliance and avoid penalties. Missing these dates can lead to additional fees and complications, so it's crucial to stay informed. Below, we outline the important tax deadlines that Connecticut businesses should be aware of throughout the year.

1. Fiscal Year-End Deadlines

Connecticut businesses that operate on a fiscal year must file their corporate tax returns within 3 months and 15 days after the end of the fiscal year. It’s essential to keep track of your business's specific fiscal year-end date to ensure timely filing.

2. Sales and Use Tax Payment Schedule

Businesses in Connecticut are required to file and pay sales and use taxes either monthly or quarterly, depending on their tax liability from the previous year. The deadlines are as follows:

  • Monthly Filers: Taxes must be filed by the last day of the month following the reporting period.
  • Quarterly Filers: Taxes are due on the last day of the month following the end of the quarter.

3. Employer Tax Deadlines

Employers must meet specific deadlines regarding payroll taxes:

  • Connecticut Withholding Taxes: Employers must remit these taxes on a monthly basis or quarterly if their withholding was under a certain threshold.
  • Unemployment Insurance: Quarterly contributions are due on the last day of the month following each quarter (January 31, April 30, July 31, and October 31).

4. Estimated Tax Payments

Businesses that expect to owe at least $1,000 in state income tax are required to make estimated tax payments. These payments are due in four installments:

  • April 15
  • June 15
  • September 15
  • January 15 of the following year

5. Filing Annual Information Returns

Connecticut businesses must also file annual information returns, such as the Connecticut Corporate Business Tax Return (Form CT-1120), which is due by the 15th day of the month following the end of the fiscal year.

6. Personal Property Declaration

For businesses that own personal property in Connecticut, the personal property declaration is due annually on November 1. This declaration must accurately reflect all personal property owned by the business as of that date.

Conclusion

Staying aware of these key tax deadlines for Connecticut businesses is essential to maintain compliance and avoid penalties. By marking these dates on your calendar and preparing documentation in advance, you can ensure that your business remains on track with its tax obligations.

For more detailed information or personalized guidance, consider consulting with a tax professional who specializes in Connecticut tax law to help navigate these deadlines effectively.