As a self-storage business owner, you have a lot on your plate. You're responsible for managing the day-to-day operations of your facility, ensuring the safety and security of your tenants' belongings, and handling all of the administrative tasks that come with running a business. With so much going on, it can be easy to overlook important deadlines, such as tax deadlines. However, failing to meet these deadlines can result in penalties and interest charges, which can be costly. In this blog post, we'll discuss some key tax deadlines that self-storage business owners need to be aware of.
Income Tax Deadline
The deadline for filing your federal income tax return is April 15th of each year. This deadline applies to all self-storage business owners who operate as sole proprietors or who own partnerships, S corporations, or limited liability companies (LLCs). If you're a self-storage business owner who operates as a corporation, your tax deadline may be different, depending on your tax year.
Sales Tax Deadline
As we mentioned in our previous blog post, sales tax applies to the rental of storage space in most states. The deadline for filing your sales tax return will depend on the frequency of your tax reporting. Some states require monthly reporting, while others require quarterly or annual reporting. It's important to check with your state's taxing authority to determine the applicable deadline.
Property Tax Deadline
Property tax is assessed on self-storage facilities based on the value of the property. The deadline for paying your property tax will depend on your location and the policies of your local taxing authority. Some jurisdictions require property taxes to be paid in installments, while others require a single payment. It's important to check with your local taxing authority to determine the applicable deadline.
Extension Deadlines
If you're unable to meet a tax deadline, you may be able to request an extension. For example, you can request an extension for your income tax return by filing Form 4868. This will give you an additional six months to file your return, but you'll still need to pay any taxes owed by the original deadline. It's important to note that an extension only applies to the filing deadline, not the payment deadline.
As a self-storage business owner, it's important to be aware of the various tax deadlines that apply to your business. Failing to meet these deadlines can result in penalties and interest charges, which can be costly. By staying organized and keeping track of important dates, you can help ensure that you're meeting your tax obligations on time. As always, it's recommended to consult with a tax professional for specific guidance on your tax obligations.