Happy New Year! Now that 2019 is here, it’s time for businesses and corporations everywhere to tackle their New Year goals head-on. One of the most important goals that should be on your resolutions list? Avoiding penalties, fees, and interest by never missing a tax filing deadline or important tax-related date.
With that in mind, here’s a quick rundown of the year’s most important tax deadlines.
January 15 – Final Estimated Quarterly Payment for 2018 due.
If you make estimated quarterly tax payments, your last payment for the fiscal year of 2018 is due on this day.
January 31 – Deadline for Filing W-2 Forms for Employees
This is a relatively new deadline that’s only been around for a few years, so don’t let it sneak up on you. You’ll need to have a W-2 filled out and delivered to the IRS and each employee by January 31st.
January 31 – Deadline for Filing 1099-MISC (Copy A) for Independent Contractors
This new deadline applies to most types of 1099 forms for any independent contractors you work with through your business.
(NOTE: If you don’t have any amounts to include in Box 7 of Form 1099, your deadline is Feb. 28 for paper filing and April 1 for electronic filing.)
February 15 – Deadline for Filing 1099-MISC (Copy B for Independent Contractors)
This is when the contractor copy of form 1099-MISC is due to any contractors with whom you’ve worked in 2018.
March 15 – Tax Returns Due for S-Corporations and Partnerships
Today’s the day when all S-corporation returns (1120-S) and Partnership returns (1065) are due. Remember that S-corps and partnerships pay taxes on individual incomes from owners and partners.
April 15 – Individual and Corporate Tax Returns Deadline
This is the big one. All individual and corporate tax returns are due on this day, and that also goes for sole proprietors filing Schedule C on their returns. If you’re going to file an extension, this is the last opportunity to do so
April 15 – Estimated Quarterly Payment Deadline
Today is also the deadline for your first estimated quarterly tax payment of 2019.
June 17 – Estimated Quarterly Payment Due
Your second estimated payment of the year is due today.
September 16 – Estimated Quarterly Payment Due
One more estimated payment—your last before the new year.
November – End-of-Year Tax Planning
There is a long list of tax moves that your business can make at the end of the year to save money, reduce tax burden, and help your business grow. By November you should already be working with your CPA to plan out the last couple of months for maximum benefit to your business.
December 31 – Deadline for End-of-Year Tax Plans
This is the last day to finalize any year-end tax moves designed to save your business money. Don’t miss it!
This list is designed to cover the dates most likely to be relevant to most businesses, but it is not an exhaustive list. Work with your CPA or local accounting professional to ensure that you’re always on schedule.
We wish you and your business every success in the new year!