When are business taxes due? Your complete calendar

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When are business taxes due? Your complete calendar

Managing a business means acting, reacting, and making dozens of important decisions every day.
From making quick choices at the moment to dealing with standard operating procedures, it’s easy to lose sight of what’ll happen next week, let alone next month. If planning for the long-term feels next to impossible, we get it. It’s certainly easier to make decisions and react to what’s happening right in front of you than it is to think about something a year into the future.
Well, this year will be different. This year, you’ll be organized. Why? You’ve got us!
That’s why we’ve created the 2019 Small Business Tax Calendar to help you stay on top of important IRS due dates throughout the year and keep ahead of the federal government.
To get the most out of the 2019 Tax Calendar, you may need to rethink or create new procedures for managing tax issues. However, doing so can help you minimize your risk of accruing unnecessary penalties and interest costs. First things first, let’s look at how you do things.

What’s your process?

Proper tax planning requires you to submit tax documents on a variety of due dates. Start this process by checking with your CPA to confirm the due dates for the upcoming tax year. And if you don’t already have a bookkeeper, you should strongly consider hiring one. A bookkeeper can help you stay organized throughout the year and make tax time much, much easier.

Your biggest time saver

For many businesses, payroll is the most complicated and time-consuming task, and taxes are part of the process. If you create a system to process payroll efficiently, you can save a lot of time
Payroll is complicated for several reasons:
Employee records: Each worker’s payroll information is different, including different salaries, hourly rates, tax withholdings, and benefit payments.
Tax tables: Both federal and state income tax rates change frequently, and companies with employees in multiple states must withhold income taxes for more than one state.
Tax reporting: The federal, state, and city income tax returns are all different, and you may need to file dozens of tax forms each month and year.

When are business taxes due?

Here are the important due dates you need to know for the 2019 calendar year.

January 31, 2020

This is the deadline to send out Form W-2 to your employees and to file the documents with the IRS. Make sure you understand the difference between employees and independent contractors from the IRS’s point of view.

February 29, 2020

Deadline for businesses to file information returns with the IRS that report on 1099s issued for 2019. Companies use IRS Form 1096

April 1, 2020

The deadline for filing 1099s electronically is April 1st. If you don’t file electronically, the deadline is February 29th

Corporate tax returns

The type of tax return that your company must file depends on the business structure you choose when you start your business.
Here are the most common forms of business structure:
      Sole proprietorship: You are the only owner of the business. Setting up this type of entity is the easiest. However, you've exposed to business legal liability because there is no legal difference between you personally and your business. If you own a coffee shop, for example, and a customer falls and sues your shop for negligence, both your business and personal assets are at risk. This type of business falls into Schedule C territory.

      Corporation: A corporation offers the most legal protection because the business is a separate legal entity from the owner. There’s also a corporation tax collected, so be prepared for that as well. Corporation tax returns can be complicated and require more planning and preparation than individual returns.

      S-Corporation: If your business is an S-corporation (S-corp), the profits and losses of the S-corp are passed through to each shareholder’s tax return.

      Partnership: A partnership files a tax return, but the profits and losses of the partnership are passed through to each partner’s personal tax return. This type of tax is generally processed using the Schedule K-1.

      Limited liability company (LLC): An LLC allows you to limit your personal liability for business risks without having to meet the same level of regulatory requirements as a corporation. There are several different LLC structures, based on your state’s tax laws.

      March 15, 2020

      This is the tax return deadline for S-Corps and for partnerships You can file for a 6-month extension on either return, but your tax liability is still due on March 15th.

      April 15th, 2020

      This is the due date for corporate tax returns

      January 15th, 2020

      , using Form 1120.

      June 17th, 2019

      If you must make 2019 estimated tax payments for your business, payment for the 2nd quarter of 2019 is due on June 17th, 2019.

      September 16th, 2019

      If you must make 2019 estimated tax payments for your business, payment for the 3rd quarter of 2019 is due on September 16th, 2019.

      October 15th, 2020

      If you were granted an extension of time to file a corporate tax return, your tax return is due on this date.

      January 15th, 2020

      If you must make 2019 estimated tax payments for your business, payment for the 4th quarter of 2019 is due on this date.

      Individual tax returns

      Almost everyone is required to file a personal tax return using Form 1040, and this includes business owners who run a pass-through business structure. The income produced by your corporation, partnership, or other business entity may generate income that is posted to your personal tax return.

      January 15, 2020

      If you make estimated tax payments on your individual business earnings, the deadline for the 4th quarter estimated tax payments for 2019 is January 15, 2020.

      April 15th, 2020

      Individuals must file the 2019 income tax return and pay any remaining tax liability by this date

      June 17th, 2019

      If you must make 2019 estimated tax payments for your personal taxes, payment for the 2nd quarter of 2019 is due on June 17th, 2019.

      September 16th, 2019

      If you must make 2019 estimated tax payments for your personal taxes, payment for the 3rd quarter of 2019 is due on September 16th, 2019.

      October 15th, 2020

      If you were granted an extension of time by filing Form 4868, your tax return is due on this date.






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