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Important Dates Every Small Business Owners Shouldn’t Miss

Important Dates Every Small Business Owners Shouldn’t Miss

Preparing early for the looming 2019 tax filing deadlines and closing out of books is highly recommended to all small business owners. If you’re one of them, then you know tax season happens all year since you also have to take care of quarterly income tax filings and semiweekly payroll withholdings. 

Take note of these important dates to avoid getting in trouble with the IRS in the future.

Quarter and Annual Income Tax Filing

Submitting estimated tax payments quarterly and filing an income tax return annually is a must for most businesses and self-employed individuals. The type of you business will be basis for the filing dates - corporation, partnership, S corporation or sole proprietorship aren’t the same.

Payroll Withholdings and Unemployment Tax Payments

Depending on your filing status, you will be required to submit payroll withholdings and unemployment tax payments semi weekly or monthly. If you’re an employer, you will be required to document deposits and distribute year-end documents to employees.

Excise Tax Payments

Businesses that are subject to excise tax include manufacturers, retailers and trucking companies. They are paid monthly, quarterly or annually base on the requirements from every industry. 

For small businesses that follow a calendar-year reporting system, the following deadlines shouldn’t be missed. The IRS Publication 509 will provide additional information including schedule modifications for fiscal-year tax filters.

Wages and Non-employee Compensation Tax Filings

Employers are required to distribute paper copies of appropriate tax forms to individuals who were given cash payments during 2018 by January 31. On the other hand, electronic files can be delivered with the recipients consent. The Social Security Administration must also receive additional copies. Forms that must be submitted by January 31 are Forms 1097, 1098 and 1099, Forms 3921 and 3922, Forms W-2 and W-2G.

Sending copies to the IRS for small businesses is until February 28. Form 1096, Annual Summary and Transmittal of U.S. Information Returns, and Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips must also be submitted by employers. The deadline for electronic filings is extended until April 1.

Employment Taxes and Payroll Withholdings

Small businesses are required to deposit employment taxes monthly or semiweekly according to tax liability as reported on Form 941, Employer's Quarterly Federal Tax Return. This scope of this requirement includes federal income tax, federal unemployment (FUTA) tax and Social Security/Medicare (FICA) withholdings. If you’re an employee, you must report your payroll withholdings quarterly or annually using IRS Form 941, 943, 944 or 945. Important deadlines are April 30, July 31, October 31 and January 31 for Form 941. The last day of the first month after the end of the calendar year is the due date for all other forms in the 940 series.

Partnerships and S Corporations

You are required to submit your tax return on March 15 or the 15th day of the third month after your organization’s tax year ends if your business falls under the partnership or S corporation classification. To generate a Schedule K-1 earnings statement for each partnership, partnerships need to fill up Form 1065. PReparing Schedule K-1 needs Form 1120S for S corporations.

Corporation

Corporate tax returns for income received in 2018 must be filed until April 15, 2019. Form 7044 is use to request for a six-month extension or use Form 1120. A deposit for the amount of estimated tax owed must be submitted as well. The deadline for the first quarterly estimated tax payment of the year is also on the 15th of April.

Estimated Income Tax Filing Deadlines

You must use the worksheet Form 1120-W to calculate your business’s quarterly income tax liability. Here are the deadlines for quarterly estimated income tax payments.

• First quarter: April 15

• Second quarter: June 17

• Third quarter: September 16

• Fourth quarter: December 16

Additional Information On Filing Taxes 2019

All of the information provided above is merely an overview of the 2019 tax filing deadlines for small businesses. Make sure you drop by the IRS Small Business and Self-Employed website for questions,  additional and complete information. You’ll never know - you may also qualify for tax credits and deductions on essential expenses that can greatly help reduce your tax burden.

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