At some point every year, business owners begin scrambling as they try to figure out what forms they must file and when they must file them in the new tax season.
Here are some other important deadlines to keep in mind. This is not a comprehensive list, please consult with your tax advisor for any other deadlines that may apply to you. State deadlines will vary, please check with your state for applicable deadlines that apply to your business.
The fourth and final estimated payment for the 2018 tax year is due on Jan. 15, 2019.
Estimated tax payments for the 2019 Tax Year (IRS Form 1040ES)
April 15, 2019
June 17, 2019
Sept. 16, 2019
Jan. 15, 2020
W-2 and 1099 Reporting
January 31, 2019- Deadline for employers to mail out W-2 Forms to their employees and for businesses to furnish 1099 Forms reporting, among other things, non-employee compensation, bank interest, dividends, and distributions from a retirement plan
February 28, 2019- Deadline for businesses to mail Forms 1099 and 1096 to the IRS
Partnership returns (IRS Form 1065):
March 15, 2019
Extended deadline is Sept. 16, 2019
C-corporation income tax returns (IRS Forms 1120):
April 15, 2019 for C corporations that operate on a calendar year
Extended deadline is Oct. 15, 2019
The deadline for C corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation is on a fiscal rather than a calendar year.
S-corporation returns (IRS Form 1120-S):
March 15, 2019 for corporations on a calendar year
Extended deadline is Sept. 15, 2019
The deadline for S corp and partnership returns is the 15th day of the third month following the end of the fiscal year if they are on a fiscal year rather than a calendar year.
Individual Tax Returns (Form 1040)
April 15, 2019- Deadline to file individual tax returns for the year 2018 or to request an automatic extension (Form 4868). An extension provides an extra six months to file your return. Payment of the tax is still due by April 15. You can submit payment for any taxes you owe along with the extension form.
What If You Miss a Date?
The IRS says you should file your return as soon as possible if you miss a deadline. If you owe taxes, pay them as soon as possible as well. You’ll probably be hit with a moderate financial penalty, if only an extra interest charge, but the IRS should accept your money and your return and that will be the end of it unless there’s another problem.
If you owe money and don’t want to send a check to the IRS via snail mail and risk all the extra time that might entail, go to IRS Direct Pay and have the payment debited directly from your bank account. You might also want to e-file your late return if possible if you haven’t missed that deadline. Most taxpayers can do that at IRS Free File. The IRS will accept e-filed returns up until Oct. 15.
And if you can’t pay the tax you owe immediately, don’t delay. File your return anyway and immediately apply for an installment agreement. The IRS will let you pay over time as long as you make arrangements to do so.