For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year:
- January 31st – 1099 mailing deadline
1099 forms for contractors, need to be in the mail by the end of January, and must be postmarked or electronically filed by this date to avoid penalties.
- January 31t – W-2 mailing deadline
For traditional employees and not contractors, this is also the deadline for W-2 forms, and they must at least be submitted and sent off by this date.
- March 15th – S-Corp and partnership tax filing deadline
Your 2018 tax return for S-Corp or partnerships must be filed and submitted by this date. If you’re applying for an extension, this will also need to be done by the same date.
- April 15th – Individual income tax filing deadline
All individuals, including most small business owners, must file their personal tax returns by this date, and payment must also be submitted by then.
- April 15th – Sole proprietor, LLC, Corporation tax filing deadline
Business taxes for sole proprietors, LLC and C-Corps must be filed and applications for extensions received, by this date.
- April 15th – Estimated quarterly income tax payments due for Q1 2019
Your first estimated quarterly tax payment of 2019 is due by this date if you’re self-employed, or do not pay income taxes through withholding.
- April 15th – SEP contribution deadline
For most entrepreneurs with a Simple Employee Pension or who would like to start one, they must do so by the filing deadline of April 15th for the contributions to count on that year’s return.
- April 15th – IRA contribution deadline
IRA contributions made after you file your taxes by the 15th April, will count towards the following year’s return, and applies to both traditional and Roth IRA accounts.
- June 15th – Estimated quarterly income tax payments due for Q2 2019 deadline
The deadline for Quarter 2’s payment, if you have estimated quarterly taxes, is June 15th.
- September 16th – Estimated quarterly income tax payments due for Q3 2019
The deadline this year for Quarter 3 estimated tax payments falls on a Sunday, so the date has been shifted to September 16th.
- September 16th – Extension deadline for S-Corps and partnerships
This is the updated deadline for those who have received an extension for their S-Corps or partnership tax returns, and returns must be submitted and paid by this date.
- October 15th – Extension deadline for individuals, sole proprietors, LLC’s and corporations
This is the updated deadline for those who have received extensions as sole proprietors, LLC’s or C-Corps, and returns and payments must be submitted by this date.
- December 31st – 401(k) deadline
Accounts for 401(k)’s must be created and funded before the end of the year, whether for yourself or your employees, and any contributions you want to be counted for this year, must also be made by this date.
- January 15th 2020 – Estimated quarterly income tax payments due for Q4 2019
Fourth quarter payments for those who are self-employed or pay their taxes quarterly, are not due until 2020.
To ensure that you meet any deadlines required of you, whether you’re self-employed or the owner of a small business, consider hiring a tax professional who can ensure that you never incur any penalties due to late or inaccurate filing.