Important tax deadline dates for businesses

Important tax deadline dates for businesses

We get it. Thinking about taxes while you’re trying to run a business is obnoxious. While it’s not unusual to rush before filing deadlines, it’s important that you file on time to avoid extra fees. Below is an update on important deadlines ahead.

For S-corporations – March 15

  • By the 15th, you must file your 2018 calendar year income tax return (Form 1120S) and pay any taxes.
  • Give each shareholder a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1.
  • If you want a 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
  • Want to elect to be treated as an S-corporation in 2019? File Form 2553, Election by a Small Business Corporation.

For partnerships – March 15

  • This is the due date to file a 2018 calendar year return with Form 1065. Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1.
  • Need a 5-month extension? If you want until Sept. 15 to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004.
  • For electing large partnerships:
  • This is the due date to file a 2018 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004.
  • Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1.

For all businesses – March 31 (if you file electronically)

  • Only if you file electronically: Give the IRS Forms 1097, 1098, 1099, 3921, 3922, and W-2G.

For corporations – April 15

  • Due date to file a 2018 calendar year income tax return (Form 1120) and pay any taxes.

For individuals – April 15

  • Due date to file a 2018 income tax return (Form 1040) and pay any taxes.
  • If you want an automatic 6-month extension to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

Speak with your Morgan & Associates CPA today for advice to get ahead of the game for the 2019 filing season!