Depositing and reporting employment taxes is a tricky thing to do. Employers' tax-reporting responsibilities expand yearly and the multiple deadlines for some filings are hard to keep track of.
Having a detailed schedule of due dates for the process of preparing and filing your taxes is essential to your company's success and financial wellbeing.
First Quarter Tax Payments - January, February, and March
January 16, 2018 – If the monthly deposit rule applies, deposit the tax for Social security, Medicare, and withheld income tax payments made in December 2017.
This due date also applies to nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in December 2017.
January 31, 2018 – File Form W-3 - Transmittal of Wage and Tax Statements along with Copy A of all the Forms W-2 you issued for 2017. Provide your employees with their copies of Form W-2 for the current year.
All payers of non-employee compensation must file Form 1099-MISC for non-employee compensation paid in 2017.
If you either paid reportable gambling winnings or withheld income tax from gambling winnings, this is the deadline for giving the winners their copies of Form W-2G.
If the tax you’re required to report on these forms is deposited in full and on time, you may file by the 10th day of the second month that follows the end of the return period.
February 16, 2018 – All employers must begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2017, but didn't give you Form W-4 (or Form W-4SP - its Spanish version) to continue their exemption this year.
February 28, 2018 – Payers of gambling winnings must file Form 1096 along with Copy A of all the Forms W-2G issued for 2017. If you choose to file Forms W-2G electronically, your due date will be extended to April 2.
Large food and beverage establishment employers must file Form 8027 to report tip income and allocated tips.
Use Form 8027-T - Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit paper versions of Forms 8027 if you have more than one establishment.
Second Quarter Tax Payments - April, May, and June
April 17, 2018 – If you paid cash wages of $2,000 or more to a household employee in 2017, you must file Schedule H (Form 1040).
April 30, 2018 – File Form 941 for the first quarter of 2018. If taxes for this quarter were deposited timely, properly, and in full, you have until May 10, 2018 to file the return.
May 10, 2018 – File Form 941 for the first quarter of 2018. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
Third Quarter Tax Payments - July, August, and September
July 31, 2018 – All employers maintaining an employee benefit plan -a pension, profit-sharing or stock bonus plan - must file Form 5500 or 5500-EZ for 2017 by this date.
File Form 941 for the second quarter of 2018. If you deposited the tax for the quarter in full and on time, you have until August 10, 2018 to file the return.
August 10, 2018 – File Form 941 for the second quarter of 2018 if taxes for this quarter were deposited timely, properly, and in full.
Fourth Quarter Tax Payments - October, November, and December
October 31, 2018 – File Form 941 for the third quarter of 2018. If you deposited the tax for the quarter timely, properly, and in full, you have until November 13, 2018 to file the return.
November 13, 2018 – File Form 941 for the third quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time.
November 1, 2018 – Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4 or Form W-4SP.
The official deadline to file your personal taxes can shift from year to year. As a taxpayer, it’s important to keep track of the IRS-issued tax due dates to pay and file on time.
Get all of the information on critical tax deadlines for the 2018 tax year in order to prevent missed dates and avoid unnecessary penalties from the IRS.