Paying taxes is never fun, but filing can be pretty painless if you build a simple and structured calendar for both your business and personal tax returns and collect all of the necessary paperwork ahead of time.
Remember to check when tax returns are due for all states in which taxpayers operate - some individual states may not conform to the Federal tax filing dates!
Knowing exactly when and how to file the appropriate paperwork can save you plenty of time and money. Mark your calendars with the following important tax deadlines to avoid any penalties for filing late.
Every business is different and so are its taxes. Your business tax return deadlines are based on the entity type and whether or not you plan on filing an extension to shift the deadlines.
When To File 2018 Businesses Taxes?
Form 1099 Due Date - January 31 (Extension Date - February 15) - used to prepare and file an information return to report various types of income other than wages, salaries, and tips.
Form 1099-MISC Due Date - January 31 (Extension Date - February 28) - used to report rental income, royalties, Indian gaming profits and nonemployee compensation.
Form 1098-C Due Date - February 28 - used by a non-profit organization to report the value of the donation of a boat or motor vehicle.
Form 1065 Due Date - March 15 (Extension Date - September 17) - used to report the profits, losses and deductions of business partnerships.
Form 1120S Due Date - March 15 (Extension Date - September 17) - used by corporations that elect to be S corporations to report income, deductions, gains and losses.
Form 1065-B Due Date - March 15 (Extension Date - September 17) - an information return to report electing large partnerships' income, gains, deductions and losses.
Form 2553 Due Date - March 15 - a necessary step in order to qualify as an S-corporation.
Form 3520-A Due Date - March 15 (Extension Date - September 17) - used by foreign trusts with a U.S. owner to provide information about the trust, its beneficiaries and owners.
Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G Due Date - April 2 - this due date applies only when filing electronically.
Form 1041 Due Date - April 17 (Extension Date - September 30) - used to report all income, gains, losses, deductions, and credits from the operation of a trust or an estate.
FinCEN Report 114 Due Date - April 17 (Extension Date - October 15) - required if the taxpayer has a financial interest in or signature authority over a financial account located outside of the U.S. and if the aggregate value of the foreign accounts has exceeded $10,000 at any time during 2017.
Form 1120 Due Date - April 17 (Extension Date - October 15) - used by corporations to report the income, gains, losses, deductions, credits, and to figure the income tax liabilities.
Form 1120-W Due Dates - April 17, June 15, September 17, December 17 - used by a corporation to determine tax liabilities and required payments.
990 Series Forms (990-N, 990-EZ, 990-PF) Due Date - May 15 (Extension Date - November 15) - used to file an annual return depending on the financial activity of an organization.
The first step in filing your taxes is to figure out if you need to file at all. The three main factors that determine the need to file are the age, filing status and income.
If you are a single adult under the age of 65, you have to file taxes if you make over $10,350 a year. You also have to file if you are currently married, filing together with your spouse and have a household income over $20,700.
The deadline to file 2017 personal tax returns and to pay any taxes due is April 17, 2018.
You can request a six-month extension from the IRS if you need additional time to prepare and file your return. This would shift your filing deadline to October 15, 2018.
When To File 2018 Individual Taxes?
Form 4070 Due Date - the 10th of every month (if the date falls on a Saturday or Sunday the deadline is moved to the next Monday) - used by employees who are compensated by tips to summarize and report those tips to their employer.
Form 1040-ES (Individuals, farmers and fishermen) Due Dates - January 16, June 15, September 17 - used to calculate and pay estimated taxes for the current year.
Form 1040 (Farmers and fishermen) Due Date - June 15 - used by U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico to file your 2017 income tax return.
Form W-4 Due Date - February 15 - used by employees to indicate their tax situation to the employer.
Schedule H (Form 1040) Due Date - April 17 - used by household employers to report household employment taxes.
All employers have various tax-reporting responsibilities depending on the type of organization, number of staff and area of business. It's essential to track the ever-changing deadlines to avoid any pricey tax penalties for filing late.
Figuring out your taxes and the IRS might feel intimidating. Having a comprehensive filing strategy, keeping track of tax filing deadlines and sticking to a set schedule is guaranteed to help you stay ahead and organized this tax season.
Essential Employer Tax Filing Deadlines
Form W-2 Due Date - January 31 - used in the United States to report wages or other compensation paid to employees and the taxes withheld from them.
Form W-2G Due Date - January 31 - used to report gambling winnings and any federal income tax withheld on those winnings.
Form W-3 Due Date - January 31 - the form is a list of employee information provided in Form W-2.
Form 1099-MISC Due Date - January 31 - used to report rents, royalties, prizes and awards and other fixed determinable income.
Form 940 Due Date - January 31 (Extension Date - February 12) - used by employers to file annual Federal Unemployment Tax Act tax.
Form 941 Due Dates - January 31, February 12, April 30, May 10, July 31, August 10, October 31, November 13 - used by employers who withhold income taxes from wages or pay social security or Medicare tax.
Form 943 Due Date - January 31 (Extension Date - February 12) - used to report income tax withheld and employer and employee social security and Medicare taxes on wages paid to farm workers.
Form 944 Due Date - January 31 (Extension Date - February 12) - an annual filing report for smaller employers to use instead of Form 941 for filing payroll tax reports.
Form 945 Due Date - January 31 (Extension Date - February 12) - used to report withheld federal income tax from nonpayroll payments.
Form W-4, Form W-4 (SP) Due Date - February 16 (Extension Date - November 1) - completed by an employee so that the employer can withhold the correct federal income tax from their pay.
Form 1096 Due Date - February 28 - used by filers of paper Forms 1099, 1098, 5498 and W-2G to transmit the copies to the IRS.
Form 8027 Due Date - February 28 - used to file annual reports at the IRS that record wages and tips earned by the employees of large food or beverage organizations.
Form 8027-T Due Date - February 28 - used by restaurants or bars to report all tips reported by employees.
Electronic filing of Forms W-2G, 8027, 1094-C, 1095-C, 1094-B and 1095-B Due Date - April 2 - this due date applies only when filing electronically.
Schedule H (Form 1040) - April 17 - used by household employers to report household employment taxes.
Form 5500 or 5500-EZ Due Date - July 31 - used by pension and welfare benefit plans to report their financial condition, investments and operations.