2019 Is Here: Is Your Business Ready?

The best way to make the most of this year is to prepare for it now.

First thing: Review 2019 deadlines.

Know when everything is due. One of the key tasks for any new year is preparing to file your tax returns. Even though taxes laws are complex and difficult to understand, at least the deadlines are clear. Make sure you know the deadlines that apply to you; this way, you can plan ahead to make sure you meet your tax obligations and get all the required paperwork to your accountant.

Important Tax Filing and Deadline Dates for 2019

January 15

Make final estimated quarterly tax payment for 2018

January 31

Form W-2 filing deadline

Form 1099-MISC Copy A filing deadline

March 15

S corporation (1120-S) and Partnership (1065) tax returns due

Deadline to file for an extension for s corp and partnerships

April 15

Individual tax returns due (1040, 1040A or 1040EZ)

Deadline to file Corporation tax returns (Form 1120)

Deadline to file for an extension on individual or Corporation tax returns

First estimated quarterly tax payment for 2019 due

June 17

Second estimated quarterly tax payment for 2019 due

September 16

Final due date to file calendar year 2018 tax returns for S corporations (1120-S) and Partnerships (1065) who received a 6-month extension

Third estimated quarterly tax payment for 2019 due

October 1

Deadline to establish your firm’s Simple IRA plan for 2019

October 15

Final due date to file calendar year 2018 tax returns for individual (1040) and Corporation (1120) taxpayers who received a 6-month extension

December 31

Final day to make any tax planning moves for the 2019 tax year

Deadline to set up a solo 401(k)

 2018 Was a Big Year in the Tax World

The Tax Cuts and Jobs Act (TCJA) went into effect on January 1, 2018, bringing a number of changes for small businesses. The new low corporate tax rate may have spurred you into changing your entity structure.  

Confirm Employee Data

As businesses expand, it’s important to ensure employee records are kept current. In preparation for each new year, all employee records, compensation, and benefits should be updated so that the proper tax forms can be prepared and submitted. The same goes for contractors.

Conclusion: Boom! You’re ready for 2019.

Sharp Point encourages you to reach out to your accountant to confirm that you’ve successfully wrapped up 2018 and are ready to tackle 2019.

Happy New Year!