Tax Deadlines: Don’t Ever Miss Them!

Tax Deadlines: Don’t Ever Miss Them!

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It’s tax season! Yes, we’re in that time of year when companies are scrambling to issue 1099, W-2 and other tax forms and taxpayers are deciding whether to buy a tax software program or find a professional to handle the job for them.

Taxpayers aren’t the only ones who should be marking up their calendars. Freelancers, small business owners and corporations know that federal guidelines must be followed or else. That “else” can be fines, penalties and, in obvious and egregious cases, imprisonment for those who flout the law.

You ARE a law-abiding citizen, am I right? Let’s take a look at some important tax deadlines for individuals and businesses alike:

1098 — Mortgage interest, vehicle donation, student loan interest and tuition statements are “1098” forms due in your possession by January 31. Information on these and similar forms are reported by taxpayers to the IRS.

1099 — Dividends and distributions, canceled debt, interest income and freelancing income are among the triggers for 1099 forms. Like the 1098, companies have until January 31 to get them in recipient hands. Later deadlines apply for 1099-S forms for real estate transactions, broker fees and proceeds paid to attorneys. In these cases February 15 is the deadline.

W2 — Wage and tax statements must be sent to employees by January 31. The same date applies for W2G recipients — people who have won money gambling.

Other Forms — Form 3921 and 3922 are for stocks and 5498 is for retirement distribution. A January 31 date applies in all cases.

Quarterly Taxes — You must make estimated tax payments (Form 1040-ES) to the IRS on a quarterly basis if you are freelance worker, small business operator or other applicable company. First quarter taxes are due April 15. Second quarter taxes are due June 15. Third quarter taxes are due on September 15 and fourth quarter taxes are due the following January 15. Slight date adjustments take place when the due date is on a weekend or on a holiday.

Tax Forms — April 15 is the due date for taxes unless a weekend or holiday must be factored in. An extension to October 15 is available, but if you owe the IRS money, you still have to submit your amount due on time.

Partnerships — If you have a legal partnership, then the following IRS instructions should be of interest to you. Form 1065 — This form is due on the 15th day of the 4th month after the end of the partnership’s tax year. You must provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1. Form 1065-B (electing large partnerships).   This form is due on the 15th day of the 4th month after the end of the partnership’s tax year. Provide each partner with a copy of Schedule K-1 (Form 1065-B) or a substitute Schedule K-1 by the first March 15 following the close of the partnership’s tax year.

Corporations — Corporations and S Corporations must follow guidelines related to Form 1120 and Form 1120S (or Form 7004).  These forms are due on the 15th day of the 3rd month after the end of the corporation’s tax year. S corporations must provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

We haven’t even touched upon the payment of payroll, social security and Medicare taxes, excise taxes and the like. Your tax accountant should be consulted to learn the proper way to handle these much more complicated requirements including important IRS payment guidelines.

Resources

IRS: Publication 509 — Tax Calendars

Entrepreneur: 25 Ways to Simplify Your Business

Business.gov: Filing and Paying Your Taxes

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