All of our clients and pretty much every other tax-paying American knows that the personal tax deadline is April 15th. However, there are many other deadlines along the way that will influence your tax return, and it is important that you be aware of these as well. We want all of our clients at The Jones CPA Group to be aware of each deadline throughout the tax season. So mark your calendars; we’ve outlined all of the important deadlines in the article below.
Those who usually owe a lot of taxes come April will make quarterly payments to the IRS to help reduce the bulk sum they’ll owe after filing. These estimated tax payments can only be made through January 15th, so if you have any final payments you wish to make before filing taxes, you should do so soon.
This deadline is important to know for employers, employees, and contractors alike. If you are an employer, you must issue W-2’s to your full-time employees by January 31st. If you use contracted labor of any kind, you will also need to issue 1099’s to your contractors by the same deadline.
As an employee or contractor, be aware that this paperwork must be processed by January 31st; that does not mean you will receive your W-2’s and 1099’s by this deadline, but that they simply must be on their way to you. However, if you have not received the correct paperwork within 2 weeks of this deadline, you should contact your employer.
If you own a business that is either a C-corporation or S-corporation, then you must have your business return filed or request an extension by March 15th. Obviously, this is earlier than the widely-known April 15th deadline, so it is vital that you are aware of this and have your business’s tax documents ready on schedule. This can help you to avoid late fees and interest against your business. If you don’t know what your business’s filing status is (S-corporation, C-corporation, or partnership) then you should find out as soon as possible so you can plan appropriately.
If your business is a partnership, then your deadline for filing taxes is the same as the deadline for filing your personal tax return—April 15th. If you need an extension for either of these types of returns, this is also the deadline for submitting that request. Keep in mind, however, that the longer you wait to file, the busier your CPA and the IRS will be. This means that it can take longer to get your return filed, and longer for the IRS to process your return. Get documents together as quickly as possible and try to file early to avoid the backlog that always occurs close to the deadline.
If you must request an extension, you should be aware that the extension only applies to the filing of your tax return, not to paying any taxes that are due. This means that you will need to send in a tax payment by the appropriate filing deadline for what you expect to owe, as described above. If you don’t make a payment by that date, even if you file for an extension, you will still incur late payment penalties and interest on the amount due, but will avoid any late filing fees as long as you file by the extended due date. Your CPA will be able to tell you the correct amount to pay when you file your extension so that you can avoid such a situation.
Now that you know what to expect in the coming tax season, it’s time to start preparing. Call or stop by The Jones CPA Group in Orem for a tax planning consultation. Then when the above deadlines roll around, you’ll be able to stay ahead of the game and get your return filed early on.