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’s 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 can be tricky to understand, at least the deadlines are clear. So make sure you know the deadlines that apply to you; this way, you can plan ahead to make sure you meet your tax obligation and get all the required paperwork to your accountant.

Important Tax Dates for 2019

January 15

Make last 2018 estimated tax payment

January 28

First day to e-file and first IRS acknowledgements of e-filed returns

April 15

Due date to file calendar year 2018 tax returns or request an automatic 6-month extension of time to file.

April 15

 Last day to e-file timely returns and extension requests

April 15

First 2019 estimated tax payment due

April 21

Last day to re-transmit rejected timely filed returns and extensions

June 17

Second 2018 estimated tax payment due

June 17

Last day to e-file timely extension request for overseas taxpayers

September 16

Third 2018 estimated tax payment due

October 15

Final due date to file calendar year 2017 tax returns for taxpayers who received a 6-month extension

October 15

Last day to e-file returns that received 6-month extension

October 22

Last day to re-transmit rejected late or extension returns

 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 lot 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 encourage 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!

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