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
Make final estimated quarterly tax payment for 2018
Form W-2 filing deadline
Form 1099-MISC Copy A filing deadline
S corporation (1120-S) and Partnership (1065) tax returns due
Deadline to file for an extension for s corp and partnerships
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
Second estimated quarterly tax payment for 2019 due
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
Deadline to establish your firm’s Simple IRA plan for 2019
Final due date to file calendar year 2018 tax returns for individual (1040) and Corporation (1120) taxpayers who received a 6-month extension
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!