Busy small business owners have many tasks on their plates: A significant one is staying on top of important tax and filing deadlines. These important dates may vary depending upon the business' structure. Here are some of the most critical deadlines business owners may need to meet over the next few months.
Federal tax deadlines
- September 16, 2019 is the extension deadline for partnerships and S corporations to file their income tax returns. It is also the deadline for third-quarter estimated tax payments if you are a self-employed individual or have substantial non-wage income.
- October 15, 2019 is the extension deadline for C corporations, sole proprietors, and individuals to file income tax returns.
- November 15, 2019 is the extension deadline for tax-exempt organizations to file income tax returns.
- December 31, 2019 is the deadline for 401(k) contributions for yourself or your employees. For the contributions to count for 2019, the account must be created and funded by December 31st.
- January 15, 2020 is the deadline for fourth-quarter estimated tax payments for self-employed individuals or those with substantial non-wage income.
- January 30, 2020 is the deadline to file Form 1099-MISC if you have non-employee (independent contractor) compensation to report. However, for all other reported payments, the deadline is February 28, 2020, and if you file electronically, the deadline is March 30, 2020.
Note: State taxes are typically—though not always—due at the same time as federal taxes. A few states allow state tax returns to be filed a couple of weeks (or in the case of Louisiana, a month) later than the federal returns. It is essential to be aware of potentially different deadlines for state estimated tax payments as well.
State filing deadlines
It is important not to forget state annual or biennial filing requirements, though these deadlines will vary depending upon the state and your business structure. Most states—though not all—require either an annual or biennial report or statement to be filed, typically either on the anniversary of the date you formed your business or on a specific date mandated by state law. These types of reports are frequently required for business entities such as corporations, limited liability companies (LLCs), and limited partnerships. They are often accompanied by filing fees that must be paid by the same deadline. If you file your report late, there may be a late fee, and failing to file at all could result in the administrative dissolution of your company, as well as the loss of the liability shield provided by the business entity.
There may also be a state franchise tax imposed on business entities such as LLCs, limited partnerships, or corporations. This tax, which varies from state to state, is often due at the same time as the annual report—either on the anniversary date of the formation of the business or a date specified by state law. The due date may also vary depending upon the type of business entity.
Sales tax deadlines
The deadlines for filing and paying sales taxes vary depending upon the state (you must pay a sales tax in states in which your business has a tax nexus, that is, a sufficient connection or degree of business activity, which may include online sales) and often on the volume of your sales. They may be due monthly, quarterly, or annually, depending upon the state.
Local, state, and federal licenses and permits
If your business is required to obtain any licenses, permits, or certificates from the federal, state, or local government, they may need to be renewed periodically. The renewal requirements and deadlines for your licenses or permits will vary, and it is important not to let them expire. Failing to renew your licenses and permits could result in fines, notices, or even the closure of your business.
Contact Us for Help
Many small business owners are completely immersed in the day-to-day operations of their businesses and have trouble finding the time to stay on top of the filing deadlines they must meet to avoid fines, penalties, interest, or worse. If you have questions about the deadlines applicable to your business, we can help. Call our office today to set up an appointment, and we will help ensure that your business meets all the applicable deadlines for taxes, state-mandated reports, and licenses and permits.