Instead of scrambling when tax season rolls around, trying to figure out and gather all of your required tax forms that must be filed, be prepared and keep your eye on upcoming tax deadlines for the 2019 tax season. Gurian CPA has provided all the important tax deadlines for 2019 to keep you informed for the year!
January 15, 2019
- 4th quarter estimated tax payments due for the 2018 tax year.
January 31, 2019
- Employer deadline to mail out all W-2 Forms to their employees and for businesses to supply 1099 Form reporting, non-employee compensation, bank interest, distributions from a retirement plan and dividends.
February 15, 2019
- Forms 1099 and 1096 must be mailed by businesses to the IRS.
March 15, 2019
- Corporate tax returns (Forms 1120, 1120A, and 1120S) deadline for the 2018 tax year. If these corporate tax returns can’t be filed then you must request an automatic six month extension by filing Form 7004.
- Partnership tax return (Form 1065) deadline. If a partnership tax return can’t be filed then you must request an automatic five month extension by filing Form 7004.
April 15, 2019
- Individual tax return (Form 1040) deadline for the 2018 tax year. If you’re unable to file by this deadline, then you must request an automatic six month extension by filing Form 4868. Payments are still due and can be submitted along with the extension form to the IRS.
- Deadline for the 2018 tax year to contribute to your traditional IRS, Roth IRS, Health Savings Account, SEP-IRA or individual 401k. You can file for an automatic five month extension for contributions to fund a SEP-IRA or individual 401k.
- 1st quarter estimated tax payments due for the 2019 tax year.
- Estate income tax or trust income tax returns (Form 1041) deadline. If you’re unable to file by this deadline, then you must request an automatic five month extension by filing Form 7004.
May 31, 2019
- Financial institutions must send out From 5498 to report balances in an individual retirement account.
June 17, 2019
- 2nd quarter estimated tax payments due for the 2019 tax year.
- U.S. citizens that live abroad must file their individual tax returns. If you’re unable to file by this deadline, then you must request an automatic four month extension.
September 16, 2019
- 3rd quarter estimated tax payments due for the 2019 tax year.
- Deadline if an automatic six month extension was requested for corporate tax returns (Forms 1120, 1120A and 1120S).
October 1, 2019
- Self-employed individuals and small employers must establish a SIMPLE-IRA.
October 15, 2019
- Deadline for individual tax returns (Form 1040) if an automatic six month extension was requested.
- This is the last day that the IRS will accept electronically filed tax returns for the 2018 tax year. If tax returns are filed after this date they will need to be sent to the IRS via snail mail.
- Deadline to fund SEP-IRA or individual 401k if an automatic five month extension was requested.
Being prepared and keeping your eye on upcoming tax deadlines will benefit you in the long run and prevent you from missing important deadlines for your tax situation. The IRS recommends that in the instance that you do miss a tax deadline, you should file your return as soon as possible. To avoid higher penalties and fees, you should also pay taxes owed as soon as possible. You will probably still be hit with a financial penalty, or extra interest charge, but the sooner you make a payment, the smaller the fee or interest will be. An easy way to quickly send money you owe to the IRS is to go directly to IRS Direct Pay to make your payment from your banking account. If there are reasons that are preventing you from being able to pay tax owed to the IRS, delaying your payment is the worst option. Make sure to still file your tax return on time and apply for an installment agreement. The tax season can be confusing and a little overwhelming, especially with the new Tax Cuts & Job act, make sure you contact your local CPA to ensure that your taxes are done correctly, and on time!
By: Paige Knight