Plan Your 2020 Q1 Tax Calendar Key Deadlines

Keeping track of key tax-related deadlines for your business is an ongoing concern. Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2020.

Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you.

Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

Key Dates to Know

January 31 is the deadline to File 2019 Forms W-2 “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

Provide copies of 2019 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required.

File 2019 Forms 1099-MISC reporting nonemployee compensation payments in Box 7 with the IRS. File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2019.

If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it’s more than $500, you must deposit it.

However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.

File Form 941, “Employer’s Quarterly Federal Tax Return,” to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2019.

If your tax liability is less than $2,500, you can pay it in full with a timely filed return.

If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return. (Employers that have an estimated annual employment tax liability of $1,000 or less may be eligible to file Form 944, “Employer’s Annual Federal Tax Return.”)

File Form 945, “Annual Return of Withheld Federal Income Tax,” for 2019 to report income tax withheld on all nonpayroll items, including backup withholding and withholding on accounts such as pensions, annuities and IRAs.

If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

February 28 File 2019 Forms 1099-MISC with the IRS if 1) they’re not required to be filed earlier and 2) you’re filing paper copies. (Otherwise, the filing deadline is March 31.)

March 16 If a calendar-year partnership or S corporation, file or extend your 2019 tax return and pay any tax due.

If the return isn’t extended, this is also the last day to make 2019 contributions to pension and profit-sharing plans.

Contact David Mills CPA for Small Business Tax Advice

If you have questions about meeting applicable deadlines or to learn more about filing requirements, contact David Mills CPA, LLC. We have offices in Morton and East Peoria or can arrange a video conference with you.

Get Help with Tax Season for You or Your Business

This tax season, make sure you are getting the tax return you deserve with our help. Taxes are a complex system and having a knowledgeable and experienced professional at your back can be the best way to improve your return. We offer tax planning and preparation for both individuals and small to medium-sized businesses.

Tax Preparation for Businesses

For business owners, your personal and businesses taxes are closely linked. It’s especially important for business owners to have proper tax preparation. One issue many business owners face is that sometimes business owners think only of yearly taxes, but they are subject to many more such as:

  • tax seasonFederal and state payroll withholding and taxes
  • Appropriate tax deposits to avoid penalties
  • Sales tax and use tax issues
  • Worker’s compensation issues
  • Local sales taxes
  • Union reporting
  • Retirement plan contributions and deductions

We have the experience and knowledge required to guide you through the many regulations and laws. Minimizing these taxes is a goal of every business. We can help you and your business through our advising!

Tax Preparation for Individuals

Many individuals believe that their tax return is relatively simple. You can go the simple route, but you are likely making mistakes and missing out on deductions you are able to claim. We can help you get the most out of your tax return.

  • tax seasonIf you are a new client, we review your last 2-3 years tax returns to check for accuracy.
  • No matter if you owe money on your return or have a large refund, we will help you adjust your withholding tax to eliminate problems.
  • Tax returns are carefully reviewed to ensure you take all the deductions you are entitled to.
  • As part of our income tax preparation process, we electronically file your tax return.
  • We prepare most state income tax returns.
  • We can also help you with out-of-state individual tax preparation.

Get the most out of your tax return, call us today so we can provide you with professional tax preparation. You’ll see the difference for yourself and your business.

5 Reasons to Hire A Tax Consultant

If you are like most people when it comes to taxes, you don’t feel confident in what you are doing. A tax consultant can help relieve stress and reduce mistakes while filing taxes. Check out five reasons why you should consider hiring a tax consultant.

1. You Find A Mistake On A Previous Return

Have you found a mistake on a previous tax return in the past three years? You can work with a tax constant to file an amended return. A consultant can help to minimize any damage that may have been caused. It can also provide you with peace of mind in knowing that your tax return will be properly handled.

2. Your Marital Status Has Changed Tax consultant

Have you gotten married or divorced in the last year? If so, your tax filing may be affected.

  • Newly Married Couples: A consultant can help you decide whether to file your taxes together or separate. It is helpful to get a tax consultant’s opinion of what will be most beneficial since every couple’s situation is different.
  • Recently Divorced Couples: A consultant can help you determine if it is best to file separate or together. They can also help ensure that alimony has either been paid or received properly.

3. Filling Your Own Taxes Can Be Time Consuming

Filling Your taxes can be time-consuming. A tax consultant will be able to work quickly and efficiently. They will be able to save you the stress of making sure your taxes are done right.

4. You Work or Live In Different States

Taxes can become confusing if you live and work in different states. If you’ve recently moved to a new state it can be confusing as well.

A tax consultant will be able to assist you in the different states’ tax rules and can help you sort out any issues that arise.

5. You’ve Started A Business

A common mistake of new business owners is waiting to hire a tax professional. How you file your taxes the first year can impact future tax filings. It is important to start off right.

David Mills Can Assist You With Taxes

David Mills is proud to assist our customers with their taxes and make recommendations that fit your needs.  If you need assistance with your taxes, contact David Mills today. We look forward to working with you!