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.
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.
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.
Are you a small to medium sized business near the Peoria, IL area? Do you need help with business tax preparation? Then you have come to the right place. It can be confusing and difficult to prepare your business’ taxes, so we are here to help clear up any confusion. Each business is different as well, and we know the ins and outs of taxes. Your taxes will be different depending on if:
We can help you minimize your taxes each year! Each year, businesses lose tons of money because they aren’t aware of regulations and constantly changing laws. David Mills CPA is here to help guide you through your tax season.
We also provide tax preparation near the Peoria, IL area to individuals looking for guidance. You may think your taxes are simple, but that couldn’t be farther from the truth. There are constant changes to the tax laws. Each year there are hundreds of changes. Can you keep up with those tax laws and regulations? Probably not. But we can! We will help you get the biggest return possible.
Contact us today and we will help you or your business with tax preparation. We look forward to being able to guide you or your business through the maze that can be taxes. It’s better to prepare now so you have peace of mind all year! Give us a call today.