The first quarter of any year is loaded with tax deadlines that come fast and furious. For business owners, there are various reporting deadlines as well as dates for tax payments. If you are late, you face penalties that will seriously cut into your bottom line and disrupt your cash flow, limiting your ability to use your resources productively for your business. So, even before your New Year’s champagne goes flat, you should jot down these dates and formulate a plan for meeting them.
- January 31 — This is the deadline to File 2019 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees. The W-2 is the essential form your employees need to be able to file their taxes. It records their withholdings, including the all-important FICA deductions, which you are responsible for paying under severe penalties for noncompliance.
This is also the date when you must provide copies of 2019 Forms 1099-MISC, “Miscellaneous Income,” to non-employees you paid, such as independent contractors. Copies must go out now to recipients of the payments you made, and eventually to the IRS.
You are also required to file a Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return.” This tax provides funds for paying unemployment compensation to workers who have lost their jobs, an essential part of our nation’s social safety net. This filing generally requires a payment, though you have options for how to make the payment, depending on whether your obligation is $500 or less.
Then there is Form 941, “Employer’s Quarterly Federal Tax Return.” You must file this to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2019. Again, you have options depending on how much you owe. If you owe less than $2,500, you can pay the full amount at this time. If you deposited this tax for the fourth quarter in full and on time on January 15, you have until February 10 to file this return. If, however, your estimated annual liability is $1,000 or less, you may be eligible to file Form 944, “Employer’s Annual Federal Tax Return.”
Finally, there is Form 945, “Annual Return of Withheld Federal Income Tax,” which you must file to report income tax withheld on all nonpayroll items. These include your backup withholding and withholding on pension accounts, annuities and IRAs. If you owe less than $2,500, you can pay it in full at this time. If the amounts you deposited throughout the year cover your liability, you may file the return any time up to February 10.
- February 28 — This is the date to file Forms 1099-MISC with the IRS if you weren’t required to file earlier and you’re filing paper copies. Otherwise, you may be able to file up to March 31.
- March 16 — If you participate in a calendar-year partnership or S corporation, you must file now or extend your 2019 tax return. In either case, you must pay any tax due. If you don’t extend your return, this is your deadline to make 2019 contributions to your pension and profit-sharing plans.
Contact Breon & Associates in Harrisburg
This list doesn’t necessarily include all your tax requirements, so additional deadlines may apply to you. For personalized tax preparation advice, contact Breon & Associates. We are happy to help you meet all applicable deadlines to avoid unnecessary penalties. Often, the key to business success is simply to avoid unforced errors and preventable losses. Let Breon & Associates show you how! With offices in Harrisburg and South Central PA, Breon & Associates provides business, accounting and tax services throughout Pennsylvania, New York, North Carolina and Florida. Call us at 1-888-516-8476 or 717-273-8626, or contact one of our offices online to schedule an appointment.
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Harrisburg, PA 17101
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Camp Hill, PA 17011
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Ephrata, PA 17522
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Wyomissing, PA 19610