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
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
- October 15, 2019 is
deadline for C corporations, sole proprietors, and individuals to file
income tax returns.
- November 15, 2019 is
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
- 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.
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
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 us (228) 460-5243 or email us at email@example.com to find our how your business planning attorney can help you.
Legal disclaimer: The information in this article is provided for information purposes only and should not be construed as legal advice. Your should not act or refrain from acting on the basis of any content included in this article or on our website (www.perklawgroup.com) without seeking legal or professional advice.