Tax Deadline Reminders for Business Owners
With the end of 2019 quickly approaching, there is still some time left to implement some quick tax savings strategies. There are a few weeks left for your tax accountant to review your financials and give you some recommendations as to what may be done before the end of the year. Contributions to IRA’s, paying for or purchasing items needed in 2020 and even paying yourself an end of the year bonus are just a few strategies that there may still be time left to implement to help you reduce your business tax burden. You can also review with your CPA if your business may qualify for the 20% Business Tax- exclusion or QBI (Qualified Business Income deduction). This business deduction allows for 20% of net income to be excluded- but qualifications vary greatly depending on service industries. Contact BakkenCPA to see if you may qualify for this business income deduction.
Important Tax Deadlines
January 1, 2020
January 31, 2020
Deadline to send out Form W-2 to your employees, and to file the documents with the IRS. Make sure you understand the difference between employees and independent contractors from the IRS’s point of view.
You’ll need to submit copies of employee W-2s to the IRS. Reference this 1099 vs. W-2 calculator.
Deadline to send out 1099 forms to sub contractors. The deadline for filing 1099s electronically is March 31st.
February 28, 2020
March 15, 2020
April 1, 2020
April 15th, 2020
Deadline for corporate tax returns, using Form 1120.
If you must make 2020 estimated tax payments for your business, payment for the 1st quarter of 2020 is due on April 15th, 2019.