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tax season 2019

Tax season 2019: the deadlines and documents for your business

Some tax deadlines require more time and preparation before submission. That’s why it’s a good idea to take note of all the dates and IRS forms that are relevant to you and your business before January 2019.

Begin by confirming all the filing dates along with the required IRS forms. Then, decide whether to file before the deadline or if you’ll need to take advantage of any tax deadline extensions. Keep in mind that the fastest and most reliable way to file your tax forms to the IRS is to do so electronically.

The deadline for filing business taxes depends on your entity’s type:

Type of entity Tax deadline IRS Form Extension tax deadline IRS Tax Extension Form
Partnership March 15, 2019 IRS Form 1065 September 16, 2019 IRS Form 7004
S corporation March 15, 2019 IRS Form 1120S September 16, 2019 IRS Form 7004
C corporation April 15, 2019 IRS Form 1120 October 15, 2019 IRS Form 7004
Sole proprietor April 15, 2019 IRS Form 1040 October 15, 2019 IRS Form 4868
Nonprofit May 15, 2019 IRS Form 990 August 15, 2019 IRS Form 8868

 

IRS Form 1065: an information return that’s completed by partnerships

IRS Form 1065 must be filed by domestic partnerships and foreign partnerships that have gross income connected with a trade or business in the U.S. or that have gross income from U.S. sources. Since a partnership is not a taxable entity, net earnings pass through to the partners and are reported on their personal tax returns.

Form 1065 is necessary for reporting all partnership income, deductions, and credits for the tax year. The deadline for filing Form 1065 is March 15, 2019.

 

IRS Form 1120S: the Tao of the S Corporation

IRS Form 1120S is a tax document used to report the income, losses and dividends of S corporation shareholders.

Essentially, Form 1120S is an S corporation’s tax return. The form identifies the percentage of company shares owned by each individual shareholder for the tax year and must be prepared for all individuals. The deadline for filing Form 1120S is March 15, 2019.

 

IRS Form 7004: what to do when your business needs more time

IRS Form 7004 is used to apply for a time extension for filing a business tax return for a partnership, a multiple member LLC filing as a partnership, a corporation, or an s-corporation. This is an automatic extension, so you don’t have to worry about your extension being approved.

You must file this extension by the due date of your business tax return. Then, you must file your return by the extension deadline. The deadline for filing Form 7004 depends on your business entity’s type (please see the table above).

 

IRS Form 1040: the new “postcard sized” format for sole proprietors

The IRS Form 1040 is filed by U.S. residents and citizens with recorded incomes during the filing year or by those who are eligible for a certain credit. The deadline for filing Form 1040 is April 15, 2019.

This year, the IRS introduced the new version of IRS Form 1040, which will be used at the beginning of the 2019 tax season. It is “postcard sized,” and replaces the previous two-page version of the 1040.

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IRS Form 4868: an automatic 6-month extension for sole proprietors

The purpose of IRS Form 4868 is to request an automatic 6-month extension to file a U.S. individual income tax return. Note that an extension of time to file is for the income tax return only and not an extension of time to pay any taxes that are due.

In order to avoid penalties and interest, any taxes due must be paid on or before the April 15th due date. If the 15th falls on a recognized holiday or a weekend, the due date is the following business day.

 

Form 990: what’s in a tax return for the tax-exempt?

IRS Form 990 is an annual return report to be filed with the IRS by tax-exempt organizations, section 527 political organizations, and non-exempt charitable trusts. The form gives the IRS an overview of an organization’s activities, governance and finances. The deadline for filing Form 990 is May 15, 2019.

 

Form 8868: an automatic 3-month extension for a non-profit organization

An exempt organization that wants to request an automatic 3-month extension for filing its returns needs to file IRS Form 8868. This form is also used to request any additional extensions.

Form 8868 is due by the due date of the return for which you are requesting an extension. In the event of an additional extension being requested, the form has to be filed by the extended due date of the return.

It is a good idea to file Form 8868 early so that you will have time to file the return on time if the extension is denied. The deadline for filing Form 8868 is May 15, 2019.

You can fill out and file your IRS forms in different ways: Use a tax service, a private accountant, or simply fill it out online and send it yourself using PDFfiller.

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