Hi Everyone –
Tax Season is upon us. Thanks to everyone that has already submitted their documents and is working with us this year. With the new tax law changes secure online portal we have rolled out this year, it has been a fun start to the year! There is plenty of time for those of you waiting on the last document and we look forward to working with you when you are ready.
We wanted to keep this newsletter brief and remind everyone of the important tax deadlines coming up.
As always, thanks to you all for your continued support and we appreciate the opportunity to do business with each of you.
If you would like us to file an extension for your entity or individual tax returns please let us know as soon as you are able. As a reminder the extension is an extension of time to file, not an extension to pay any tax due.
March 15
Partnerships – File a 2018 calendar year return (Form 1065). Provide each partner with a copy of their Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004.
S corporations – File a 2018 calendar year income tax return (Form 1120S) and pay any tax due if applied at the state level. Provide each shareholder with a copy of their Schedule K-1. To request an automatic 6-month extension of time to file the return, file Form 7004.
S corporation election – File Form 2553 to elect to be treated as an S corporation beginning with calendar year 2019. If Form 2553 is filed late, contact us before filing.
April 15
Individuals – File a 2018 Form 1040 and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe.
Individuals – If you’re not paying your 2019 income tax through withholding (or won’t pay in enough tax during the year that way). Use Form 1040-ES and pay the first installment of your 2019 estimated tax.
Individuals – Last date for individuals to make IRA contributions and designate as applicable deductions for the 2018 tax year.
Corporations – File a 2018 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.
June 17
Individuals – If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico on April 15th you receive an automatic extension to file until June 17th. You’ll need to file Form 1040 and pay any tax, interest, and penalties due. If you want an automatic 4-month extension of time to file the return, file Form 4868 and pay what you estimate you owe.
Individuals. If you’re not paying your income tax for the year through withholding (or won’t pay in enough tax that way). Use Form 1040-ES and pay the second installment of your 2019 estimated tax.