The September 16th, 2019 tax deadline is looming quickly. Does this deadline apply to you or your business? To ensure you pay your taxes on time and don’t incur any penalties, here’s a look at what’s due:
Estimated Quarterly Income Taxes
If you’re self-employed, your quarterly estimated income tax is due on the September 16th, 2019 tax deadline. Use Form 1040-ES, Estimated Tax for Individuals, when submitting your payment. Read the form as to where to send your payment based on your state of residency.
Corporations also need to file and pay their estimated income tax for the quarter on this date.
Generally, you need to make estimated quarterly payments if you anticipate owing more than $1,000 for the current tax year. However, if you didn’t have any tax liability in tax year 2018, you don’t have to make quarterly payments in 2019. In that case, you can make the whole payment when you file your return in April without incurring a penalty, but you will most likely need to make estimated quarterly payments the following year (2020).
You can make payments online at IRS.gov/payments using a bank transfer or a credit card, or you can register for the IRS Electronic Federal Tax Payment System (EFTPS) at eftps.gov. Otherwise, you can mail in your payment, but it needs to be postmarked by September 16th to be considered on time. (The IRS charges a convenience fee for using credit or debit cards.)
You can calculate your estimated quarterly tax payments using the worksheet on IRS Form 1040-ES. This uses income, deductions, and credits from your 2018 return but allows you to make adjustments based on your 2019 realities.
Also don’t forget about your state income tax and local income tax estimated payments as well, they’re all due at the same time!
Extended S-Corp & Partnership Returns
S-corporations are required to file the Form 1120-S return along with a Schedule K-1 for each shareholder on March 15. However, if you requested an extension, your forms are now due on September 16th, 2019. If you have not submitted payment yet, you should do so when you submit your returns.
Additionally, if your partnership requested an extension, your tax forms are also due on September 16th, 2019. This due date applies to Form 1065 and Schedule K-1.
C-Corporations with a Fiscal Year End 6/30
C-corporations must file Form 1120 by the 15th day of the fourth month after the end of their tax year, but if your corporation’s tax year runs from July 1 to June 30, you have to submit your return by the 15th day of the third month following the tax year. This year, that’s September 16th, 2019.
If you’re not ready to file by that day, you can submit Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns). This gives you a six-month extension.