4 Steps to Develop a Tax Calendar for Your Small Business

Natalia Autenrieth In her professional lives across the United States, Natalia Autenrieth, CPA has audited Fortune 500 clients as part of a Big 4 team, built an accounting department as a controller of a large hospital, and served as a CPA consultant to municipalities. Today, Natalia coaches in the financial industry and writes about business finance, financial technology, and personal money management. Her ghost-written articles have appeared in thought leadership and expert blogs, as well as Kiplinger and Accounting Today. Read more about Natalia and her practice at www.AutenriethAdvantage.com.

4 Steps to Develop a Tax Calendar for Your Small Business

Key dates to add to your calendar today

What are the top goals for your business this year?

Maybe it’s growing your revenue, adding a strategic partnership or a new location, or perhaps landing that big contract. No matter what your list looks like right now, here is one other goal that you must add.

Getting ahead of the tax train!

Tax deadlines seem to strike that perfect balance between been inevitable — and always coming at the worst possible time. So, this year, add these important dates to your calendar. That way, you will be well-prepared to face the deadlines.

With the publication of this article in June, half of the 2019 tax deadlines are already behind us. We will include them anyway to give you the opportunity to add them to next year’s calendar, and to double-check that they have, in fact, been done.

Deadlines behind: save for next year

January 2019

  • Jan. 15, 2019: Your quarterly estimated tax payment for Q4 2018 is due on this date.
  • Jan. 31, 2019: Form 1099-MISC is due to the IRS.

February 2019

  • Feb. 15, 2019: Last day to get form 1099-MISC to your contractors.

March 2019

  • March 15, 2019: For S-corporations and partnerships, the corporate income tax return is due today.
  • March 15, 2019: Final day for partnerships or S-corps to request a six-month tax extension.

April 2019

  • April 15, 2019: If your business is a sole-proprietorship or LLC, today is the deadline for your income taxes.
  • April 15, 2019: If you have a C-corporation, your income tax is due today.
  • Q1 2019 quarterly estimated taxes are also due on April 15.
  • April 15, 2019: Final day to request a six-month tax extension on your time to file your income tax return. Remember that the extension is for the time to file — not the time to pay taxes.

Deadlines ahead: get these on the calendar!

June 2019

  • June 17, 2019: Deadline to pay Q2 2019 quarterly estimated taxes.

September 2019

  • Sept. 16, 2019: Deadline to pay Q3 2019 quarterly estimated taxes.
  • September 16, 2019: Deadline for partnerships and S-corps that requested a six-month income tax filing extension.

October 2019

  • Oct. 15, 2019: Deadline for individuals (sole proprietorships, LLCs, etc.) and C-corps that requested a six-month tax filing extension to file income tax.

January 2020

  • Jan. 15, 2020: Deadline to pay Q4 2019 quarterly estimated taxes.

What about payroll taxes?

You are correct, payroll taxes are not listed among the deadlines above. That’s because there’s significant variation in deadlines depending on your business and your payroll calendar. The best way to map out the payroll deadlines for your business is to visit the IRS website. The agency posts an annual calendar that can be imported into Outlook.

What about state and local taxes?

The specifics of state taxes will depend on your state. In some cases, you may have to also factor in city and county taxes. All those payment schedules vary by location, although they generally follow the Federal calendar. Start by searching for “your state”, “your city”, and “your county” + “Department of Revenue” of “taxes”.

Other uses for the tax calendar

While you are building the calendar of tax-related deadlines, consider looking through your paperwork to identify any other important deadlines that should be added to it.

Some examples might include: property tax if your business owns a piece of real estate (or if you own a property that’s leased to your business), car registration for any vehicles used in the business, and expiration dates for a DBA if you have one. By building out a “master’ calendar with critical deadlines, you will be better-equipped to meet them prepared!