Tax Return Checklist for Clients
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For the tax deadlines coming up between March 15 and April 30, we’ve put together a quick list to reference.
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There are quite a few tax deadlines in March and April that apply to businesses and individuals. A couple of March tax deadlines have already passed such as the deadline for farmers and fishermen to file their 2018 tax return and pay any tax due if they did not make a fourth quarter estimated payment (March 1), and the deadline for employees who work for tips to report their February tips to their employers (March 10). For the tax deadlines still coming up between March 15 and April 30, we’ve put together a quick list to reference here.
S Corporations
Owners of S Corporations must file their 2018 tax returns (Form 1120S) and pay any tax due. Each shareholder should be provided with a copy of their K-1.
S Corporation election
Business owners who want to elect to be treated as an S Corporation beginning in 2019 must file Form 2553, Election by a Small Business Corporation. If this form is not filed by March 15, the business will not be treated as an S Corp until 2020.
Partnerships
Partners must file their 2018 tax returns (Form 1065), and each partner should be provided a copy of their K-1.
Electing large partnerships
Electing large partnerships must file their 2018 tax returns (Form 1065B)
Social Security, Medicare, and withheld income tax
Employers who are monthly depositors should deposit the tax for February payments.
Form W-2 electronic filing
All Forms W-2 filed electronically due.
Form W-2G electronic filing
All Forms W-2G filed electronically due.
Form 8027 electronic filing
All Forms 8027 filed electronically due.
Employees who work for tips
Deadline for employees who work for tips to report their March tips to their employers using Form 4070.
Individuals
Individuals must file their income tax returns (Form 1040) or an extension and pay any tax due.
Individuals who are not paying their full 2019 income tax through withholding should pay the first installment of their federal and or state 2019 estimated taxes using Form 1040ES.
Corporations
Corporations must their file income tax returns (Form 1120) or an extension and pay any tax due.
Corporations also must make their first installment of their federal and or state 2019 estimated taxes.
Household employers
Employers who paid cash wages of $2,000 or more to a household employee last year, must file Schedule H (Form 1040).
Social Security, Medicare, and withheld income tax
Employers who are monthly depositors should deposit the tax for March payments.
Social Security, Medicare, and withheld income tax
Employers must file Form 941 for Q1 2018 and pay any undeposited tax due. If an employer’s tax liability is less than $2,500, they can pay it in full with a timely filed return. If an employer deposited the tax for the quarter on time and in full, they have until May 10 to file their return.
Federal unemployment tax
Federal unemployment tax owed through March is due if amount is more than $500.
Looking to stay in the know during tax season? Check out our tax preparation and planning blog.
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