Tax Season 2020 is Officially Here!

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Tax Season 2020 is Officially Here!

 

Now that the New Year is upon on us, and January 2020 kicks off tax season, it is time to begin thinking about income taxes and specifically what tax forms are due this month If you are a small business owner.

 

Upcoming Deadlines just around the corner due in January

 

January 7th the IRS is officially open for e filing 2019 C Corporation business tax returns.  January 27th 2020 the IRS will begin accepting 1040 returns for e filing.

Some other deadlines to take note of in the month of January are as follows:

 

January 15th 2020 – deadline for Fourth Quarter estimated payments for self-employed.

 

January 31th 2020 – deadline for filing forms W2 and 1099 to employees and subcontractors that you paid in your trade or business.  If you pay more than $600 to an individual or unincorporated business for services, you are required to send them a form 1099.  This is not optional, it is the law.  You also are required to prepare and issue your landlord a 1099 for rent paid during the year.

 

Form 1099 is due to the IRS and to the recipient by January 31st 2020.  If you are unsure of whether to send a form 1099 to an individual or business, please contact our office.  Also, you can issue them form W9 to be filled out and returned to you. This form tells you what type of business entity they are and if they may qualify for a 1099 exemption.  Note if you are planning on having our office prepare your 1099’s for you, please complete your bookkeeping and turn into our office prior to 1/20/2020 to allow enough time to complete and distribute to individuals and taxing authorities.

 

January 31st 2020 – this is the deadline for preparing and filing forms 940 and 941 employers quarterly and annual payroll reports.

 

Some other things to think about during this month.  Getting your 2019 year- end bookkeeping completed and up to date and ready to turn in.  If you are an S Corporation or Partnership the deadline for filing tax returns is 3/15/2020.  If you are planning on having our firm prepare this tax return, we will need the bookkeeping completed by 3/1/2020 in order to meet this deadline.

 

If you need assistance please call our office Franskoviak Tax Solutions at 248-524-5240.

 

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