Tax season is a stressful time for some taxpayers. The good news is that it doesn’t have to be. Knowing each tax deadline will help you prepare in advance and to also consult your tax professional with questions so you can develop a winning game plan before your taxes are due.
Who this information applies to is individuals, Sole Proprietors, LLCs, Corporations, S-Corps, and Partnerships.
If you filed for a tax extension earlier this year, there are two very important dates coming up. In the event you owe money to the IRS, these are the dates on which you will be required to pay the taxes you owe to the IRS.
What we’ll be covering in this blog post are the specific tax deadline dates and suggestions on how best to game plan in advance of your tax due date, as well as plan for next year.
Extension Deadline for S-Corps and Partnerships is September 16, 2019:
- If you received an extension for your S-Corp or partnership tax return, this is the updated deadline for submitting your return and payment.
Extension Deadline for Individuals, Sole Proprietors, LLCs, and Corporations is October 15, 2019:
- If you received an extension for your individual, sole proprietor, LLC, or C-Corp tax return, this is the updated deadline for submitting your return and payment.
401K? The Extension Deadline for 401K Contributions is December 31, 2019:
- If you would like to contribute to a 401(k), either for yourself or your employees, the account must be created and funded by the end of the year. Any contributions you want to count for 2019 must be made by December 31.
YOU NEED TO KNOW: If you miss your tax extension deadlines for filing and you owe the IRS money, you risk getting yourself into a troubling situation. Keep this in mind, the IRS receives the very same income statements as you do. The IRS has access to statements like: W-2s, 1099s, 1098s, all of which verify the income you have earned during the year.
Miss your tax extension deadline and the IRS will compile a substitute return for you and then you will be notified how much in taxes you owe to the federal government.
Who would you rather file your return? The IRS or Your Trusted Tax Professional?
Don’t risk it. Consult with your Tax Professional immediately before the IRS takes control of your situation. You could risk the IRS seizing your assets! Your bank accounts, retirement savings, real estate, secondary cars or homes, and even life insurance policies!
In Conclusion, your very best tax game plan is to consult a tax professional, have them help you create a year-round plan so you can SAVE MONEY and avoid any stress, pain or financial loss at tax time. Do this and you will end up keeping more of your hard-earned money rather than giving it to the IRS. We are here to help you. Schedule your free consultation today.