What does the month of March mean to you? For some, it’s St. Patrick’s Day or spring break. But if you’re a small business owner, you’ll need to know the following 2019 March tax deadlines. And April? Don’t be “fooled.” It’s all about meeting your IRS obligations, filing for an extension or setting up an installment plan.
If you’re applying for a small business loan, it’s particularly important to hit all of those deadlines OR file for an extension and show proof of that filing.
Below are the dates you need to know and the forms* that are typically requested when applying for a small business loan.
Use this form to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation. Find the form on the IRS website here.
Partnerships file an information return to report their income, gains, losses, deductions, credits, etc. A partnership does not pay tax on its income but “passes through” any profits or losses to its partners. Partners must include partnership items on their tax or information returns. Access the form here.
If you’re applying for a loan and cannot file on time, use Form 7004 to request an automatic extension of time to file certain business income tax, information, and other returns. This form extends filing to September 15, 2019. It’s applicable for the two forms above, 1120S and 1065.
Form 1040 is used by U.S. taxpayers to file an annual income tax return. For Tax Year 2018, you will no longer use Form 1040-A or Form 1040-EZ, but instead will use the redesigned Form 1040. Many people will only need to file Form 1040 and no schedules. Form 1040 can be found on the IRS website here.
However, if your return is more complicated (for example you claim certain deductions or credits or owe additional taxes) you will need to complete one or more of the new Form 1040 Schedules. (There are six schedules, explanations can be found here.)
Visit the IRS website here for a general guide to what Schedule(s) you will need to file, based on your circumstances. See the instructions for the Schedules for more information.
Domestic corporations use this form to report their income, gains, losses, deductions, credits and figure their income tax liability. Form 1120 can be found on the IRS website here.
A U.S. citizen or resident files this form to request an automatic extension of time to file a U.S. individual income tax return. Find this form here.
If you cannot pay the full amount you owe, use Form 9465 to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return (or on a notice sent to you by the IRS).
The SmartBiz Loans team has compiled tax tips for when you apply for a small business loan through SmartBiz. If you have questions about taxes and your application, please reach out to your SmartBiz Relationship Manager.
Should you go solo or work with a professional to file your taxes? There are many factors to consider including the complexity of your tax situation, the time required to gather documents and the cost. Read this article from the SmartBiz Small Business Blog for more information and insight from real small business owners: Small Business Taxes: Self-File or Use a Professional?
Whether you choose to self-file or hire a professional, the H&R Block blog has a list of the information you’ll need to prepare your taxes:
Jayson Mullin, a partner at Top Tax Defenders, a tax resolution company with over 30 years of experience working with the IRS has contributed a helpful article to the SmartBiz Biz Small Business Blog. He covers ways you can save on your taxes in a comprehensive article here: Small Business Tax Strategies.
*This information is provided for educational purposes only. Hiring a tax professional is the best way to manage and understand all your obligations, especially when there are changes in legal requirements.