Tax season arrives too soon each year. It is now officially time to begin filing personal, business and employment tax forms for the 2018 tax year.
Tax deadlines have not changed this year – but in case you forgot – here they are:
- 941, W-2, 1099 and other employment related tax forms
- Business tax returns (1065, 1120 and 1120S) – March 15, 2019
- (If you set up a business yourself in 2018, you may have to meet this deadline)
- Florida Corporate tax returns (Form F1120) – April 1, 2019
- Individual & trust tax returns (form 1040 & 1041) – April 15, 2019
- Renewal of LLC’s & Corps with FL State (Sunbiz) – May 1, 2019
- Not-for-profit returns (Form 990)
- Extended business tax returns – September 16, 2019
- Extended individual and trust tax returns – October 15, 2019
The IRS and State of Florida are NOT flexible with these dates. A postmark or efile receipt is required to prove that filing deadlines are met. Penalties, sometimes substantial, can and will be assessed when the deadlines are not met. The IRS allows one automatic six-month extension on the original tax deadlines for business tax returns, individual and trust returns and not for profit returns.
The extension must be filed by the original filing deadline, and not later, or the extension will not be granted.
An extension to file a tax return is not an extension of time to pay. If tax is owed, be sure to pay it by the original tax deadline, even if it is based upon your best estimate.
Because of the extensive tax law revisions in effect for 2018, we recommend that you start the tax return process early to avoid an unpleasant surprise. Some taxpayers will benefit greatly from the tax law changes, especially most business owners. Individual tax returns will be very different, due to the fact that the deduction for personal exemptions is no longer available, and the standard deduction has been significantly increased. The penalty for failure to have health insurance has been repealed. A taxpayer should not rely on the fact that their tax situation is similar to the prior year, to mentally figure out a potential tax bill or refund, before the actual tax return is prepared.
The IRS is offering a new, simplified individual tax filing, called a “postcard.” It is unclear yet exactly how this will be implemented. In most cases however, this simplified method may not be beneficial.
Tax returns have never been a do-it-yourself project for most taxpayers.
Chechele Law is accepting new tax clients for the 2018 filing season. We offer very reasonable rates for tax return preparation and significant expertise in every type of tax situation. We would invite you to schedule a complimentary consultation with our office to see how our professional tax preparation services can benefit you, your business, or your charitable organization.
Happy New Year and Happy Tax Season from Chechele Law!
Taxes, Trusts & Tips by Samantha Chechele, MBA