Here are the key deadlines for submitting documentation to the IRS and states for 2018.
Filing 1099s – January 31st (for business owners and freelancers) – No extension
S-Corporations – March 15th, extended and final deadline is September 15th
Partnerships – March 15th, extended deadline is September 15th
Individuals – April 15th, extended deadline is October 15th
Corporations – April 15th, extended deadline is October 15th
New York LLCs - There’s a separate and special New York franchise tax form (IT-204-LL) due March 15th
As a reminder, you can file an extension for 6 months of additional time to file, but you need to make a payment to the IRS & State by the due date of the return to avoid Failure to File penalties. They’re about .5% of your unpaid tax per month (i.e $50 per month per $10,000 of unpaid tax). It’s even more important to pay New York by April 15th, as they won’t recognize the extension as even filed if you don’t pay and will charge you an additional 5% per month as Failure to File penalties (i.e. $500 per month per $10,000 of unpaid tax).
Mason Tax Deadlines
Businesses - I need your final, reconciled books and records (Balance Sheet, Profit and Loss Statement and General Ledger) and ALL of the 2018 business bank statements by February 15th to guarantee filing by the March 15th deadline. If you get documents into me after this date I reserve the right to put you on extension.
Individuals - I need all of your tax statements (W2s, 1099s, K-1s, etc.) by March 15th to guarantee filing by the April 15th deadline. If you get documents into me after this date I reserve the right to put you on extension.
Retirement Accounts Opening + Contribution Deadlines
(1) Traditional or Roth IRA ——> 4/15/2019
(2) SEP-IRA for 2018 ——> 4/15/2019 (if you extend your return it’s October of 2019)
(3) Solo 401(k) ——> 12/31/2018 (it’s too late now!)
Contributions to all accounts can be made by 4/15/2019 if the account is open. SEP-IRAs contributions can be made up 10/15/2019