When are taxes due for individuals and business owners? Here’s what you need to know this coming 2019.
When Are Taxes Due | What You Need to Know
When Are Taxes Due in 2019 for Individuals?
When are taxes due in 2019? They’re due on April 15, which falls on a Monday. The deadline will only move to a later date if April 15 falls on a weekend or on a holiday.
You still have a few months to prepare, so use this time to review your tax returns and assess your budget plan.
Why Is It Important to Know When Taxes Are Due?
Knowing when to pay your taxes is very important if you want to maintain good financial health. If you don’t plan your taxes ahead of time, you might find yourself scrambling when the deadline draws near. To avoid this, we suggest mid-year tax planning. If you have an accountant, consult with them around this time of the year.
What Happens If My Taxes Are Late?
If you file your taxes more than 60 days after the due date, you’ll have to pay a penalty of at least $135 or 100% of your tax, whichever is smaller.
That’s why you need to prepare your returns in advance. Apart from the penalty, it would leave a bad record of you as a taxpayer if you file late. If you want to avoid these repercussions, it’s best to pay your taxes on or before the due date.
Tip: In the event that you’re not able to file your taxes on time, the penalty may be waived if you can present the IRS with a valid reason for your delay.
When Are Taxes Due for Business Owners?
As a business owner, you should know when the deadline is for filing business taxes. The deadline depends on what type of business entity you’re filing as. Here are the following deadlines for filing business taxes:
Partnership Tax Deadlines
Original Deadline: March 15, 2019
IRS Extension Deadline: September 16, 2019
C Corporation Tax Deadlines
Original Deadline: April 15, 2019
IRS Extension Deadline: October 15, 2019
S Corporation Tax Deadlines
Original Deadline: March 15, 2019
IRS Extension Deadline: September 16, 2019
Sole Proprietor Tax Deadlines
Original Deadline: April 15, 2019
IRS Extension Deadline: October 15, 2019
Nonprofit Tax Deadlines
Original Deadline: May 15, 2019
IRS Extension Deadline: August 15, 2019
What If I Can’t File Taxes by the Due Date?
Perhaps you’ve had it rough these past few months. If you and your tax specialist can rush the paperwork, then, by all means, do so. But if you can’t, what you can do is to file for a tax extension on your due date.
But as much as possible, we want to avoid delays in the filing and payment of taxes. That’s why it’s very important to plan these things ahead of time.
When Are Taxes Due After Filing an Extension?
If you choose to apply for a tax extension, the IRS will grant you an extra six months to file them. However, keep in mind that it only provides extra time to file, not to pay. That means you still have to pay penalties for late taxes even if you filed for an extension.
That’s why it’s very important to plan your taxes ahead of time. As much as possible, we’d want to avoid filing an extension. We suggest following the original tax deadline to avoid any inconvenience.
Check out this video by Money and Life TV to learn more about new updates to tax laws for 2019:
When are taxes due and why should you care about them? As mandated by the law, both individuals and business owners are required to file and pay their taxes on time. If you want to avoid penalties and fines, it’s best to prepare your taxes months ahead of time. Consult with your tax specialist today to discuss your taxes due in 2019!
Did this help you learn more about the tax due dates this 2019? Share your thoughts with us in the comments section below!
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