When you’re a small business owner, your schedule is never empty. Each year contains several important deadlines that you need to follow to keep your business compliant with important laws and regulations involving your company’s finances and employees. Just a single missed date can lead to problems with the IRS or other government agencies.
Keeping track of all these dates as well as everything else you need to do as a business owner can be difficult. We’ve put together a list of critical dates you need to know to keep your business legally compliant.
2018 Tax Due Dates by Entity
As a business owner, you need to worry about filing more than just your personal taxes. The deadlines for filing 2017 business taxes can differ depending on what type of business you run and if you file by the original deadline or need an extension. A simple misunderstanding about deadlines can leave you with costly penalties, so it’s important to know exactly when your business taxes are due. Here’s a rundown of the filing dates in 2018.
- Original deadline for S Corporations and partnerships – Thursday, March 15
- Original deadline for personal taxes and C Corporations – Tuesday, April 17
- Original deadline for nonprofits, charities, and other exempt organizations – Tuesday, May 15
- Final deadline for exempt organizations – Wednesday, Aug. 15
- Final deadline for partnerships and S Corporations – Monday, Sept. 17
- Final deadline for C Corporations and individuals – Monday, Oct. 15
Other Important Dates for Small Business Owners
Tax deadlines aren’t the only important dates that you need to know for your business. Several forms or other documents need to be filled out throughout the year as well. Many of them are also complicated or lengthy, which can make completing them on time difficult if you don’t start early enough or have any assistance. Make sure the following deadlines are on your schedule so that you can finish everything on time.
File W-2 forms to employees and agencies
Wednesday, Jan. 31
You don’t get much of a break after the start of the new year. All W-2 forms need to be completed and provided to employees either by mail or online by the end of Jan. 31. This also applies to any 1099 forms that need to be sent to contractors, vendors, or other professionals who worked for your company during 2017.
In addition to W-2’s, W-3, 1099, and 1096 forms need to be filed with the appropriate agencies by this deadline as well. Late filings can lead to $250 fines per form, with even greater fines for inaccurate forms according to the Small Business Chronicle.
Provide employees with 1095-C form
Wednesday, Jan. 31
In addition to W-2 forms, you also need to send 1095-C forms to your employees by this date if you offer health insurance coverage. This document contains details on which coverage was available to your employees and which months the specific employees were eligible for that insurance.
File forms 1094-C and 1095-C to IRS
Tuesday, Feb. 28 (by paper)
Monday, April 2 (electronically)
While your employees need to have their personal 1095-C forms by the end of January, you have a little more time before you submit the same information to the IRS. In addition to the 1095-C forms, you’ll also need to provide 1094-C forms, which are sent only to the IRS and serve as a cover sheet for the 1095-C form.
File employee benefit plans (form 5500 series) to DOL
Wednesday, July 13
These forms are used to file your employees’ annual benefit plan information with the Department of Labor (DOL). The DOL uses these forms to make sure that these plans are being operated according to certain standards, making them a key compliance tool that needs to be filed every year.
Prepare Your Business for 2018
Knowing all the deadline dates ahead of time is very helpful, but it still doesn’t make your schedule any less busy, especially when it comes to managing compliance concerns and internal functions. Fortunately, a Professional Employer Organization can help you not only save time, but also improve compliance and save costs through human resource outsourcing.
A PEO can offer you access to a team of experts that can help your business manage any or all your internal HR functions, freeing your time up and strengthening your business in the process. Contact GMS today to talk to one of our experts about what your business needs and how we can help.