If you are working as an independent contractor OR if you have independent contractors that work for you, you need to know important due dates to stay on top of IRS tax deadlines.
If you are working as an independent contractor, know the due dates. Did you keep your receipts, have your mileage records? Stay organized so you are ready for tax time and can take advantage of deductions that available for self-employed. Thinking about becoming an IC? Here is why you should…
Be in the Know for the Dates:
January 15, 2020 Your estimated quarterly tax payments were due. Did you miss the date? You can avoid penalties by filing your 1040 by January 31, 2020.
January 31, 2020 Form 1099 is used to report non-employee compensations. If you are an IC, this is what is used to report your income. If you have individuals work for you, this form must be mailed to your contractors by this date.
February 28, 2020 If you are a business, and you paid your workers as independent contractor, the summary form 1096 and copies of 1099 forms must be submitted to the IRS, unless you submit electronically. If electronic, you have extra time, until March 31, 2020
Did you incorporate??
If so, you additional reporting responsibilities, depending on your business type:
March 15, 2020 If you are a small business and want to be treated as an S corporation for tax purposed, you must file Form 2553 by this date. Want to know more? See here
March 16, 2020 If you have a partnership/LLC, Schedule K-1 must be submitted by this date. The K-1 Form is the business income/expenses that is passed through from the corporation to the owners. Read more here:
April 15, 2020 Tax Day- for individuals Form 1040; For businesses, Form 1120