What Are Your Important Accounting Deadlines?
Other than healthy finances, what do business owners need to keep in mind? Deadlines! Whether you are doing your own bookkeeping or whether you have a professional bookkeeper, it is essential for your accounting documents to be filed on time so you don’t miss important accounting deadlines. Nobody wants to miss a deadline, especially when it has to do with your business.
This is why business owners must take note of critical governmental agencies’ deadlines and associated penalties penalties.
IRS – Important deadlines
– 01/27/2020 – Starting date for 2020 filing season
– 03/15/2020 – Last date to file for partnerships and S corporations tax returns
– 04/15/2020 – Last date to file for individual and C corporation tax returns
You should always consult your tax professional for the extended details and steps to file for your tax return. Business owners should carefully consider getting their books and financials ready well before the final deadline to be set up for the tax filing. That said, there are extended filing deadlines that require specific forms to be filled out with your tax professional.
– 09/15/2020 – Last date to file for partnerships and S corporation tax returns
– 10/15/2020 – Last date to file for individual and C corporation tax returns
For businesses that sell goods and charge sales tax to customers, the following deadlines are essential for the sales and use tax filing. This link https://www.cdtfa.ca.gov/taxes-and-fees/sales-use-tax-returns-filing-dates.htm can give you better guidance on when to file.
CDTFA – Sales and Use Tax deadlines
– 04/30/2020 – First quarter ranging from January through March
– 07/31/2020 – Second quarter ranging from April through June
– 09/31/2020 – Third quarter ranging from July through September
– 01/31/2021 – Fourth quarter ranging from October through December. This date
is also the deadline for the 2020 yearly reporting.
Recording the proper sales and use tax in your database will save you filing process time. It is crucial to have your sales tax accurately reported before the deadlines on your financials to avoid late fees and penalties.
Healthy finances are vital for a successful business, but ignoring the deadlines can easily impact your finances as well. Working with a professional bookkeeper can help you stay on track so you don’t miss an important accounting deadline and so you can avoid late filing penalties. How do you keep track of all the deadlines in your business?