Know the tax deadlines that apply to you, so you won't be hit with IRS penalties or miss out on a valuable tax break.

Tax Reporting Due Dates

What does the IRS do if you miss a tax deadline? They hit you hard with penalties and interest. For instance, the standard penalty for failing to file your annual tax return on time is 5% of the amount due for each month your return is late. If you pay your taxes late, the monthly penalty is 0.5% of the unpaid amount, up to 25% of what you owe, plus interest on the unpaid taxes. Similar penalties apply for missing other deadlines. And there could also be other negative consequences for being late, like losing out on a valuable tax break.

It's easy to avoid these headaches, though—just don't miss the deadline! But we realize that it's not always easy keeping track of all the various IRS due dates. So, for those of you who need help remembering when to file a return, submit a report or pay a tax, we pulled together a list of the most important NaN federal tax due dates.

One of the main tasks in any new year is preparing to file your tax returns. And while taxes are more of a pain than anything else, the good news is: the deadlines are clear.

So get familiar with the deadlines that apply to you. Then you can plot out the path to meeting your tax obligations, including getting all the necessary information to your accountant. Fun fact: Accountants love clients who are on top of their taxes.

There's at least one deadline in every month of the year, so play close attention … we don't want you to get in trouble with the IRS.

And please be sure to contact our offices today if you missed a deadline and need help in trying to avoid penalties and interest.

Section 1: What are some key {} and {} federal tax deadlines?

Section 2: Put a bow on {}

Close the books and get organized.

Yes, this guide is about getting ready for the future, but that means doing a little work in the present. There are some basic to-dos that will not only give you a good snapshot of the year you’ve just had, but also lay the foundation for next year.

The following checklist will help you close out {} and take the steps necessary to kick off {} right.

My {} end-of-year accounting checklist


For the end of the year, it’s important to make sure your monthly financial statements reconcile (i.e., match up) to your cash and credit accounts, and that you make any adjustments as necessary. If you aren’t sure what to do, this is a perfect excuse to get to know your trusty accountant a little better.

Review your financial statements

Now that everything’s reconciled, how’s your profit and loss statement look? What about your balance sheet? How’s cash flow? Whatever metrics are important to your business, it’s a good practice to review how you’re making and spending money and the financial position of your business.

Collect W-9s from vendors

Did you use vendors this year? Maybe a web developer who revamped your website or a designer who whipped up a new logo? If so, you’ll want to collect W-9 forms for them. The W-9 form can be used as a paper trail for the IRS to track your expenses, and it also helps the government keep track of vendors and their income.

Remember, for every vendor for whom you’ve paid $600 or more for services, you’re required by law to issue and complete a 1099-MISC form. The 1099 must be filled out and submitted to the IRS by January 31. And, hey, good news: Gusto may be able to file contractor 1099s on your behalf if the contractors are paid through Gusto.

Gather and organize any necessary documentation

It’s important to gather and organize your important documentation so you can share them with your accountant. Purchases or transactions from {} that will impact your business in {} and beyond (e.g., lease agreements) will likely have contracts that your accountant will want copies of on file.

Check your payroll

A few common areas to double check during end-of-year accounting include withholding taxes for fringe benefits, deferred compensation, and end-of-year bonuses.

Take physical inventory

For businesses that sell physical goods, getting an accurate tally of your inventory is essential. You’ll want to match those numbers with your end-of-year balance sheet. It’ll also be important for your accountant to know how much you’ve spent on inventory throughout the year and its current value. If you have an annual financial statement audit performed by an outside accounting firm, they may want to observe and test count some of the inventory themselves.

Section 3: Organize tax information

When 'The Tax Cuts and Jobs Act (TCJA)' went into, it opened up a lot of new opportunities for small businesses. The new low corporate tax rate may have spurred you into changing your entity structure. Or maybe you qualified for the 20 percent deduction for pass-through businesses. Maybe you took advantage of the full-expensing of fixed asset purchases.

Nugent & Associates can help you get up to speed on all the tax changes.

In the meantime, below are some initial tasks to complete, as well as a few common tax areas for business owners to consider.

At Nugent & Associates, we're not just number crunchers. We bring over 3 decades of invaluable certified public accounting and tax expertise to your company – serving as business and financial strategists who can offer such services as tax and financial planning, investment advice, diligent financial records, and help with estate planning.

Even better, we will give you time to focus on what you do best: running the day-to-day operations that drive your business toward success.

Take advantage of our FREE and no obligation business checkup.

We will visit you at your business at a time and day convenient for you, analyze your numbers, discuss your goals and concerns and report back with a complimentary detailed written analysis to help your business succeed!

At Nugent & Associates, we're not just number crunchers. Our people bring decades of invaluable certified public accounting and financial and tax expertise to you – offering tax and financial strategies to individuals such as yourself. If you have any questions or concerns about your own tax, financial or investment matters, please do not hesitate to contact us.

Experienced tax and financial experts are not just for the super rich. At a reasonable fee you too can maximize your wealth and receive professional guidance for retirement, and/or any tax issues you may be facing, no matter your situation, with a tax and financial expert as your consultant.

Contact Nugent & Associates today. We don't charge for phone calls. You may just find you found an ally in your quest to have a great financial future.

After all, at Nugent & Associates, we succeed when you succeed!



This page is intended to be informational. This website, nor any of the information contained on this site constitutes professional, business, tax or legal advice and is not a substitute for such advice nor does it create a professional-client relationship between you and Nugent & Associates.

State and federal laws change frequently, and the information in this page may not reflect your own state’s laws or the most recent changes to the law.

The information contained within this website should not be considered as a solicitation or an offer for a professional-client relationship. Materials contained in this website are of a general nature and should not be substituted for professional advice. Nugent & Associates is providing this website and the information contained herein only as a convenience to you. Nugent & Associates assumes no liability or responsibility for any errors or omissions contained within this website. There is no guarantee that the information included on this site is current, accurate, complete, useful, or reliable.

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