It’s that time of year again.  Time to organize all of your profits, expenses and receipts and square up with the U.S Government.  Several changes were incorporated last year that continue to affect what you’ll owe and what you can write off.  Here we’ve outlined some key due dates and deductions to help make the process as painless as possible.

Tax Deadlines

Partnership:

Original tax deadline for partnerships (Form 1065) March 15, 2019

Extension tax deadline for partnerships (Form 1065) September 16, 2019

S Corporation:

Original tax deadline for S Corporations (Form 1120S) March 15, 2019

Extension tax deadline for S Corporations (Form 1120S) September 16, 2019

C Corporation:

Original tax deadline for C Corporations (Form 1120) April 15, 2019

Extension tax deadline for C Corporations (Form 1120) October 15, 2019

Sole Proprietor:

Original tax deadline for sole proprietors and individuals (Form 1040) April 15, 2019

Extension tax deadline for sole proprietors and individuals (Form 1040) October 15, 2019

Bonus Depreciation

“Bonus Depreciation allows you to immediately deduct a large percentage of the depreciation in the first year. Originally you were allowed to deduct 30% of qualifying personal property used for business purposes, like a computer or a car.  Now, the new tax reform bill bumps the deduction to 100% — and it will stay that way until 2023 when the rate slowly ramps down each year to 80%, 60%, 40% and so on.” – Wealth Factory

Flat Tax

“Corporate tax rates, like individual tax rates, are progressive. For 2017, corporate rates range from 15% to 39% (except for personal service corporations which are taxed at 35%) while individual tax rates range from 10% to 39.6%. While the brackets vary, the rates for individuals and corporations are pretty closely aligned.  The new tax law now provides for a flat 21% tax rate for corporations.” – Forbes

Standard Mileage Rates

“The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018)” – Forbes

Pass-Through Income

“Owners of pass-through entities—sole proprietorships, partnerships, limited liability companies, and S corporations—will be able to claim a 20% deduction of their pass-through business income, but various limitations apply. Some service businesses with may not be able to enjoy this deduction once income exceeds a threshold amount. The change only lasts until after 2025.” – Experian

Doing your taxes can give you some significant insights into how to grow your business, where you can save money and what ventures simply didn’t work.  Click below for a few more small business financial tips to help make your business operate efficiently and tax time a little easier.