As we embark upon the new year, employers have a major business tax deadline at the end of January.
The January 31 tax deadline includes the filing of some very familiar tax forms including Form W-2 and Form 1099-MISC.
It is extremely important that these forms be filed to avoid the heavy and expensive burden of IRS penalties.
Trust me, that’s not the way you want to start off your year!
January 31 Deadline
Employers are responsible for filing the following forms with the IRS, based on the structure of their business:
Form W-2 is the annual statement filed with the Social Security Administration (SSA) to report salary and other compensations offered during the tax year along with the social security, Medicare, and income tax withheld federally and by the state.
You must file Form W-2
by the January 31 deadline. This is also the deadline to issue your employees their Form W-2 copies, which they will use to file their personal income tax returns. Also Form W-3, the W-2 transmittal form must be filed with your W-2 Form.
Form 1099-MISC is used to report payments for services performed for your business by people not treated as your employees. Examples of this, include independent contractors, photographers, graphic artists, and more.
These workers are not considered to be traditional employees, who receive W-2 forms. If you pay an independent contractor $600 or more for their services during the tax year then you are responsible for filing Form 1099-MISC
for them. This form must be filed by January 31 as well.
, the Employer’s Quarterly Tax Return, must be filed on a quarterly basis and the 4th quarter deadline is January 31. As an employer, you’re responsible for withholding federal income tax and social security tax.
Form 941 is used to make sure that you’re doing that. You will also use Form 941
to pay the amount of social security tax you owe to the IRS. If you own and operate a business with employees you are required by law to complete this return four times a year.
Get More Time to File with ExpressExtension
Form 8809 must be completed by the original due date (January 31) of the Form in which you are requesting the extension.
NOTE: No automatic extension is offered for filing Form W-2.
All-In-One Filing with TaxBandits
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TaxBandits offers the most simplified and streamlined, interview-style e-filing process
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Let Us Help You File
Whether you decide to file with ExpressExtension
, be sure to submit your appropriate tax form while you still have time.
If you have any questions, feel free to contact our support team of e-file experts at 704.839.2321 for any questions or help with your e-filing experience. We’re available Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us 24/7 via email with [email protected]