2018-19 Tax Deadlines for Your Yoga Business
We know. You're exhausted and overwhelmed. You just finished your 2017 taxes and now we are already posting about next year's taxes. But simply understanding when and what you have to file throughout the year can save you a lot of frustration at tax time. To avoid headaches (and paying penalties), mark your calendar with the following important tax deadlines.
April 17, 2018
Estimated Quarterly Payments
If your yoga business pays taxes on a quarterly basis, the first 2018 estimated quarterly tax payment were due. You should have gotten your Form 1040-ES postmarked by April 17, 2018 tax deadline.
Individual Tax Returns Due
April 17, 2018 was also the deadline to file Individual tax returns (Form 1040, 1040A, or 1040EZ). For an automatic six-month extension, you should have filed Form 4868 by this deadline and deposited your estimated taxes owed. Keep in mind that if you’re a Sole Proprietor filing Schedule C on your personal tax returns, the April 17, 2018 deadline also applies to you.
Corporation Tax Returns Due
The deadline to file Corporation tax returns (Form 1120) was also April 17, 2018. For an automatic five-month extension, you should have filed Form 7004 by this deadline and deposited your estimated taxes owed. Important Note: Generally, Form 7004 must be filed on or before the due date of the applicable tax return.
June 15, 2018
Estimated Quarterly Payments
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes then the second 2018 estimated quarterly tax payment is due today. Use Form 1040-ES (Payment Voucher 2).
September 17, 2018
Estimated Quarterly Payments
Make sure your third quarter payment is postmarked by today. Use Form 1040-ES (Payment Voucher 3).
October 15, 2018
Extended Individual Tax Returns
If you got a filing extension on your 2017 tax return, you need to get it completed and postmarked by October 15, 2018. This is also your last chance to recharacterize a 2017 Roth IRA conversion. If you converted a traditional IRA to a Roth during 2017 and paid tax on the conversion with your 2016 return, October 15 2018 is the deadline for recharacterizing the conversion. This could save you some cash if the IRA has lost money since the time of the original conversion.
January 15, 2019
4th Quarter 2018 Estimated Tax Payment Due
Again, if you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get everything postmarked by January 15, 2019 tax deadline.
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The filing dates listed above are relevant to your yoga business’s federal tax return. If you plan to file for an extension of state taxes, you’ll need to do that separately.
Depending on the nature of your business, you may also need to meet other filing deadlines and requirements not included in this blog post.
