January Business Deadlines: What You Need to Know and How Fine Point Consulting Takes Care of It for You

As we move into the final weeks of the year, business owners need to keep a close eye on some important deadlines that are coming up in January. These deadlines are crucial for staying compliant and avoiding penalties, but the good news is you don’t have to handle them alone. Fine Point Consulting is here to take the stress out of tax season by handling everything for you.

In this blog, we’ll highlight some of the key January deadlines that every business owner should be aware of. We’ll explain what each of these filings involves and reassure you that Fine Point Consulting will make sure they’re done correctly and on time—so you can focus on growing your business instead of managing paperwork.

January 15th: Estimated Tax Payments Due

For many businesses, especially those that are sole proprietors, partnerships, or S corporations, January 15th marks the deadline for the fourth quarter of estimated tax payments. These are the taxes that are paid quarterly (instead of through payroll withholding) to cover your business income, self-employment, and other taxes.

What's due on January 15th?

The fourth-quarter estimated tax payment for the year. This includes both federal and state taxes based on your earnings. If you don’t make this payment on time, you could face penalties and interest. But don’t worry—Fine PointConsulting will help calculate and coordinate payments with you, ensuring these payments are made on your behalf, so you can avoid any surprises.

End of January: 1099s, 941s & W-2s

‍The end of January is a big time for filing various year-end forms that businesses need to submit to the IRS and state agencies. Here’s a breakdown of the forms you need to know:

1099 Forms

• What they are: The 1099 form is used to report income for independent contractors, freelancers, and other non-employee workers. If your business has paid someone $600 or more for services during the year (including contractors, vendors, or even attorneys), you need to file a 1099-NEC form for each of them.
• Due date: January 31st. These must be sent to recipients by this date, and the IRS requires them to be filed by this same date.

W-2 Forms

• What they are: W-2 forms report the wages and taxes withheld for your employees throughout the year. If you have employees, you are required to file W-2s with the IRS and provide copies to your employees by January 31st.
• Due date: January 31st. The form must be filed with the Social     Security Administration and a copy given to your employees.

Why These Deadlines Matter

Missing these deadlines can result in penalties, interest, and even legal trouble for your business. For example:

• Failing to file 1099s on time can result in a $50 to $270 per form penalty depending on how late it is.
• Missing the W-2 deadline could lead to a $50 to $260 per form penalty, as well as other consequences.
• Late estimated tax payments can result in penalties and additional interest charges.

Meeting these requirements can be a lot to handle, especially as a busy business owner. But don’t stress—Fine Point Consulting has your back!

How Fine Point Helps You Stay on Top of These Deadlines

Here at Fine Point, we specialize in handling all your tax filings so you don’t have to worry about missing deadlines or dealing with complicated forms. Here’s how we help:

1. We File All Your 1099s, W-2s & Tax Forms: You don’t have to track down paperwork or deal with the IRS directly. Our team will prepare and file     all your 1099 forms, payroll tax forms, and W-2s on your behalf. We also send the necessary forms to your employees and contractors, ensuring that everything is filed accurately and on time.
2. We Make Your Estimated Tax Payments for You: With our guidance, we’ll ensure your estimated tax payments are made on time. We calculate your payments     based on your earnings, help you plan your cash flow, and ensure everything is filed correctly.
3. We Keep You Informed: As these deadlines approach, we will send you reminders and let you know if we need anything from you—like updated employee or contractor information, or details about any major transactions. We’re proactive in keeping you informed, so there are no surprises.
4. We Take Care of the Details: From calculating your estimated taxes to filing your forms with the IRS and state agencies, we handle it all. Our goal is to make sure your filings are accurate, timely, and complete so you can avoid penalties and focus on running your business.

The Bottom Line: We’ve Got You Covered

With so many important deadlines coming up, it’s easy to feel overwhelmed. But Fine Point is here to make sure you’re fully compliant without the stress.

If we need anything from you, we’ll be in touch. Otherwise, rest assured that we’re on top of your filings and deadlines, and we’ll take care of everything before the due dates hit.

Contact Fine Point Consulting today if you have any questions or if there’s anything you’d like to discuss about these upcoming deadlines. Let ushandle the paperwork, so you can focus on the things that matter most for your business.

‍

‍