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Important Deadlines for the 2017 Tax Season

By Peoples Tax | March 10, 2017
Posted in: Tax Tips

There are a lot of dates on the IRS Federal Tax Calendar, but the most important one is the individual IRS-deadlinetax return deadline on April 18th. Can’t mark that date, you’ll have to file an extension by that date. The extension allows the taxpayer 6 months more to file the return but does not extend the payment deadline. The April 18th deadline isn’t the only one to know about, make sure you’ve got these important dates on your calendar!

January 10, February 10, March 10, April 10, etc: If you work for tips, these are the dates by which you need to report them to your employer, if you received $20 or more during the previous month. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

January 17: Individuals: If you did not pay your 2016 income tax through withholding (or you did not pay enough tax that way), you must make an estimated tax payment for 2016. Use Form 1040-ES (Estimated Tax for Individuals). This is the final installment date for 2016 estimated tax payments. Note that you do not have to make this payment if you file your 2016 return (Form 1040) and pay any tax due by January 31, 2017.

January 31: Individuals Who Must Make Estimated Tax Payments: If you did not pay your final installment of estimated tax by January 17, you may choose (but are not required) to file your 2016 tax return (Form 1040) by January 31. Filing your tax return and paying any tax due by January 31 will prevent late payment penalties on the final installment. If you cannot file and pay your tax by January 31, you should file and pay your tax by April 18.

All Businesses must provide annual information statements to the recipients of certain payments you made in 2016.

Payers of Non-Employee Compensation: File Form 1099-MISC for non-employee compensation that you paid in 2016.

February 15: Individuals: If you claimed an exemption from withholding tax last year on the Form W-4 that you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

All Businesses: Provide annual information statements to the recipients of these types of payments: Proceeds from Broker and Barter Exchange Transactions (1099-B), Proceeds from Real Estate Transactions (1099-S), or substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 14 of Form 1099-MISC (Miscellaneous Income).

February 28: All Businesses: File information returns (e.g., Forms 1099) for certain payments you made in 2016. Note that there are different forms for different types of payments. Use a separate Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) to summarize and transmit the forms for each type of payment. For more information, refer to the General Instructions for Certain Information Returns. If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically, your IRS filing deadline will be extended to March 31 (although the deadline for giving the recipient these forms generally remains January 31).

 

March 15: Partnerships: File a 2016 tax return (Form 1065). Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) of Form 1065, or a substitute Schedule K-1. To request an automatic 6-month extension of time to file the return and provide Schedules K-1, use Form 7004 to extend your filing deadline to September 15.

Electing Large Partnerships: File a 2016 tax return (Form 1065-B). Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income/Loss from an Electing Large Partnership) of Form 1065-B, or a substitute of Schedule K-1. This due date applies even if the partnership requests an extension of time to file Form 1065-B by filing Form 7004. To request an automatic 6-month extension of time to file the return and provide each partner with a copy of their amended (if required) Schedule K-1, use Form 7004 to move your filing deadline to September 15.

S Corporations: File a 2016 income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits, etc.) of Form 1120S, or a substitute of Schedule K-1. To get an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return.

S Corporation Election: File Form 2553 (Election by a Small Business Corporation) to elect to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.

March 31: Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G: File these forms with the IRS. This due date applies only if you file these forms electronically. Otherwise, see February 28. (The due date for giving the recipient these forms generally remains January 31.) For more information, see IRS Publication 1220.

April 18: Individuals: File a 2016 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want to request an automatic 6-month extension of time to file your return, use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to extend your filing deadline to October 16, 2017.

Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the first installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).

Household Employers: If you paid cash wages of $1,900 or more to a household employee in 2016, you must file Schedule H (Household Employment Taxes) of Form 1040. If you are required to file a Federal income tax return (Form 1040), include Schedule H with your return and report any household employment taxes. If you paid total cash wages of $1,000 or more to household employees in any calendar quarter of 2015 or 2016, you must report any Federal Unemployment (FUTA) tax on Schedule H. Also report any income tax you withheld for your household employees. For more information, refer to IRS Publication 926.

Corporations: File a 2016 income tax return (Form 1120) and pay any tax due. To request an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return.

Corporations: Deposit the first installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.

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