Get Ready for Tax Season 2024!

My friend, it’s that time of year again when we need to start thinking about our taxes. You wouldn’t believe how important it is to mark your calendars for the upcoming tax season. So, grab your pen and get ready to jot down some crucial dates!

First things first, we need to know the deadlines for filing our tax returns. I know, it may not sound exciting, but trust me, it’s essential. The due date for most individuals is April 15th, 2017. But wait, there’s an exception! If you live in Maine or Massachusetts, you get two additional days. Lucky you!

Now that we have the main filing deadline noted, it’s time to think about the other key dates. Let’s break it down to make it easier for you to understand.

If you’re planning to receive a tax refund, you’ll want to file your taxes as soon as possible. That’s right, early birds get the worm! The IRS will start accepting tax returns on January 23rd, 2017. Don’t wait until the last minute; be proactive and file early.

On the other hand, if you owe taxes, your payment is due by April 15th, 2017. Make a note of it, my friend, because you don’t want to face any penalties or interest charges. Paying on time saves you from unnecessary stress and headaches.

By now, you’re probably wondering if you can get an extension. Well, guess what? You can! But remember, an extension only gives you more time to file your tax return, not more time to pay what you owe. So, if you need extra time, file Form 4868 by April 15th, 2017, and you’ll get an extension until October 16th, 2017.

Remember, it’s not just about filing your federal taxes. You also need to consider your state taxes. Each state has its own deadlines, so make sure to check the specific dates for your state. You don’t want to miss any important deadlines, my friend.

Well, now that we have all the key dates covered, it’s time to get cracking! Mark your calendars, set reminders, do whatever works for you to ensure a smooth tax season. Believe me, taking the time to organize your tax responsibilities now will save you a lot of trouble down the road.

So, get ready, my friend! Take a deep breath, put on your thinking cap, and let’s conquer tax season 2017 together!

Hey, as a business owner, I know how important it is for you to stay on top of tax deadlines. Trust me, you definitely don’t want to miss any of them. Why? Well, because if you do, you might face some hefty tax penalties that you can’t deduct. Ouch, right?

The Lowdown on the 2017 Tax Calendar

Income Tax Returns

So, if you’re a partnership or limited liability company (LLC) with a calendar-year filing and you’re using Form 1065 for 2016, mark March 15, 2017, as your due date. Yeah, that’s a change from previous years when it was due on the same day as the owner’s Form 1040. But hey, things change.

If you’re not able to make that deadline, don’t panic. You can file for an extension and get an extra six months to finish up. That means you have until September 15, 2017, to get your 2016 return in. Hey, same deadlines apply if you’re a calendar-year S corporation. Good to know, right?

If you own a company that operates on a calendar-year basis, like mine, you don’t have to worry about filing your Form 1120 until April 18, 2017. It used to be due on March 15, but they gave us an extra month to get things sorted out. But be aware, the extension for this return is only five months, so mark September 15 on your calendar as the new deadline!

Now, when it comes to filing your personal income tax return, Form 1040, you have until April 18, 2017, to get it done. I know, this year April 15 lands on a Saturday, and April 17 is Emancipation Day in Washington D.C., so the deadline got moved to the following Tuesday. Just a little extra time to make sure everything is in order.

Oh, and before I forget, let’s talk about employment tax returns.

I need to make sure that I file my employer’s quarterly tax return, Form 941, for 2017 on time. The due dates for this form are at the end of the month after each quarter ends. For example, the due dates for 2017 are April 30th, July 31st, October 31st, and January 31st of the following year.

However, if I have already deposited my taxes in full and on time, then the due date is extended. I have until the 10th day of the second month after the quarter ends to submit my Form 941. So, for example, if I deposited my taxes in full for the first quarter, I have until May 10th to submit my form.

If I have been filing the annual Form 944 instead of the quarterly Form 941, but I expect to make payments of more than $2,500 for the year, I can’t switch on my own. I need to get approval from the IRS. I have until April to contact the IRS and request a change by calling 800-829-4933.

When it comes to federal unemployment tax, there’s a yearly filing that needs to be done. You have until January 31, 2017, to file Form 940 for 2016. However, if you’ve already paid all your FUTA tax on time, you can submit Form 940 by February 10, 2017.

Estimated Taxes

If you’re self-employed (like a sole proprietor, independent contractor, partner, or LLC member) and you pay estimated taxes, make sure you remember the deadlines for 2017: April 18, 2018, June 15, 2018, September 15, 2018, and January 16, 2018.

Don’t include the first payment for 2017 with your 2016 income tax return.

Did you know that you can avoid those pesky late payments when you’re traveling or if you simply forget? How, you ask? Well, by scheduling your estimated taxes for Form 1040 in advance, of course! And get this, you can do it up to a whole year in advance if you decide to pay through EFTPS.gov. Pretty cool, huh? But wait, if you’re using EFTPS.gov for business taxes, you can only schedule advances up to 120 days ahead. Don’t worry though, because using this handy service won’t cost you a dime. By the way, if you want more details about EFTPS.gov, you should check out IRS Publication 966. It’s got all the juicy information you need.

The Scoop on Information Returns

If you remember, you were supposed to give your employees W-2s and independent contractors 1099-MISCs for the services they provided in 2016. The deadline for this was January 31, 2017. This was also the date when you had to transmit these forms to the Social Security Administration (for W-2s) and the IRS (for 1099-MISCs showing nonemployee compensation). It’s important to note that this new transmittal date applies to both paper and electronic forms.

If you haven’t filed yet, it’s crucial to do so as soon as possible to avoid any penalties. Now, I know it’s too late, but just a reminder for next year – you could have asked for a filing extension by submitting Form 8809 by January 31. It’s always good to keep this option in mind for the future.

If you’re a small employer who provides health insurance through a self-insured plan, like a health reimbursement arrangement, you need to give your employees Form 1095-B for their 2016 coverage by March 2, 2017. The original deadline was January 31, 2017, but the IRS extended it for everyone this year. However, if you’re sending the forms to the IRS on paper, they need to be submitted by February 28, 2017. If you’re submitting electronically, the deadline is March 31, 2017.

Fixing Late Returns

It’s pretty obvious that the sooner you send in a late tax return, the lower the penalties will be. That’s because the penalties are charged per month (or part of a month). You’ll also owe interest on any unpaid taxes, and that interest adds up each month.

When it comes to information returns, it’s really important to fix any mistakes as soon as possible. This can help you avoid hefty penalties. Let me explain. If you send a late 1099 form within 30 days of the deadline, the penalty is just $50. But if you miss that deadline and file by August 1, the penalty doubles to $100. And if you don’t file by August 1, the penalty jumps all the way up to $260.

So here’s what I suggest:

Create your very own tax calendar. It’s easy! Just use a free desktop calendar tool from the IRS. By doing this, you’ll never miss another deadline. Make sure to also include the dates for your state tax obligations, like state unemployment insurance.