IRS Tax Deadlines Happen All Year Long.
A lot of focus and attention is paid to April 15th (17th this year) as the big tax deadline.
What many people don’t realize – and tax preparers are painfully aware of – is that there are tax deadlines all throughout the year.
Individual Tax Deadlines
The IRS expected 15 million people to file for an extension this year as reported by the New York Times on April 17.
Are you one of them? If so, your 2017 tax return is due October 15th.
There are millions of Americas who pay estimated taxes, too. If you owed more than $1,000 on your tax return for 2017, you are one of them.
Estimated tax deadlines are quarterly, and the first installment for 2018 was due April 17 (extended to April 18 because of the IRS server issues). You’ll have to pay taxes for the second quarter by June 15, the third quarter by September 15, and the fourth quarter by January 15, 2019.
Are you eligible to take a traditional IRA contribution deduction? If so, your deadline was April 17 for 2018. For the 2018 tax year, you will need to make that contribution by April 15, 2019.
If you earn tips, you are required to report them monthly to your employer if they exceed $20.
Living outside the United States and couldn’t get your return in by April 17? Relax… you have until June 15th to file your income tax return… or request for a four-month extension.
Business Tax Deadlines
As a partnership or corporation that filed for an extension on your taxes, you have until September 17 to get that 2017 tax return in.
For certain employers, there is also a monthly payroll tax deposit deadline the middle of every month.
Business owners with employees who receive tips have another monthly reporting deadline. They need to ensure their employees report tips of $20 or more by the 10th to the 13th of each month for the prior month.
By January 31 every year, business owners must have provided W-2s, 1099s, and other statements of compensation paid to all of their employees and qualified contractors. If they provided healthcare to their employees, they must also provide a Form 1095-C to all covered workers.
So as you can see there is always a tax deadline! It’s not just about deadlines though.
A Little Planning can mean a lot of Tax Savings
If you are concerned about keeping more of your income (and who isn’t?) you shouldn’t wait for April to roll around. It pays to be concerned about your taxes all year.
For example, you may be withholding too little or too much from your paycheck and need to adjust… particularly with the changes from the Tax Cuts & Jobs Act that went into effect for 2018.
Did you know that by timing a life change (marriage or divorce) and the sale of your house, you can also make a big difference in your tax bill for the year? It’s true! It can make a $500,000 difference!
Of course, qualified contributions to retirement accounts can add up to a big deductions on your taxes as well.
Talk to your tax preparer on how to best position yourself for that 2018 tax bill (or refund) that will eventually come due.
Here’s a full list of tax deadlines for the remainder of 2018 for your reference from the IRS website.
- April 30, 2018
- FUTA tax owed of over $500 must be deposited by this date for the month of March.
- Employers must file Form 941 by this date for the first quarter of 2018
- May 10, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during April.
- File Form 941 for the first quarter if you timely deposited all required payments.
- May 15, 2018
- Deposit payroll tax for Apr if the monthly deposit rule applies.
- June 11, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during May
- June 15, 2018
- Deposit payroll tax for May if the monthly deposit rule applies.
- Corporations: Deposit the second installment of your 2018 estimated tax.
- Individuals living outside the U.S.: File Form 1040. For automatic 4 month extension, file Form 4868 and deposit estimated tax.
- Second installment of 2018 estimated tax due
- July 10, 2018
- Employers: Employees required to report tips of $20 or more earned during June.
- Deposit payroll tax for June if the monthly deposit rule applies
- July 13, 2018
- Deposit FUTA owed through June if more than $500
- File Form 941 for the second quarter
- August 10, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during July.
- File Form 941 for the second quarter if you timely deposited all required payments
- August 15, 2018
- Deposit payroll tax for July if the monthly deposit rule applies.
- September 10, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during August.
- September 15, 2018
- Deposit payroll tax for August if the monthly deposit rule applies
- September 17, 2018
- Individuals: Pay the third installment of your 2018 estimated tax
- Corporations: Deposit the third installment of your 2018 estimated tax
- Electing Large Partnerships: File from 1065-B if you timely requested a 6-month extension.
- Partnerships: File calendar year Form 1065 if you timely requested a 6-month extension
- Corporations: File calendar year Form 1120S if you timely requested a 6-month extension
- October 10, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during September.
- October 15, 2018
- Deposit payroll tax for Sep if the monthly deposit rule applies.
- Individuals: File Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension.
- Corporations: File calendar year Form 1120 if you timely requested a 6-month extension.
- October 31, 2018
- File Form 941 for the third quarter.
- Deposit FUTA owed through Sep if more than $500.
- November 13, 2018
- File Form 941 for the third quarter if you timely deposited all required payments.
- Employers: Employees are required to report to you tips of $20 or more earned during October.
- November 15, 2018
- Deposit payroll tax for Oct if the monthly rule applies.
- December 10, 2018
- Employers: Employees are required to report to you tips of $20 or more earned during November.
- December 17, 2018
- Corporations: Deposit the fourth installment of your 2018 estimated tax.
- Deposit payroll tax for Nov if the monthly deposit rule applies.
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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.
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For more on SFS Tax & Accounting Services, visit https://sfstaxacct.com/
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Phone: 772-337-1040
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