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Important Tax Due Dates You MUST Know

It gets pretty difficult to know when to pay what. You may have filed an extension, but you can’t hide forever. What’s that old saying about death and taxes? So here are some dates to mark to keep you on track. You’re welcome. 😉

3rd Quarter: Tax Due Dates, July – September 2016

 

July 11

Employees Who Work for Tips: If you received $20 or more in tips during the month of June, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

August 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of July, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

September 12

Employees Who Work for Tips: If you received $20 or more in tips during the month of August, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

September 15

Individuals: If you are not paying your 2016 income tax through withholding (or you will not pay enough tax during the year that way), pay the third installment of your 2016 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).

Corporations: If a 6-month tax extension was requested/obtained, file a 2015 tax return (Form 1120) and pay any tax due by this date.

S Corporations: If a 6-month tax extension was requested/obtained, file a 2015 tax return (Form 1120S) and pay any tax due by this date. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120S) or substitute Schedule K-1.

Partnerships: If a 5-month tax extension was requested/obtained, file a 2015 tax return (Form 1065) and pay any tax due by this date. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1065) or substitute Schedule K-1.

Corporations: Deposit the third installment payment for 2016 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.

 

4th Quarter: Tax Due Dates, October – December 2016

 

October 11

Employees Who Work for Tips: If you received $20 or more in tips during the month of September, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

October 17

Individuals: If you requested/obtained a 6-month tax extension, file your income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due by this date.

Electing Large Partnerships: If a 6-month tax extension was requested/obtained, file a 2015 tax return (Form 1065-B) and pay any tax due by this date. If required, provide each partner with an amended copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1. (See March 15 for the deadline for furnishing Schedules K-1 to the partners.)

November 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of October, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

December 12

Employees Who Work for Tips: If you received $20 or more in tips during the month of November, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

December 15

Corporations: Deposit the fourth installment payment for 2016 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.

 

Fiscal Year Taxpayers – Deadlines for 2016

 

If you use the fiscal year (instead of the calendar year) as your tax year, some of your due dates will be different. Refer to the general guidelines below for help with adjusting these deadlines.

Individuals

Form 1040: Due by the 15th day of the 4th month following the close of your tax year. (If you need more time to file Form 1040, use Form 4868 to request a tax extension.)

Form 1040-ES (Estimated Tax): Quarterly payments are due in equal installments on the 15th day of the 4th, 6th, and 9th months of your tax year, as well as on the 15th day of the 1st month after your tax year ends.

Partnerships

Form 1065: Due by the 15th day of the 4th month following the close of the partnership’s tax year. Provide each partner with a copy of their Schedule K-1 (Form 1065) or substitute Schedule K-1. (If you need more time to file Form 1065, use Form 7004 to request a tax extension.)

Form 1065-B (Electing Large Partnerships): Due by the 15th day of the 4th month following the close of the partnership’s tax year. Provide each partner with a copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1 by the first March 15 following the end of the partnership’s tax year.

Corporations & S Corporations

Forms 1120 & 1120S: Due by the 15th day of the 3rd month following the close of the corporation’s tax year. S corporations must provide each shareholder with a copy of their Schedule K-1 (Form 1120S) or substitute Schedule K-1. (If you need more time to file Form 1120 or Form 1120S, use Form 7004 to request a tax extension.)

Estimated Tax: Quarterly payments are due in equal installments on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation’s tax year.

Form 2553 (Election by a Small Business Corporation): This form is used to select S corporation treatment. Is it due within 2 months and 15 days after the beginning of the tax year the election is to take effect, or at any time during the preceding tax year.

If you need any help getting (and most importantly KEEPING) your financial data together, let us know! Schedule a time HERE to meet with one of our consultants to find out how we can help.

Data sourced here: https://www.irs.com/articles/2016-federal-tax-calendar