Important Tax Filing Deadlines You Don’t Want to Miss

shutterstock_491993500

Before you send in your tax return there are a lot of things you have to remember, which is why having a tax checklist is good idea. Of course, the right accountant will help you with that as well. However, before you ever get to that final point in the tax-filing process, you need to be aware of several changes to the tax laws, and of course deadlines. After all, missing a deadline can end up being very costly.

So as the 2017 tax season kicks off, here are a few important deadlines to make a note of, because missing these might hurt you.

  • 1040 Filing Deadline – first off, the deadline this year for filing your taxes is actually on April 18 and not April 15. That’s because the 15 & 16 fall on the weekend and April 17 is a holiday. The extension deadline falls on October 16, but you have to file for that extension by April 18.
  • Refund Delays – for those claiming the additional child tax credit or the earned income credit, they will have to wait a little longer to get their refunds, due to a new law to help fight tax fraud. The IRS will begin sending those refunds on February 15 and they will likely start arriving around Feb. 27.
  • Small Business Filing Dates – there are several deadlines that will affect many small businesses, including the date to turn in Form 1065 partnership return, which has been pushed up by a month. It’s now due two and half months after the tax year closes instead of three and half months. That means this year the deadline is March 15 instead of April 15. Conversely, the deadline for Form 1120 C corporation returns has been moved back a month from March 15 to April 15. The due date for 1120S returns of S corporations will remain the same.
  • Compensation Forms – employers and business used to have till the last day of February or March 31 to turn in W-2 and 1099 forms to the IRS, but that deadline is now January 31.

http://www.marketwatch.com/story/important-news-on-tax-filing-deadlines-and-refunds-2017-01-10

/GROCO
Posted in

The Skinny on Tax-Deferred Retirement Accounts

Just about anyone could benefit from a tax-differed retirement account. These accounts, most commonly known as 401Ks or IRAs, are a great way to save for retirement and in many cases save on taxes. The real question is when do you plan on cashing out that retirement fund? While you will always see immediate savings…

Now Is the Time to Fix California’s Messed up Tax Code

The California tax code is about as healthy as the federal tax code. In other words, it needs a lot of work. Of course, there are many interested parties that are all hard at work trying to create plans that will help improve the state’s economy and tax revenue while helping those from the lower…

Ben Stein Tax the rich

Why Taxing the Rich to Help the Poor Doesn’t Work

How many of you remember the Comedy Central game show: “Win Ben Stein’s Money?” The host, Mr. Stein, would challenge his opponents in answering trivia questions and actually give away his own money to those who beat him. That show has long been off the air, but the game show host, turned conservative commentator is…

Toshiba Adds More Units to Accounting Probe After Overstated Profits

Toshiba added more units to accounting probe after overstating their profits. Accounting can be much like taxes and when it comes to businesses the two go hand-in-hand. Getting your accounting right is extremely important. That’s why we recommend using a qualified accounting firm to handle your books. That includes: preparing financial statements, certifying audits, compilations…