The end of the year is coming and you know what that means … tax time! This year, just to make things interesting, there are several new tax deadlines that you may have to deal with. Put them on your calendar now so you don’t forget next year!
Tuesday, January 31: Up until now, you had to get 1099 forms and W-2 forms out to the recipients by January 31, but you had more time to file the Federal copies with the IRS. Now, even the government copies of the W-2 and 1099 forms need to be filed by the end of January.
Wednesday, March 15: If you operate your business as a partnership, LLC filing as a partnership (Form 1065), S-corporation, or LLC filing as an S-Corporation (Form 1120S), you will need to file your annual tax return by March 15th. Previously, partnerships and LLCs that filed as partnerships had until April 15th to file those returns.
Tuesday, April 18: Thanks to the celebration of Emancipation Day in the District of Columbia, the deadline for filing your personal tax return for 2016 will be April 18, 2017. The first of your four estimated tax payments for 2017 is also due on April 18th, so be sure to plan ahead if you are going to have a balance due with your 2016 return!
Thursday, June 15: Your second estimated tax payment is due for 2017.
Friday, September 15: Your third estimated tax payment is due for 2017.
Monday, October 16: If you file for an extension for your 2016 return, October 16th will be the absolute last day to file your Federal tax return.
Monday, January 15: Your final estimated tax payment for 2017 is due.
Running a small business is hard and it is easy to miss due dates. Put the due dates on your calendar well in advance and check out some of the cool apps and services available to help you remember:
- The IRS Tax Calendar
is available online at any time. You can also sign up for RSS Feeds of tax calendar dates or import them into your Outlook or iCal. Find instructions on the IRS.gov site.
- There is an extension for your Chrome browser called the Estimated Tax Calendar. This extension is a simple reminder service that makes sure you don’t forget to pay those estimated taxes.
- At estimatedtaxreminder.com, you can sign up to receive a reminder email in advance of the due dates.
These are just a few of the tools out there. Have you found one you love? Please share it in the comments below!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.