Tax Season Is Here! 7 Dates to Remember
With the close of one year and the beginning of a new, that only means one thing; Tax Season is here! To avoid unwanted surprises, late refunds, or careless mistakes, you should start preparing now. Whether you handle this process on your own, or plan to have someone prepare your taxes, keep in mind of these important dates and deadlines, and mark your calendars so you don’t forget!
1. Start to Submit: January 2018
Although you can start filing your 2017 taxes any time after the first day of 2018, the IRS will not begin processing tax returns, paper or electronic, until IRS e-file goes live later in the month. With nearly 155 million individual tax returns expected to be filed in 2018, you should plan ahead to avoid unwanted surprises or late refunds.
2. E-File Goes Live: January 26, 2018
The IRS’s electronic submission portal E-file opens on the 26th, which is also when the IRS will start processing returns. Any paper returns that have been submitted before this date will be processed when E-file is live. Expect longer delays if you file your return on paper, because it takes longer for the IRS to process your paperwork.
3. W-2s and 1099-Misc Start to Arrive: January 31, 2018
Employers must send out or make their W2s available online no later than January 31st. This same deadline also applies to the 1099-MISC form for non-employee compensation payments, such as those made to workers who work on a temporary basis. If you haven’t received any information by then, get in touch with supervisors or HR.
4. In Need of an Extension: File Before April 17th
You can file for an extension any time before the tax year deadline, up until the due date of April 17th. Keep in mind that when you receive an extension, you are still responsible for paying any estimated taxes you owe by the federal due date, or you can end up paying additional interest or late fees.
Federal & State Tax Year 2017 Deadline: April 17, 2018
It’s the big day! Though the regular filing deadline for your Tax Year is April 15, due to the 15th being on Sunday (and that Monday being the Washington D.C. Emancipation Day), Tax Day is on the following Tuesday.
Last Day to make 2017 IRA Contributions: April 17, 2018
If you have not maxed out your IRA contributions for 2017, you can make contributions to an IRA by April 17, 2018, to lower your 2017 taxable income!
1st Quarter 2018 Estimated Tax Payment Due: April 17, 2018
If you are self-employed or have other fourth quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by April 17, 2018.
5. 2nd Quarter 2018 Estimated Tax Payment Due: June 15, 2018
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15, 2018 tax deadline.
6. 3rd Quarter 2018 Estimated Tax Payment Due: September 17,2018
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 17, 2018 tax deadline.
7. Extension Deadline: October 15, 2018
If you were approved for an extension by April 17th, your returns must be submitted and postmarked by October 15th. The same goes for individuals or resident aliens living abroad who were approved for an extension in June.
Our tax professionals here at Williams Accounting & Consulting will ask you simple questions about your life to help you claim the tax deductions and credits you’re eligible for based on your entries. Williams Accounting & Consulting will also ensure that we keep you abreast with all dates and payment. If you have any questions regarding your 2017 Tax Returns, give us a call today!