There are several dates throughout the 2017 tax calendar you need to remember for your own personal taxes and possibly for your business taxes.
September 15
Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the third installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).
Partnerships: If a six-month tax extension was requested/obtained, file a 2016 tax return (Form 1065), and pay any tax due. Provide shareholders with a copy their final or amended or substitute Schedule K-1 (Form 1065).
S Corporations: If a six-month tax extension was requested/obtained, file a 2016 tax return (Form 1120S), and pay any tax due. Provide each shareholder with a copy of his or her final or amended or substitute Schedule K-1 (Form 1120S).
Electing Large Partnerships: If a six-month tax extension was requested/obtained, file a 2016 tax return (Form 1065-B), and pay any tax due. If required, provide each partner with a copy of his or her final, amended or substitute Schedule K-1 (Form 1065-B).
Corporations: Deposit the third installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.
October 16
Individuals: If you requested/obtained a six-month tax extension, file your 2016 income tax return (Form 1040, 1040A or 1040EZ), and pay any tax due.
Corporations: If a six-month tax extension was requested/obtained, file a 2016 tax return (Form 1120), and pay any tax due.
December 15
Corporations: Deposit the fourth installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax.
Fiscal Year Taxpayers – Deadlines for 2017
Individuals
Form 1040: Due by the 15th day of the fourth 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 fourth, sixth and ninth months of your tax year, as well as on the 15th day of the first month after your tax year ends.
Partnerships
Form 1065: Due by the 15th day of the third month following the close of the partnership’s tax year. Provide each partner with a copy of his or her Schedule K-1 or its substitute. If you need more time to file Form 1065, use Form 7004 to request a six-month tax extension.
Form 1065-B (Electing Large Partnerships): Due by the 15th day of the third month following the close of the partnership’s tax year. Provide each partner with a copy of his or her Schedule K-1 or substitute Schedule K-1 (Form 1065-B) by the March 15 following the end of the partnership’s tax year. If more time is needed to file Form 1065-B, use Form 7004 to request a six-month tax extension.
Corporations and S Corporations
Form 1120 (or Form 7004): Due by the 15th day of the fourth month following the close of the corporation’s tax year. However, a corporation with a fiscal tax year ending on June 30 must file by the 15th day of the third month after the end of its tax year. A corporation with a short tax year ending any time in June will be treated as if the short year ended on June 30, and must file by the 15th day of the third month after the end of its tax year. If more time is needed to file Form 1120, use Form 7004 to request a tax extension.
Form 1120S (or Form 7004): Due by the 15th day of the third 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 more time is needed to file Form 1120S, use Form 7004 to request a six-month tax extension.
Estimated Tax Payments: Quarterly payments are due in equal installments on the 15th day of the fourth, sixth, ninth 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. It is due within two 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.
The above is just a summary and your particular situation may be different. There can be a lot of subtleties about which deadlines may apply in your situation. Keep in touch with us here or email us at info@cpa-wfy.com so we can help make sure you pay the right taxes on the right dates.