Broker Check

Tax Calendar

January | February | March | April | May | June | July | August | September | October | November | December

 

Weekends & Holidays: If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday.

 

January - Back to Top

We do not ordinarily require appointments for dropping off tax return information for preparation.  Our normal business hours during tax season (March 1 through April 15) are 8:30 AM to 5 PM.  Appointments are available for times outside of these hours. Ordinarily your return will be completed within 3 days (and often the same day) of our receiving all required items.  Use our Tax Preparation Checklist, call your tax information providers for any missing information, and drop it off and we will handle the rest.

15 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December. This is also the due date for the non-payroll withholding deposit for December if the monthly deposit rule applies. Employment tax deposits must be made electronically (no more paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.

15 - Farmers & Fishermen Estimated Tax Payment Due

If you are a farmer or fisherman whose gross income is two-thirds from farming or fishing, it is time to pay your estimated tax for last year using Form 1040-ES. You have until April 5 to file your prior year income tax return (Form 1040). If you do not pay your estimated tax by January 15, you can avoid an underpayment penalty by filing your return and paying any tax due by March 1.

15 - Individual Final/4th Quarter Estimated Tax Payment Due

It’s time to make your fourth quarter estimated tax installment payment for the prior year. (See April 15 for further discussion).


February - Back to Top

1 - Tax Appointment

If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you.

1 - 1099s Due To Service Providers

If you are a business or rental property owner and paid $600 or more for the services of individuals (other than employees) during 2015, you are required to provide Form 1099 to those workers by February 1. "Services" can mean everything from labor, professional fees and materials, to rents on property. In order to avoid a penalty, copies of the 1099s need to be sent to the IRS by February 28 (March 31if filed electronically). 1099 and W2 forms, along with Treasury Transmittal Form 1096, must be submitted either electronically, or in optically scannable (OCR) format and forms.  We can prepare your forms and file them electronically.  We will also provide copies to the recipients by mail and email.  Please call either office for preparation assistance.

1 - W-2 Due to All Employees

All employers must provide form W-2 for the previous year to their employees. This includes household employees to whom you paid more than $1,900.  Typically known as the “nanny” tax, this also covers caregivers who are employed directly rather than through a professional service firm (i.e., if someone else is not treating the caregiver(s) as an employee, then you must).  Along with this requirement comes the responsibility for social security tax withholding and payment. As noted above, W2 forms need to be submitted electronically, or using OCR readable format.

1 - File Form 941 and Deposit Any Withheld Taxes

File Form 941 for the fourth quarter. Deposit any undeposited Social Security, Medicare and withheld income tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.

1 - File Form 943

All farm employers should file Form 943 to report prior year Social Security, Medicare taxes and withheld income tax. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.

1 - File 2015 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment

If you file your prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment (January calendar).

1 - File Form 940 - Federal Unemployment Tax

File Form 940 (or 940-EZ) for prior year. If your undeposited tax is $500 or less, you can either pay it by check with your return or deposit it. If it is more than $500, you must deposit it electronically. If you electronically deposit the tax for the year in full and on time, you have until February 10 to file the return.

10 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the fourth quarter. This due date applies only if you deposited the tax for the quarter in full and on time.

10 - Certain Small Employers

If you are an annual filer, file Form 944 to report Social Security and Medicare taxes and withheld income tax for prior year. This due date applies only if you deposited the tax for the year in full and on time.

10 - Federal Unemployment Tax

File Form 940 for prior year. This due date applies only if you deposited the tax for the year in full and on time.

16 - Last Date to Claim Exemption from Withholding (Individuals)

If you claimed an exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

16 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in January.

16 - Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in January.

28 - Informational Returns Filing Due

File information returns (Form 1099) and transmittal Forms 1096 for certain payments you made during prior year. There are different forms for different types of payments. These are government filing copies for the 1099s issued to service providers and others (see February 1.)  (Copies to payees were due to recipients on 1st of month; this is due date for electronic filing to government.)

28 - All Employers

File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2015. If you file Forms W-2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms was February 1.


March - Back to Top

15 - S-Corporation Election

File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S treatment will begin with calendar year 2017.

15 - Electing Large Partnerships

Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

15 - Time to Call For Your Tax Appointment

Only one month until the April due date for your tax returns. If you have not made an appointment to have your taxes prepared, we encourage you do so before it becomes too late.

Do not be concerned about having all your information available before making the appointment. If you do not have all your information, we will simply make a list of the missing items. When you receive those items, just forward them to us.

Even if you think you might need to go on extension, it is best to prepare a preliminary return and estimate the result so you can pay the tax and minimize interest and penalties. We can then file the extension for you.

We look forward to hearing from you.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in February.

15 - Corporations

File a 2015 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you need an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns, and deposit what you estimate you owe. Filing this extension protects you from late filing penalties but not late payment penalties, so it is important that you estimate your liability and deposit it using the instructions on Form 7004.

31 - Electronic Filing of Forms 1098, 1099 and W-2G

If you file forms 1098, 1099, or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, February 28 was the due date. The due date for giving the recipient these forms was February 1.

31 - Electronic Filing of Forms W-2

If you file forms W-2 for 2015 electronically with the IRS, this is the final due date. This due date applies only if you electronically file. Otherwise, the due date was February 28. The due date for giving the recipient these forms was February 1.


April - Back to Top

1 - Last Day to Withdraw Required Minimum Distribution

Last day to withdraw required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in last year. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers older than 70 1/2 were required to make their IRA withdrawal by December 31.

15 - Individual Tax Returns Due

File your income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due.

If you an extension of time to file the return, please call this office.

Caution: The extension gives you until October 15, to file your return without being liable for the failure-to-file penalty. However, it does not avoid the late payment penalty.  If you need an extension, you are still required to estimate and pay any taxes due by April 15.

The late payment penalty for taxes paid after April 15 can be severe, so you are encouraged to file as soon as possible to minimize that penalty. Also, you will owe interest, figured from the original due date until the tax is paid. Please call this office to discuss your individual situation if   you are unable to file by the April 15 due date.

15 – 1st Quarter Estimated Tax Payment Due (Individuals)

It’s time to make your first quarter estimated tax installment payment for the current tax year. Estimated tax payments are required for self-employed individuals and those with other sources of income not covered by withholding.

A taxpayer who fails to prepay a safe harbor (minimum) amount can be subject to an underpayment penalty. This penalty is equal to the federal short-term rate plus 3 percentage points, and the penalty is computed on a quarter-by-quarter basis.

Federal tax law provides 3 ways to avoid the underpayment penalty.

  • If the underpayment is less than $1,000 (the “de minimis amount”),
  • If your payments equal or exceed 90% of what is owed in the current year, or
  • If you pay 100% of the prior year’s tax liability (110% if AGI exceeds $150,000 -$75,000 for married taxpayers filing separately).  

If you meet any of these three “safe harbor” amounts, there will be no penalty assessed.  It should be obvious that the only known value in these cases is last year’s total tax (not what you owed (or refund you received) on April 15, but your actual total tax liability for the full tax year.)  Accordingly, your estimated payments should be based on this third standard unless you are confident that a lower amount is adequate.

CAUTION: Some state de minimis safe harbor estimate rules are different than those for the Federal estimates. Please call this office for particular state safe harbor rules.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in March.

15 - Corporations

The first installment of estimated tax of a calendar year corporation is due.

15 - Partnerships

File a calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedules K-1 or substitute Schedules K-1 to the partners, file Form 7004. Then, file Form 1065 and provide the K-1s to the partners by September 15.

15 - Last Day to Make Contributions

Last day to make contributions to Traditional and Roth IRAs for prior year, and for SEPs and Keogh plans unless tax return has been extended.


May - Back to Top

2 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the first quarter. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

2 - Federal Unemployment Tax

Deposit the tax owed through March if it is more than $500.

16 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, May 16 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April. This is also the due date for the non-payroll withholding deposit for April 2016 if the monthly deposit rule applies.


June - Back to Top

15 – 2nd Quarter Estimated Tax Payment Due (Individuals)

It’s time to make your second quarter estimated tax installment payment.  See previous discussion at April 15.

15 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2016. This is also the due date for the non-payroll withholding deposit for May 2016 if the monthly deposit rule applies.

15 - Corporations

Deposit the second installment of estimated income tax for 2016 for calendar year corporations.

30 - Taxpayers with Foreign Financial Interests

A U.S. citizen or resident, or a person doing business in the United States, who has a financial interest in or signature or other authority over any foreign financial accounts (bank, securities or other types of financial accounts), in a foreign country, is required to file Form FinCEN 114 with the Department of the Treasury (not the IRS). The form must be filed with the Treasury Department no later than June 30, 2016 for 2015. No extension of time to file is permitted. The form must be filed electronically; paper forms are not allowed. This filing requirement applies only if the aggregate value of these financial accounts exceeds $10,000 at any time during 2015. Contact our office for additional information and assistance filing the form.


July - Back to Top

1 - Time for a Mid-Year Tax Check Up

Time to review your 2016 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in June.


August - Back to Top

1 - Self-Employed Individuals with Pension Plans

If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2015.

1 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the second quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.

1 - Certain Small Employers

Deposit any undeposited tax if your tax liability is $2,500 or more for full year but less than $2,500 for the second quarter.

1 - Federal Unemployment Tax

Deposit the tax owed through June if more than $500.

10 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the second quarter. This due date applies only if you deposited the tax for the quarter in full and on time.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in July.


September - Back to Top

1 - 2016 Fall and 2017 Tax Planning

Contact this office to schedule a consultation appointment.

15 – Third Quarter Estimated Tax Payment Due (Individuals)

The third installment of 2016 individual estimated taxes is due. See discussion at April 15 for further information.

15 - Social Security, Medicare and withheld income tax

If the monthly deposit rule applies, deposit the tax for payments in August.

15 – Non-payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in August.


October - Back to Top

15 - Individuals Extended Returns

Final due date for prior year tax returns with an automatic 6-month extension.

15 - SEP IRA & Keogh Contributions

Last day to contribute to SEP or Keogh retirement plan for calendar year prior year extended tax returns..

15 - Social Security, Medicare and withheld income tax

If the monthly deposit rule applies, deposit the tax for payments in September.

15 – Non-payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in September.

31 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the third quarter. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

31 - Federal Unemployment Tax

Deposit the tax owed through September if more than $500.


November - Back to Top

10 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the third quarter. This due date applies only if you deposited the tax for the quarter in full and on time.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in October.


December - Back to Top

1 - Time for Year-End Tax Planning

December is the month to take final actions that can affect your tax result for 2016. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2016 should call for a tax planning consultation appointment.

1 - Employers

Give employees the opportunity to change/create a new Form W4 or Form W4(SP) if their withholding exemptions should change.

15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in November.

15 - Corporations

The fourth installment of estimated tax for calendar year corporations is due.

31 - Last Day to Make Mandatory IRA Withdrawals

Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age 70½ before 2016. If the institution holding your IRA will not be open on December 31, you will need to arrange for withdrawal before that date.

31 - Last Day to Pay Deductible Expenses for current year deduction.

Last day to pay deductible expenses.  Taxpayers who are making state estimated payments may find it advantageous to prepay the January state estimated tax payment in December;  (Please call the office for more information).

31 - Last Day to Set Up a Keogh Account for current year deduction

If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a current-year contribution. If the institution where you plan to set up the account will not be open for business on the 31st, you will need to establish the plan before the 31st. Note: there are other options such as SEP plans that can be set up after the close of the year. Please call the office to discuss your options.

31 - Caution! Last Day of the Year

Completing actions on December 31 should never by “Plan A”; If you cannot get it done on the 31st or a single day, you are out of luck.  Proper prior planning and preemptive processes prevents poor performance.