Most people, when asked about tax deadlines, think of April 15th— the traditional due date for filing tax returns. Yes, this is an important due date. But you should be aware that there are many additional deadlines throughout the tax season, and that meeting all your deadlines can save you a load of stress (and possibly costly penalties).
Whether you’re filing as an individual or a business, get ready to mark your calendars, meet your deadlines, and conquer the 2018 tax season!
Tax filing deadline for 2018
As in the past few years, April 15th falls on a weekend (Sunday, specifically) in 2018, meaning that IRS processing centers will be closed. The following day, Monday, April 16th, is Emancipation Day in Washington, D.C., and according to law, D.C. holidays affect national tax deadlines. Because of all this, the deadline for filing returns this year will be Tuesday, April 17th.
When does tax season start?
As of December 10th, 2017, the IRS has not yet set the official start date to the 2018 tax season. This is due to the IRS continuing to update its programming and processing systems, and because of pending legislation that could potentially affect this upcoming tax season. Use caution with websites or other sources that claim to know the start date or offer definite dates by which you will receive your tax refund— in truth, there are no guarantees as to when you’ll get your refund (or whether you will receive one at all). So don’t count on that money prematurely.
Other important 2018 tax deadlines:
- January 31: Businesses and employers must both distribute to employees AND file with the IRS Form W-2 and/or Form 1099. The filing deadline was changed last year, so don’t forget that the new date still applies.
- February 27: All returns claiming the EITC or ACTC will be held until this date
- March 15: Partnership (Form 1065) and S-Corporation (Form 1120S) returns are due or requests for extensions
- April 17: Individual (Form 1040) and C-Corporation (Form 1120) returns due (or requests for extensions)
- April 17: Last day to make 2017 IRA contributions
- September 17: Extended partnership and S-Corporation returns due
- October 15: Extended individual and C-Corporation returns due
Remember that this list is by no means exhaustive. There are any number of variables that may mean different deadlines for individuals or businesses filing taxes. Collect tips from your job? Don’t forget to turn in Form 4070 by the 10th of each month. Farmer or fisherman? You may not have to file until April 17th. In other words, be sure to always double-check due dates depending on your specific situation. And if you’re feeling a bit overwhelmed with all the numbers, dates, and jargon associated with tax season, let Ten Key, Inc. help. Contact us anytime.