Tax Dates to Remember in 2017Share
Everyone knows that April 15th is “tax day” but that’s not the only important tax-related deadline in the year. And in some years – including 2017 – the date by which tax returns are due doesn’t actually fall on the famous 15th. Because April 15th is a Saturday this year, and the Monday that follows is a federal holiday (Emancipation Day), the official filing deadline for 2016 returns is April 18th, 2017.
Filing Dates for Individuals If you’re using a paper return and mailing it to the IRS, your return must be postmarked by that date. E-filed returns need to be completed and submitted by the 18th, but don’t worry if the IRS hasn’t accepted it before midnight. As long as you’ve submitted it before the date changes, you’re on safe ground.
Extension Dates Applications for an extension to file 2016 returns must meet the same deadlines. Any taxes due, however, must be paid by the April 18th deadline or will be subject to penalties and interest. By filing an extension, you’ll have until October 16th to submit your 2016 return. If you don’t meet this deadline, you won’t have the option to e-file. The IRS won’t accept returns filed after this date and your only choice will be mailing in your return.
Amended Return Dates Assuming your return is correct and you didn’t request an extension to file, that’s the end of 2016 taxes, but if you need to amend your return for any reason, you have until April 18th, 2020 to file an amended return.
Processing Dates The IRS began processing returns on January 23rd, so you can expect to receive any refund you’re due in short order. Unless, that is, you are claiming the Earned Income Tax Credit or Additional Child Tax Credit. Filers claiming these credits will have to wait a bit longer, because the IRS won’t begin processing refunds for these returns until February 15th. The added time is intended to help minimize fraudulent returns that use illegally obtained social security numbers to claim the credits for children before their parents and legal guardians have a chance to file.
Payment Dates Estimated taxes for 2017 must be paid quarterly, with due dates of:
- April 17th
- June 15th
- September 15th and
- January 16th, 2018.
Corporate Return Dates Partnership returns and those for S-corporations using a calendar year accounting system are due on March 15th, 2017, with an extended deadline of September 15th. For C-corporations on a calendar year, the deadlines are April 17th and October 16th. C-corps on a fiscal year have different filing deadlines based on the dates of their fiscal year. These businesses should request guidance from their tax professionals to ascertain the appropriate dates for filing on time, with or without an extension.
For trust and estate income tax returns, the deadlines during 2017 are April 17th and October 2nd, for filers who requested an extension.
Other Dates Foreign bank account reports must be submitted by April 18th just like individual returns. Unlike in previous years, filers may request an automatic extension that moves this due date to June 15th. There’s also the possibility of requesting an additional extension, which puts the final due date on October 15th.
If you’re unsure whether any of these deadlines affect your tax responsibilities, or if you have questions about how to prepare for them, remember that your AGH tax professionals are here to help. Please contact our office and we’ll keep you on track to meet all of your tax and business deadlines.
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