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18663 Ventura Blvd, Suite 227Tarzana, CA 91356
FREE CONSULTATION818-436-2775
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Personal, Affordable Payroll Services, Bookkeeping, and Tax Processing for Small Business throughout Los Angeles County.

2016 Tax Return Filing Dates Coming Up Quickly

calculator and tax return forms

The scramble is on. Your friends and associates who have anything to do with tax preparation are working long hours and probably all weekends. Filing personal income taxes got trickier with Obamacare, so more individuals are using professional tax services to fill out the forms. Corporations are harried, as their taxes need to be filed by March 15. In fact, the following are all due on March 15:

  • March 15 — Corporations
    File a 2015 calendar year income tax return (Form 1120) and pay any tax due – Details
  • March 15 — S Corporations
    File a 2015 calendar year income tax return (Form 1120S) and pay any tax due – Details
  • March 15 — S Corporation election
    File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2017.
  • March 15 — Electing larger partnerships
    Provide each partner with a copy of Schedule K1 (Form 1065B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004

 

Of course, corporations can choose to file extensions on March 15, but K-1’s must still be sent out to shareholders by March 15, even if these are estimates that will be modified later.

 

Three extra days to file personal taxes in 2016

Because of the Emancipation Day holiday observed in Washington DC on March 15, tax forms and payments are not due in 2016 until the following Monday, March 18.  Here are the details of who must file by April 18:

  • April 18 — Individuals
    File a 2015 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6 month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. For more information, see Form 4868. Then, file Form 1040, 1040A, or 1040EZ by October 17.
  • April 18 — Individuals
    If you are not paying your 2016 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2016 estimated tax. Use Form 1040ES.
  • April 18 — Household Employers
    If you paid cash wages of $1,900 or more in 2015 to a household employee, you must file Schedule H – Details
  • April 18 — Partnerships
    File a 2015 calendar year return (Form 1065) – Details
  • April 18 — Partnerships
    Electing large partnerships: File a 2015 calendar year return (Form 1065-B) – Details
  • April 18 — Corporations
    Deposit the first installment of estimated income tax for 2016 – Details
  • April 18 — Social security, Medicare, and withheld income tax
    If the monthly deposit rule applies, deposit the tax for payments in March.
  • April 18 — Nonpayroll withholding
    If the monthly deposit rule applies, deposit the tax for payments in March.
  • April 18 — Household employers
    If you paid cash wages of $1,900 or more in 2015 to a household employee, you must file Schedule H (Form 1040). If you are required to file a federal income tax return (Form 1040), file Schedule H (Form 1040) with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2014 or 2015 to household employees. Also, report any income tax you withheld for your household employees.

 

If you would like to read more about various tax dates and what is required throughout the year, please see the detailed information available at https://www.taxact.com/reference/library_calendar.asp. All of the above information was provided from that resource.

Clearly, the tax code and even the filing requirements are complicated. To make matters worse, those codes and the forms are always changing. The IRS doesn’t care whether you’ve been paying attention to the latest releases and updates of these changes. You are required to get it right.

If you own a company, whether filing as a sole proprietorship, partnership, corporation or LLC, you owe it to yourself to get the best possible bookkeeping, payroll, and tax preparation for your business. ATPP provides a full range of these services at affordable prices. Call ATPP today to get a quote. Let someone else have the headache and the stress of figuring out all the tax craziness. That will be more time for you to concentrate on your business. Call 818-436-2775