A month early or a month late, the difference is critical. Nothing is worse than paying penalties to the IRS, because tax penalties do not come out of profits, but remain taxed on profit statements. Many of our clients, large and small, fall into the following categories and should be aware of the changing dates for tax deposits this year.
To preface: individuals filing form 1040, 1040a, and 1040ez, the due date is April 18th, 2017 because the 15th of April falls on a Saturday and Emancipation day will be observed on Monday the 17th.
Partners filing returns with the form 1065 are due on March 15th, 2017 rather than the earlier April 15th as they had been in the past. Extra time never hurt, but don't forget!
C-Corporations form 1120 returns are due more than a month early on April 18th 2017 rather than March 15th. Even though this date has moved up more than a month, it can take a lot of pressure off of business owners to file before due.
S-Corporations will file their returns with form 11205 on or before March 15th, which remains unchanged.
Whether your business got an extra month or will file earlier (or file an extension), it’s best to get ahead and stay ahead, so...
For a referral to a fantastic tax and accounting professional to serve YOUR business, message us at our contact page or call (909)657-6019 and talk to a friendly professional now!