Top Budgeting Tips for Small BusinessPosted on October 31st, 2018
Small business owners tend to manage both personal and professional finances.
When starting up a small business, it is sometimes necessary to introduce new financing to your venture to enable growth while generating enough cash flow to maintain ongoing financial stability.
To keep from joining those businesses that fail in the first five years, it is necessary to hone your budgeting skills, maximize liquidity, and stay on track.
Categorize Your Expenses into Departments – Categorizing your expenses is the first step toward tracking and reporting finances so that you can get a good understanding of your business’ financial status. Some categories might be marketing, IT, labor, and overhead.
Round Up not Down – Make a practice of rounding up when budgeting for your small business. This allows you to simplify accounting with whole numbers and creates a small cushion that can be reconciled at the end of each quarter and funneled back into your business.
Scrutinize Every Business Purchase – Small business owners tend to closely watch large purchases, but fail to analyze the small purchases. Overhead costs and petty cash expenditures add up quickly, so be sure to keep an eye on them.
Update Your Budget Monthly – The customer base, expenses, and cash flow of any business is typically ever-changing. Make sure to update you’re A/R and A/P categories, and adjust your projections accordingly.
Incentivize Your Employees – Be sure to reward excellent employee performance. When someone goes above and beyond, resulting in the further success of your business, acknowledgment or celebration can go a long way in showing your appreciation. Specify a specific dollar amount for this event so you are less likely to overspend when that time comes.
Extra Fees and Late Charges – Be mindful of the costs of paying bills late. Some vendors even add additional charges for delinquent payment. If there comes a time that you have to decide which bills to pay first, this information is handy and can help you plan your accounts payable calendar.
Compare Necessary and Frivolous Expenses – Payroll, taxes, utilities, essential stock, rent, and mortgage payments are considered your necessary expenses and should be compared to additional expenditures. Be frugal when considering paying for anything that isn’t vital to your business – and compare prices make sure you’re getting the best rate.
Above all use common sense – and discipline. The future of your business depends on it.
Tips to Expedite Your QuickBooks Accounting TasksPosted on July 31st, 2018
QuickBooks is a valuable tool for businesses, allowing them to accept payments from customers and vendors, pay their own bills, and distribute payroll to employees.
Small and medium sized businesses have been using QuickBooks for nearly twenty years, and the software is designed to be accessible for beginners and pros alike. However, there are still tips and tricks that can improve your productivity.
Effectively Manage Reports
In order to get the most out of QuickBooks, it’s useful to utilize the tools available to organize all of your data. Under the Reports tab you’ll find several features that streamline the production of reports. Features like Process Multiple Reports can merge many reports together so they can all be printed at once, while collating different reports in a Memorized Report List can expedite their distribution to the various recipients of your choice.
Export Your Work to Excel
For times when you need to plan for, or track, potential scenarios based on current data, exporting your reports to Microsoft Excel will allow you a little more creativity. For this to work, MS Office will need to be up to date so that QuickBooks can access Excel.
As with most Windows-based programs, right-clicking will open up a small shortcut menu in registers, lists, forms, and list windows. Shortcut menus can allow you access to various common tasks, such as deleting work,), or running a QuickReport on a transaction.
Other Interface Tips
Here are some more quick QuickBooks tips that can improve navigation and boost productivity:
• F1, as in most programs, will run a Help program that will provide tips relevant to your current work.
• Pressing the Home button will return you to the beginning of the field, while the End key provides the opposite result.
• Double-clicking a list box entry will prompt you to select a command button of your choice.
• Typing the first letter of an entry will move your cursor directly to that entry.
While these tips are generally beneficial for those business owners who are looking to implement QuickBooks for their regular accounting tasks, the assistance of a professional helps to bring out the full potential of this software. Contact us today to learn more about what QuickBooks can do for you!
Sending your kids to day camp may provide a tax breakPosted on May 25th, 2018
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit!
Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2018, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more.
Remember that tax credits are particularly valuable because they reduce your tax liability dollar-for-dollar — $1 of tax credit saves you $1 of taxes. This differs from deductions, which simply reduce the amount of income subject to tax. For example, if you’re in the 24% tax bracket, $1 of deduction saves you only $0.24 of taxes. So it’s important to take maximum advantage of the tax credits available to you.
Qualifying for the credit
A qualifying child is generally a dependent under age 13. (There’s no age limit if the dependent child is unable physically or mentally to care for him- or herself.) Special rules apply if the child’s parents are divorced or separated or if the parents live apart.
Eligible costs for care must be work-related. This means that the child care is needed so that you can work or, if you’re currently unemployed, look for work.
If you participate in an employer-sponsored child and dependent care Flexible Spending Account (FSA), also sometimes referred to as a Dependent Care Assistance Program, you can’t use expenses paid from or reimbursed by the FSA to claim the credit.
Additional rules apply to the child and dependent care credit. If you’re not sure whether you’re eligible, contact us. We can help you determine your eligibility for this credit and other tax breaks for parents.
Be Aware of the Tax Consequences before Selling Your HomePosted on May 18th, 2018
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences.
Home sale gain exclusion
The U.S. House of Representatives’ original version of the Tax Cuts and Jobs Act included a provision tightening the rules for the home sale gain exclusion. Fortunately, that provision didn’t make it into the final version that was signed into law.
As a result, if you’re selling your principal residence, there’s still a good chance you’ll be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Gain that qualifies for exclusion also is excluded from the 3.8% net investment income tax.
To qualify for the exclusion, you must meet certain tests. For example, you generally must own and use the home as your principal residence for at least two years during the five-year period preceding the sale. (Gain allocable to a period of “nonqualified” use generally isn’t excludable.) In addition, you can’t use the exclusion more than once every two years.
More tax considerations
Any gain that doesn’t qualify for the exclusion generally will be taxed at your long-term capital gains rate, as long as you owned the home for at least a year. If you didn’t, the gain will be considered short-term and subject to your ordinary-income rate, which could be more than double your long-term rate.
Here are some additional tax considerations when selling a home:
Tax basis. To support an accurate tax basis, be sure to maintain thorough records, including information on your original cost and subsequent improvements, reduced by any casualty losses and depreciation claimed based on business use.
Losses. A loss on the sale of your principal residence generally isn’t deductible. But if part of your home is rented out or used exclusively for your business, the loss attributable to that portion may be deductible.
Second homes. If you’re selling a second home, be aware that it won’t be eligible for the gain exclusion. But if it qualifies as a rental property, it can be considered a business asset, and you may be able to defer tax on any gains through an installment sale or a Section 1031 exchange. Or you may be able to deduct a loss.
A big investment
Your home is likely one of your biggest investments, so it’s important to consider the tax consequences before selling it. If you’re planning to put your home on the market, we can help you assess the potential tax impact. Contact us to learn more.
Can You Deduct Business Travel When It’s Combined With A VacationPosted on May 16th, 2018
At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.
Business travel expenses are potentially deductible if the travel is within the United States and the expenses are “ordinary and necessary” and directly related to the business. (Foreign travel expenses may also be deductible, but stricter rules apply than are discussed here.)
Currently, business owners and the self-employed are potentially eligible to deduct business travel expenses. Under the Tax Cuts and Jobs Act, employees can no longer deduct such expenses. The potential deductions discussed below assume that you’re a business owner or self-employed.
Business vs. pleasure
Transportation costs to and from the location of your business activity may be 100% deductible if the primary reason for the trip is business rather than pleasure. But if vacation is the primary reason for your travel, generally none of those costs are deductible.
The number of days spent on business vs. pleasure is the key factor in determining whether the primary reason for domestic travel is business:
- Your travel days count as business days, as do weekends and holidays — if they fall between days devoted to business and it would be impractical to return home.
- Standby days (days when your physical presence is required) also count as business days, even if you aren’t called upon to work those days.
- Any other day principally devoted to business activities during normal business hours also counts as a business day.
You should be able to claim business was the primary reason for a domestic trip if business days exceed personal days.
What transportation costs can you deduct? Travel to and from your departure airport, airfare, baggage fees, tips, cabs, etc. Costs for rail travel or driving your personal car are also eligible.
Once at the destination, your out-of-pocket expenses for business days are fully deductible. Examples of these expenses include lodging, meals (subject to the 50% disallowance rule), seminar and convention fees, and cab fare. Expenses for personal days aren’t deductible.
Keep in mind that only expenses for yourself are deductible. You can’t deduct expenses for family members traveling with you — unless they’re employees of your business and traveling for a bona fide business purpose.
Substantiation is critical
Be sure to accumulate proof of the business nature of your trip and keep it with your tax records. For example, if your trip is made to attend client meetings, log everything on your daily planner and copy the pages for your tax file. If you attend a convention or seminar, keep the program and take notes to show you attended the sessions. You also must properly substantiate all of the expenses you’re deducting.
Additional rules and limits apply to the travel expense deduction. Please contact us if you have questions.
Get Started On 2018 Tax Planning Now!Posted on May 8th, 2018
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for 2018. It’s especially critical to get an early start this year because the Tax Cuts and Jobs Act (TCJA) has substantially changed the tax environment.
A tremendous number of variables affect your overall tax liability for the year. Looking at these variables early in the year can give you more opportunities to reduce your 2018 tax bill.
For example, the timing of income and deductible expenses can affect both the rate you pay and when you pay. By regularly reviewing your year-to-date income, expenses and potential tax, you may be able to time income and expenses in a way that reduces, or at least defers, your tax liability.
In other words, tax planning shouldn’t be just a year-end activity.
Certainty vs. uncertainty
Last year, planning early was a challenge because it was uncertain whether tax reform legislation would be signed into law, when it would go into effect and what it would include. This year, the TCJA tax reform legislation is in place, with most of the provisions affecting individuals in effect for 2018–2025. And additional major tax law changes aren’t expected in 2018. So there’s no need to hold off on tax planning.
But while there’s more certainty about the tax law that will be in effect this year and next, there’s still much uncertainty on exactly what the impact of the TCJA changes will be on each taxpayer. The new law generally reduces individual tax rates, and it expands some tax breaks. However, it reduces or eliminates many other breaks.
The total impact of these changes is what will ultimately determine which tax strategies will make sense for you this year, such as the best way to time income and expenses. You may need to deviate from strategies that worked for you in previous years and implement some new strategies.
Getting started sooner will help ensure you don’t take actions that you think will save taxes but that actually will be costly under the new tax regime. It will also allow you to take full advantage of new tax-saving opportunities.
Now and throughout the year
To get started on your 2018 tax planning, contact us. We can help you determine how the TCJA affects you and what strategies you should implement now and throughout the year to minimize your tax liability.
Are Client Meals Deductible After The Tax Cuts And Jobs ActPosted on April 12th, 2018
We found this great article by Brett Bissonette from The Tax Adviser website and would like to share with you:
“Of the many changes to the tax law made by P.L. 115-97, known as the Tax Cuts and Jobs Act of 2017 (TCJA), few are more confusing to taxpayers and tax practitioners alike than the changes made to the meals and entertainment deduction. This article seeks to clarify some of the confusion.
Under pre-TCJA law, 50% of entertainment expenses were deductible under certain circumstances. The requirements included (1) that the expenditure be “directly related to” the active conduct of the taxpayer’s trade or business, or (2) that the expenditure be “associated with” the active conduct of the taxpayer’s trade or business, where the expenditure either “directly preceded or followed a substantial and bona fide business discussion (including business meetings at a convention or otherwise).” These requirements were outlined in former Sec. 274(a)(1).
Regulations issued by Treasury tracked the statutory language, broadly defining “entertainment” as “any activity which is of a type generally considered to constitute entertainment, amusement, or recreation, such as entertaining at night clubs, cocktail lounges, theaters, country clubs, golf and athletic clubs, sporting events, and on hunting, fishing, vacation and similar trips, including such activity relating solely to the taxpayer or the taxpayer’s family” (Regs. Sec. 1.274-2(b)(1)(i)).
The regulations continue to provide that “the term entertainment may include an activity, the cost of which is claimed as a business expense by the taxpayer, which satisfies the personal, living, or family needs of any individual, such as providing food and beverages, a hotel suite, or an automobile to a business customer or his family” (Regs. Sec. 1.274-2(b)(1)(i)).
Under pre-TCJA law, most litigation focused on whether the “directly related to” or “associated with” prongs of the statute were satisfied. The phrase quoted in the paragraph directly above this paragraph, despite being included in a regulation that is presumably authoritative, has apparently never been quoted by any court in arriving at its decision. Yet, the regulation would appear to support the IRS in post-TCJA litigation more than it would in pre-TCJA litigation.
The TCJA removed the “directly related to” and “associated with” language in the statute — now, the statute simply reads, “No deduction otherwise allowable under this chapter shall be allowed for any item — with respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation” (Sec. 274(a)(1)). While the contingency for deduction of expenses in the case of night clubs, cocktail lounges, theaters, country clubs, golf and athletic clubs, sporting events, and on hunting, fishing, vacations, and similar trips would appear to be clearly removed for post-TCJA expenses, the deduction for expenses for meals associated with business meetings are not so clearly determined.
A brief history of Sec. 274 and business meals
Sec. 274 is a disallowance provision and begins with the assumption that expenses are deductible under Sec. 162, as ordinary and necessary trade or business expenses, or Sec. 212, as expenses for the production of income. Sec. 274 does not provide for a deduction, but rather, limits the scope of otherwise allowable deductions and imposes additional qualifications.
In 1961, President John F. Kennedy proposed eliminating all income tax deductions for expenses for entertainment activities and facilities (see Joint Committee on Taxation, Tax Reduction and Reform Proposals—5: Business Expense Deductions (JCS-14-78), p. 8 (April 18, 1978)). In the Revenue Act of 1962, P.L. 87-834, Congress enacted Sec. 274, which included Sec. 274(a), containing the same language cited above from 1962 until 2017.
Against that backdrop, Treasury promulgated the regulations quoted in the introductory paragraphs, above. Those regulations were effective on June 25, 1963.
Shortly thereafter, the Service issued Rev. Rul. 63-144. In Q&A 7, the Service provides that “entertainment” includes “any expense for meals purchased for a business customer.” Read in its entirety, Rev. Rul. 63-144 supports claiming business meals as deductions, but the reasoning supporting business meals as deductions has been removed with the statutory changes in the TCJA. At this point, Rev. Rul. 63-144 is most authoritative for the conclusion that business meals are “entertainment” and included in the prohibition under Sec. 274(a)(1), unless an exception under Sec. 274(e) applies.
Sec. 274(e)(1), as originally enacted in the Revenue Act of 1962, initially contained an exception to Sec. 274(a)(1) for business meals. The statute originally read:
Expenses for food and beverages furnished to any individual under circumstances which (taking into account the surroundings in which furnished, the taxpayer’s trade, business, or income-producing activity and the relationship to such trade, business, or activity of the persons to whom the food and beverage are furnished) are of a type generally considered to be conducive to a business discussion.
All the provisions found in Sec. 274(e) are exceptions to Sec. 274(a). If Sec. 274(e) applies, then under pre-TCJA law, the taxpayer does not need to meet the Sec. 274(a)(1) requirements. Against this backdrop, taxpayers were successful in litigating business meal expenses even where there was no proof of any business discussion carried on by the taxpayer and his or her guests (see Steel, 437 F.2d 71 (2d Cir. 1971); Howard, T.C. Memo. 1981-250).
Concerned about abuses of the deduction, in the Tax Reform Act of 1986, P.L. 99-514, Congress removed Sec. 274(e)(1)’s “business meals” exception from the list of provisions exempt from Sec. 274(a)(1). The Conference Report to the Tax Reform Act of 1986 recognized that “deductions for meals are subject to the same business-connection requirement as applies under present law for other entertainment expenses.” This reflects the congressional view that business meals are deductible only under Sec. 274(a)(1) because they constitute “entertainment.”
Accordingly, Sec. 274(e)(1) relating to business meals was removed in 1986, and business meals became subject solely to Sec. 274(a)(1) as “entertainment.” Unless another exception in Sec. 274(e) applies, business meals are no longer deductible under the pre-TCJA version of the statute.
Do any other Sec. 274(e) provisions apply to avoid the Sec. 274(a) nondeductibility provisions if the expense involves a client or customer meal?
First, Sec. 274(e)(1) excludes from Sec. 274(a) those expenses incurred for “food and beverages (and facilities used in connection therewith) furnished on the business premises of the taxpayer primarily for his employees.” Seizing upon the word “primarily,” the regulations proceed to recite the statutory language that “the exception applies even though guests are occasionally served in the cafeteria or dining room” (Regs. Sec. 1.274-2(f)(2)(ii)).
Therefore, meals provided to guests — even business guests — would qualify as a deduction despite the passage of the TCJA, as long as they are furnished on the business premises, and so long as the costs incurred (as a whole) are primarily for employees. There is no need to segregate expenses for food and beverages provided to guests.
Sec. 274(e)(5) also provides an exception to nondeductibility for “employee, stockholder, etc., business meetings.” Once again, the regulation contains and expands upon the language of the statute:
Any expenditure by a taxpayer for entertainment which is directly related to bona fide business meetings of the taxpayer’s employees, stockholders, agents, or directors held principally for discussion of trade or business is not subject to the limitations on allowability of deductions provided for in paragraphs (a) through (e) of this section… For example, an expenditure by a taxpayer to furnish refreshments to his employees at a bona fide meeting, sponsored by the taxpayer for the principal purpose of instructing them with respect to a new procedure for conducting his business, would be within the provisions of this exception. A similar expenditure made at a bona fide meeting of stockholders of the taxpayer for the election of directors and discussion of corporate affairs would also be within the provisions of this exception… A meeting under circumstances where there was little or no possibility of engaging in the active conduct of trade or business (as described in paragraph (c)(7) of this section) generally will not be considered a business meeting for purposes of this subdivision. [Regs. Sec. 1.274-2(f)(2)(vi)]
The regulation expands the class to include those individuals who are “employees, stockholders, agents, or directors.” As such, so long as those individuals are meeting for business purposes, the expenses are allowable.
The statute and regulations do not address whether third parties may be present at such a meeting. Presumably, so long as the meeting withstands scrutiny as a “bona fide business meeting,” expenses related to the employee are allowable. Where a single employee meets with a business client, however, it would appear very difficult to conclude that the meeting was a “bona fide business meeting … of the taxpayer’s employees, stockholders, agents, or directors.” Where multiple employees are involved, there at least exists the mathematical possibility.
Can business meals still be deducted post-TCJA?
Overlooked by many commentators are the new provisions in the TCJA, which disallow expenses for business meals. The occasional business meal on the employer’s premises may still be deductible. A meal accompanying a business meeting of employees may be deductible — but, given the fact that business meals were specifically removed from the Code in 1986 due to perceived abuses, taxpayers should tread lightly when invoking this exception.”
Tax Credit For Hiring From Certain “Target Groups” Can Provide Substantial Tax SavingsPosted on April 3rd, 2018
Many businesses hired in 2017, and more are planning to hire in 2018. If you’re among them and your hires include members of a “target group,” you may be eligible for the Work Opportunity tax credit (WOTC). If you made qualifying hires in 2017 and obtained proper certification, you can claim the WOTC on your 2017 tax return.
Whether or not you’re eligible for 2017, keep the WOTC in mind in your 2018 hiring plans. Despite its proposed elimination under the House’s version of the Tax Cuts and Jobs Act, the credit survived the final version that was signed into law in December, so it’s also available for 2018.
“Target groups,” defined
Target groups include:
- Qualified individuals who have been unemployed for 27 weeks or more,
- Designated community residents who live in Empowerment Zones or rural renewal counties,
- Long-term family assistance recipients,
- Qualified ex-felons,
- Qualified recipients of Temporary Assistance for Needy Families (TANF),
- Qualified veterans,
- Summer youth employees,
- Supplemental Nutrition Assistance Program (SNAP) recipients,
- Supplemental Security Income benefits recipients, and
- Vocational rehabilitation referrals for individuals who suffer from an employment handicap resulting from a physical or mental handicap.
Before you can claim the WOTC, you must obtain certification from a “designated local agency” (DLA) that the hired individual is indeed a target group member. You must submit IRS Form 8850, “Pre-Screening Notice and Certification Request for the Work Opportunity Credit,” to the DLA no later than the 28th day after the individual begins work for you. Unfortunately, this means that, if you hired someone from a target group in 2017 but didn’t obtain the certification, you can’t claim the WOTC on your 2017 return.
A potentially valuable credit
Qualifying employers can claim the WOTC as a general business credit against their income tax. The amount of the credit depends on the:
- Target group of the individual hired,
- Wages paid to that individual, and
- Number of hours that individual worked during the first year of employment.
The maximum credit that can be earned for each member of a target group is generally $2,400 per employee. The credit can be as high as $9,600 for certain veterans.
Employers aren’t subject to a limit on the number of eligible individuals they can hire. In other words, if you hired 10 individuals from target groups that qualify for the $2,400 credit, your total credit would be $24,000.
Remember, credits reduce your tax bill dollar-for-dollar; they don’t just reduce the amount of income subject to tax like deductions do. So that’s $24,000 of actual tax savings.
Offset hiring costs
The WOTC can provide substantial tax savings when you hire qualified new employees, offsetting some of the cost. Contact us for more information.
Tax Tips for Small Business OwnersPosted on April 1st, 2018
Every year, investigative tax notices are mailed to small business owners. While these are not always official audits, they raise a red flag, and proprietors should know how to prevent and address these inquiries in turn.
This list addresses the best tax practices for small businesses to keep them abreast of tax changes and trends, and away from IRS scrutiny.
List of top 15 Best Tax Practice Tips for Entrepreneurs:
1. Maintain thorough and separate records of employees and contractors.
2. If you set up any location based business, even temporarily, keep records of all expenditures and educate yourself on the local tax laws.
3. Use a tax software accounting system – this can help you develop appropriate reports at tax time and can alert you of changing tax rules.
4. If you hire a tax accountant make sure they have experience with taxes as they relate to your specific business.
5. Keep records—including serial numbers and detailed receipts—for all business equipment, office machines, and vehicles.
6. Don’t use funds that are earmarked for taxes as a means to tide your business over in hard times. This will result in a worse financial crunch come tax time and if you can’t pay, you risk the loss of your tax ID.
7. Educate yourself on the correct way to estimate your taxes – This may be overwhelming and a tax professional is highly recommended for small business owners.
8. Determine an appropriate fiscal year so that you can plan better for tax time: A fiscal year refers to an accounting year that does not end on December 31.
9. Tax records should be kept for a minimum of three years – unless related to property and depreciation. In that case, tax records should be kept for three years past the time ownership ends.
10. Keep detailed records on business vehicles’ usage – both on the job and off.
11. When operating on foreign soil and dealing with other currencies and tax laws, be sure your tax professional is vigilant in obeying the new rules on foreign bank accounts enacted in the Foreign Account Tax Compliance Act, or FATCA.
12. Work with your tax professional to determine whether you should operate as a partnership, an S corporation, an LLC, or a sole proprietorship.
13. Become familiar with your requirements in regards to the Affordable Care Act.
14. If you are not able to pay taxes owed to the IRS, or another tax agency, contact your tax professional right away. There are appropriate steps that can be taken and ignoring it only makes it worse.
15. If you are paid in cash – that payment is taxable. The IRS has sophisticated technology to track spending habits and bank accounts to build their case.
Let the experts handle your taxes for you. It is usually a mistake for a business owner to complete their own taxes, and doing so can distract you from making your company a success.
Deadlines in Calendar Year 2018 for 2017 ReturnsPosted on February 22nd, 2018
Individual Tax Returns (Form 1040, 1040A, or 1040EZ)
- April 17, 2018 is the deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2017 or to request an automatic extension (Form 4868). An extension provides an extra six months to file your return. Payment of the tax is still due by April 17. You can submit payment for any taxes you owe along with the extension form.
Partnership returns (IRS Form 1065):
- March 15, 2018
- Extended deadline is September 17, 2018
S-corporation returns (IRS Form 1120-S):
- March 15, 2018 for corporations on a calendar year
- Extended deadline is September 17, 2018
C-corporation income tax returns (IRS Forms 1120):
- April 17, 2018 for C corporations on a calendar year
- Extended deadline is October 15, 2018
- The deadline for C-corp returns is the 15th day of the fourth month following the end of the corporation’s fiscal year if the corporation is on a fiscal rather than a calendar year. An exception exists for some corporations with fiscal years that end on June 30, but check with a tax professional for the most current information because this provision is temporary.
Trust and estate income tax returns (IRS Form 1041):
- April 17, 2018
- Extended deadline is October 1, 2018
Estimated tax payments for the 2018 Tax Year (IRS Form 1040ES):
- April 17, 2018
- June 15, 2018
- September 17, 2018
- January 15, 2019