Tax Deadline Looming

We get it… filing your personal taxes can be complicated. So many rules, deadlines, forms to sort through, it can be overwhelming. However, you can’t deny it any longer – tax season is in full swing and you have just two weeks left to file. Don’t panic! Our E&Y Insurance Agency Tax Experts are on hand to help you meet your deadlines.

If you’re not sure about your tax deadlines, here are some key dates to keep in mind:
 

Personal Income Tax Deadline:

April 17, 2018

October 15, 2018 is the deadline if you applied for the 6-month automatic extension with Form 4868 (an additional 2-month extension is available with IRS consent)

June 15 is the filing date for U.S. citizens or residents living abroad with a further four-month extension available upon filing Form 4868

 

Estimated tax payments schedule for the 2018 Tax Year:

April 17, 2018

June 15, 2018

September 17, 2018

January 15, 2019

 

Self-Employed Tax Deadlines

October 1, 2018 is the deadline for self-employed persons or small employers to establish a SIMPLE-IRA

 

C-corporation income tax returns (IRS Forms 1120):

April 17, 2018

Extended deadline is October 15, 2018 for those on a calendar year

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.

 

S-corporation returns (IRS Form 1120-S):

March 15, 2018 for corporations on a calendar year

Extended deadline is September 17, 2018

 

Foreign bank account reports (IRS FinCen Form 114):

April 16, 2018

Extended deadline with Form 1040 is October 15, 2018

 
FYI, the last day the IRS will accept an electronically filed tax return for the year 2017 is October 15, 2018. Past this date you’ll have to mail in your tax return for processing.
 

Why Consult a Tax Expert

If you have left your taxes to the last minute, we highly recommend consulting a tax expert to help avoid panic filing. Those who file last minute typically have errors
 

Here are some other situations when we recommend partnering with a tax professional:

You own your own business or have recently sold one

You are working freelance

You have investments to consider

You work in one state, and live in another

You have income (including dividends) from foreign countries

You have investment rental properties

Your marital status changed in the last year

 
These complicated life and financial situations can make doing your own taxes a bit of a nightmare and when there’s money involved, you don’t want to get it wrong.
 

Are You Convinced?

If you are at all wondering what benefit you can realize by partnering with a tax professional, let’s connect. We’d love to talk with you about how you can maximize your returns and meet filing deadlines. Our team offers year-round tax service with evening, Saturday & Sunday appointments. Call us today and start preparing now!