The filing season for 2017 federal income tax is upon us, with a number of deadlines fast approaching. In the meantime, first quarter 2018 estimated tax deadlines are also right around the corner, with the new federal tax law potentially having a profound impact on your 2018 taxes and beyond. To avoid paying penalties and interest on taxes you owe, here are the important tax dates and deadlines you need to remember.
2017 Tax Year Deadlines
April 17, 2018 – Individual and Business Tax Return or Extension Form Due
The April 17, 2018, tax filing deadline applies to individuals, proprietorships, single-member LLCs and corporations (with December 31 fiscal year-ends). Note: Tax returns and extension requests for multiple-member LLCs, partnerships and S corporations were due on March 15, 2018.
Don’t think you’ll make the deadline? File a request by this date to request a six-month tax return extension. To avoid possible interest and penalties on taxes you owe, try to make at least an estimated payment by April 17, 2018.
April 17, 2018 – Last Day to Make a 2017 IRA Contribution
You can fund your traditional IRA or Roth IRA for 2017 until April 17, 2018. Keogh or SEP retirement accounts can be funded until October 15, 2018, provided that you filed for a tax extension.
May 15, 2018 – Exempt (Nonprofit) Tax Returns or Extension Form Due
Exempt organizations, such as nonprofits and charities (with December 31 fiscal year-ends), must file taxes or request an extension by May 15, 2018. If your organization has a different fiscal year-end, check with the IRS for tax filing deadlines.
September 15, 2018 – Extended Partnerships Tax Returns Due
Extended business tax returns for partnerships, multi-member LLCs and S-corporations are due on this date.
October 15, 2018 – Extended Individual and Business Tax Returns Due
Extended business tax returns for individuals, proprietorships, single-member LLCs and corporations (with December 31 fiscal year-ends) are due on this date.
October 15, 2018 – Last Chance to Undo 2017 Roth IRA Conversion
If you converted a traditional IRA to a Roth during 2017 and paid tax on the conversion with your 2016 return, this is the deadline for undoing the conversion. You may want to undo your Roth IRA if it has lost money since the time of the original conversion.
November 15, 2018 – Extended Exempt (Nonprofit) Tax Returns Due
Extended returns for exempt organizations with December 31 fiscal year-ends are due on this date.
2018 Estimated Tax Payment Deadlines
If you’re self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, you must file your Form 1040-ES by the following dates:
April 17, 2018 – 1st Quarter 2018 Estimated Tax Payment Due
June 15, 2018 – 2nd Quarter 2018 Estimated Tax Payment Due
September 17, 2018 – 3rd Quarter 2018 Estimated Tax Payment Due
January 15, 2019 – 4th Quarter 2018 Estimated Tax Payment Due
An accountant can help you prepare your tax forms, including filing an extension if you know you’re going to be late. Make an appointment as early as possible, and give your accountant plenty of time to properly prepare your returns.