It is crucial to meet your target dates for tax deadlines in order to avoid penalties. Knowing what you need to file and when will save you a big headache when your deadlines are pending. Let’s go over the remaining dates for 2017.–The extended deadline for C-Corporation income tax returns (IRS Forms 1120) is October 16, 2017.
–If you requested an extension on your individual tax return (Forms 1040, 1040A, 1040EZ) on or before April 18, your deadline is October 16, 2017. If filing after October 15, you’ll have to mail in your tax return for processing.
–The deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2016, is October 16, 2017. If you converted a traditional IRA to a Roth IRA during 2016 and paid tax on the conversion, you have until October 16, 2017 to undo this conversion. This is the final deadline to fund a SEP-IRA or solo 401(k) if you requested an automatic extension of time to file.
–If you are a self-employed individual or have other fourth-quarter income requiring you to pay quarterly estimated taxes, you will need to get them postmarked by the January 16, 2018 tax deadline.
The IRS says you should file your return as soon as possible if you’ve missed any of your deadlines. If you owe taxes, you will need to pay those as soon as possible. Expect a moderate penalty, perhaps an extra interest charge, but as long as there are no additional issues, the IRS should leave you alone after this.
You may also opt for IRS DirectPay to have the payment debited directly from your bank account. You might also want to efile your late return. Most taxpayers can do that at IRS Free File. The IRS will accept these returns until Sunday, October 15 (one day before the extension deadline).
Lastly, if you make a special arrangement with the IRS, they will allow you to set up an installment agreement to pay them over time rather than immediately. Go ahead and file the return while setting up the agreement with the IRS.
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