To avoid penalties, there are two reliable and strong tactics: Being on time and having a stable accounting system year-round. Here, we would focus entirely on the second point and assist you in building a simple but structured 2018 federal tax calendar.
This would be for both personal and business tax returns for assisting you to keep up with the responsibilities for filing and even bypass spending more than what you need to while you file the 2017 tax return.
Fiscal Year Disclaimer:
Just so that things are simple for you to understand about the 2018 estimated tax due dates, we have used the dates of the calendar year. In short, you can take your business’ end of the year as December 31st here. Now, moving to the point that is important.
When are business taxes due in 2018?
The tax return deadline of a business is based entirely on the business entity type, even if you plan or do not plan to file the extension. And also if there are many federal holidays or weekend holidays in the picture. With the help of the points below, you would be able to understand the business taxes due in 2018 for 2017, using the calendar year:
2018 Business Tax Return Calendar Deadlines for 2017 Tax Filing
- The 2018 federal tax calendar deadline for the partnerships (Form 1065) and S Corporations (Form 1120S) is – March 15, 2018.
- The final deadline for partnerships and S Corporations (with extension) – September 17, 2018.
- The final 2018 tax calendar deadline for C Corporations and individuals (with extension) – October 15, 2018.
- The 2018 estimated tax due dates for C Corporations (Form 1120) and individuals (Form 1040) is – April 17, 2018.
- The final deadline for exempt organizations (with extension) – August 15, 2018.
- The deadline for the business taxes due in 2018 for exempt organizations (Form 990) is – May 15, 2018.
Usually, for the flow-through entities, the due date for the tax return is the third month’s fifteenth day of the fiscal year of the business. So, the LLC and the S Corporation 2018 estimated tax due dates would fall on March 15 (for companies that follow the calendar year as mentioned above in the disclaimer). Moreover, for flow-through taxes, the extended due date would be September 17, 2018.
The tax return due date for corporations and individuals fall during the fourth month’s fifteenth day of the business’ fiscal year. And for the companies that follow the calendar year, the date tends to fall around the Emancipation Day on the 2018 federal tax calendar that might impact the deadline.
Note: The Emancipation Day falls on April 16th, but the government always recognizes this day on a Monday if that day falls on a Friday, Saturday or a Sunday.
And due to this placement, the 2018 estimated tax due dates would fall on April 17th, while the extended due date for the individual and the corporate taxes would be on October 15th 2018.
Those organizations that are exempt like the charities and nonprofits ones need to file their taxes on the fifth month’s fifteenth day of the fiscal year of the organization. In this case, the business taxes due in 2018 for the nonprofits organizations is May 15th if they are following the calendar year. Moreover, when the exempt organization files to get an extension for the due date on the 2018 federal tax calendar, they get three months and not six months. And in this case, the extended date would be August 15th 2018 for the exempt organizations.
Is the Tax Extension for your Business in the 2018 federal tax calendar right?
es, you can go ahead with it. There is absolutely no shame in extending the tax return deadline if you think that the extra time would assist you to collect everything that your CPA and you need for filing the taxes.
The extension of your deadline for the business taxes due in 2018 is like a lifeline for you. In case you feel that you might make a mistake in a rush or miss the deadline, it is better to file the extension. It is better since if you do not file an extension and miss the deadline or make mistakes, you would have to pay penalties and interest on all the tax payment you missed. And this would just add to the expense you have to put out.
For requesting an extension of 6 months, the C Corporations, S Corporations and partnerships would need to use the form 7004, while the individuals would need to use the Form 4868. For the organizations that are exempt like the charities and nonprofits, the extension request of 3 months can be made with the Form 8868.
In case you are planning to extend the tax deadline, make sure that you first consult an expert for the 2018 federal tax calendar and so that you can pay your business taxes due in 2018 on time. The extension that you would be filing, as mentioned above is not for paying the due taxes. Find out more about it below:
Understand The 2017 Estimated Quarterly Tax Payment Dates for Profitable Businesses
Eventually, the federal and state tax officials expect all those paying the tax on income to pay regularly throughout the year. The profitable businesses have to take action to pay the part of the estimated quarterly income tax at the right time every year, unlike the employees who file a W-2 and have their taxes deducted from their paycheck automatically.
Moreover, this has to be done before they can file the tax return as per the 2018 federal tax calendar. The individuals that are self-employed have the same responsibility too.
Which means that if your company is a profitable one, you would be obligated to pay these installments by the 15th day of the 4th, 6th, 9th and the 12th months of every tax year. Moreover, you can wait until the end of the year to pay all of it, but you would be subjected to high penalties and interest rates on what you need to pay.
Also, in case any of the due dates fall on a legal holiday, Saturday or Sunday, the installment would have to be given on the next business day.
2018 Federal Tax Calendar – 2018 Estimated Tax Due Dates (Based on Calendar Year):
- First Quarter Tax Estimate Deadline – April 17, 2018
- Second Quarter Tax Estimate Deadline – June 15, 2018
- Third Quarter Tax Estimate Deadline – September 17, 2018
- Fourth Quarter Tax Estimate Deadline (for Corporations) – December 17, 2018
- Fourth Quarter Tax Estimate Deadline (Individuals) – January 16, 2019
Note: The individuals have the option of waiting until January just like the previous year. But they can also choose to pay the final quarterly tax installment in December with every other business.
Other Points to Keep in Mind for the 2018 Federal Tax Calendar
There are some other points that need to be kept in mind for the 2018 Business Tax Return Calendar and they have been explained in details below:
Did your company start as an LLC but was converted to a C Corporation in 2017?
In case, you started off as an LLC and then converted your business to a C Corp, it is better to seek the help of a tax professional. As soon as an LLC is converted into a C Corporation, the IRS would provide the partners in the business only three and a half months for filing the short tax year return.
Moreover, along with this, the partners would even have to pay the taxes on the income for any debts that were transferred too. And if this is not followed, each of them would owe every month $195 along with their income tax liability.
Did your business resume in 2017 or stopped in 2017, making the company be around for only a part of 2017?
There are a lot of tax entanglements of stopping or starting a business. In case you started the business in 2017 to follow the 2018 federal tax calendar, ensure that you know the exact date. Consult a professional to help you with what you can deduct and what you cannot. It is obvious that you would not be able to deduct the costs from prior to starting the company, but you may be able to deduct and capitalize the costs over 15 years.
In case you stopped running your business in 2017, ensure you track the time it actually ended. You need to have an account for all the operational transactions that took place before closing the company. Any property or cash that you plan to distribute to investors would be the only thing left as you liquidate. Along with this, you would also need the amount that you would need to pay for your final taxes.
Both ways, the company would need to file a short return and is obligated to file the taxes for the time it conducted any business in the year. This short year return is a scheme that is applicable for the seasonal companies as well.
Is your business involved in any foreign activities or relationships?
The uncertainty and stress of the tax season are enough when your business is running solely in the USA, but it gets complicated when it is involved in any overseas affairs. There are many filing obligations for companies with foreign financial accounts, partners, shareholders, or subsidiaries. And it is important to meet the deadline here as well.
Let us take an instance where the US partnerships that have a shareholder or shareholders that are not residents or citizens of the USA. And these shareholders hold at least 25% of the business shares have to file the Form 5472 following the 2018 federal tax calendar. Failing to file the right or complete form or even filing late would lead to the person as well the company in question to be subjected to a monetary penalty of at least $10,000 per person per period.
Have you got a notice from the federal or the state tax authority?
Every state and federal tax notices would have a due date for when the taxpayer has to respond. Ensure that you respond promptly and seek the help of a professional to know how to proceed. Moreover, do not freak out and make the steps properly with professional help to get all back on track.
Build Your Own 2017 – 2018 Federal Tax Calendar for Tax Returns
Move ahead of the tax season by knowing what your responsibilities are and what needs to be planned. Make sure you have added these dates to your 2018 Business Tax Return Calendar:
A Profitable Business?
Add 2018 Estimated Tax Due Dates for Quarterly Payment to your calendar:
- April 17, 2018
- June 15, 2018
- September 17, 2018
- December 17, 2018 (Corporations)
- January 16, 2019 (Individuals)
A Nonprofit or charity organization?
Add the 2018 federal tax calendar dates for filing the taxes before the deadlines:
- Regular: May 15, 2018
- Extended: August 15, 2018
An Individual or C Corporation?
Add the business taxes due in 2018 for individuals and C Corporations to your calendar:
- Regular: April 17, 2018
- Extended: October 15, 2018
A flow-through entity?
Add the 2018 Business Tax Return Calendar deadlines for the S Corporations and partnerships to your calendar:
- Regular: March 15, 2018
- Extended: September 17, 2018
In case relevant, add these 2018 estimated tax due dates to your 2018 federal tax calendar based on your records:
- Deadlines for any notices from the state/IRS
- The date you stop doing business
- The date you start doing business
- #GivingTuesday 2018: November 27, 2018
- Last day to pay any employee bonuses which qualify for the 2017 business taxes: February 15, 2018
Save money & time on business taxes with the right method
Fortuitously for the owners of a small business, a lot of methods are there to reduce the income tax debt with little planning and forethought on the 2018 federal tax calendar. And you have everything on track!
Note: Adjust the 2018 federal tax calendar as per your fiscal year so that you do not confuse the dates. If you are not able to do so, seek the help of a professional. Don’t know a competent professional? Contact IncParadise to get references.
Disclaimer: The information on this article is general information only and does not include any legal or other professional advice. It’s important to note the calendar is an estimate, the above dates are not our responsibilities and need to be checked at IRS.