Making sure that your company’s taxes are paid is an essential part of doing business. Many companies have to deal with keeping up with and adjusting to the changing tax laws. This includes some changes to federal law; however, it also includes some state-level laws. And there’s nearly nothing more important than learning the tax deadlines for 2017.
Business Filings: Important Points to Know about Tax Deadlines for 2017
Understanding how the taxes for the 2017 season change might help you to plan ahead. Here are some of the big changes that you should know about:
The filing deadlines are important because you can face penalties if you don’t either file the return or an extension by the deadline. Even if you file a request for a deadline, you still have to file by the final deadline.
The IRS determines your deadline by the type of company you have. It is imperative that you take the time to double check these federal deadlines.
Partnerships and S corporations have until March 15, 2018 to file a return or extension. If you file an extension, the final deadline for the return moves to September 17, 2018.
Individuals and C corporations must file a return or extension by April 17, 2018. The final deadline for those with an extension falls on October 15, 2018.
Exempt organizations must file the return or an extension by May 15, 2018. That deadline changes to August 15, 2018 if you file an extension.
Other Tax Deadlines for 2017 to Know
Companies that have to file a 1095-A, 1095-B, 1095-C, or 1094-B must have those submitted by e-file by March 31, 2018. If you mail the documents, the postmark must fall by or before February 28, 2018. For companies that have to file the 1095, which is proof of insurance coverage for employees who are covered by the company’s health benefits is on January 31.
It is possible that there will be some law changes in the upcoming season. As these changes are made evident in the coming months, business owners should make sure to review them. His plan includes cutting out many tax credits and changes to the tax rate, which could have a profound impact on how your 2017 taxes are handled in 2018.