April 2017 Tax Deadlines and What’s New in Taxes

Major Tax Deadlines for April 2017

Due April 18:

• 2016 individual income tax returns
• 2016 calendar-year C corporation tax returns
• 2016 annual gift tax returns
• 2016 IRA contributions
• 2017 individual estimated tax first quarter installment
• 2013 individual tax return amendments

 
Note: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.
 
Payroll tax deposits:When are April payroll taxes due? Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees’ pay and both the employer’s and employees’ share of FICA taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

• Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.
• Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

 
For more information on tax deadlines that apply to you or your business, contact our office.
 
 

What’s New in Taxes: There’s time to claim your 2013 tax refund

Recently, the IRS announced that an estimated 1 million taxpayers who did not file an income tax return in 2013 could claim their share of $1 billion in unclaimed refunds for the 2013 tax year. According to the law, taxpayers have three years to claim a tax refund. After that, the funds belong to the U.S. Treasury. So, if you did not file in 2013, send your 2013 tax return via certified mail to arrive at the IRS by April 18.