The 2016 Filing Season is officially open. On January 23rd, the IRS began accepting tax returns so now is a great time to schedule your appointment with Cowdery Tax & Business Solutions. We’re here to help you navigate your tax filing necessities for the year.
We wanted to give you an update on the important dates to know for the 2016 tax season.
Important Filing Dates for the 2016 Filing Season
Deadline for Business to provide Annual Information Statements
January 31, 2017
If you are a business owner your deadline to inform recipients of payments that you made to individuals in 2016 is January 31, 2017. This includes any W-2 Forms for employee compensation or 1099 forms for non-employee compensation. Payments can be in the form of dividends, interest, royalties, non-employee independent contractor payments, debt cancellation, prizes, and awards.
1099-MISC must be filed by this date as well for paymenst made for non-employee compensation, or independent contractor payments. Remember that for any individual that you paid more than $600 to for the 2016 year you will need to submit a 1099-Misc and also provide the individual with a copy.
Additionally, you must submit your employee records to the Social Security Administration by this deadline as well.
Deadline for 2017 Exemption Filing
If you claimed an exemption from withholding tax for 2016 last year on your Form W-4 that you filed with your employer then Febuary the 15, 2017 is the deadline to file a new W-4 to continue your exemption for the 2017 withholding year.
Release of Return Payments for EIC and CTC Claims
If you file your tax returns an claim the Earned Income Tax Credit or the Child Tax Credit, the IRS will begin releasing these payments on February 15, 2017. That means for those filing before this date will not see their returns until after this date. But, you shouldn’t wait to file, payments will be processed as they come in. So, waiting will only delay your payments further.
Tax Filing Deadline
This year the tax deadline is April 18, 2017
Due to April 15th falling on a Saturday this year, the filing deadline for 2016 tax return filings for personal, or partnership returns the deadline is pushed ahead, but because there is a national holiday observance in the District of Columbis on the 17th the date is again moved forward nationally to Tuesday, April 18, 2017.
- Your return or request for extension must be transmitted for e-filing or postmarked by April 17, 2017.If you OWE, taxes must be paid by this date, in order to avoid penalties and itnerest, even if you file an extension by the deadline.
- If you pay estimated taxes for 2017 on a quarterly basis, your first quarterly estimated tax payment is also due by this date.
Rejected Returns & Re-Filing Deadline
Resubmitting a rejected federal return deadline is, April 24, 2017
- If you originally file by the April 18 deadline and your form is rejected by the IRS, you have until April 24, 2017 to resubmit or re-file your paperwork.
- Note: Although the last day to resubmit a rejected return is October 20, the April 24 deadline applies to taxpayers who owe taxes and want to avoid the late-filing penalty.
As always, Cowdery Tax is here to help with your return. Give us a call to schedule your appointment: 740•374•6942