With the start of the new year, the next tax season is coming closer. Here are the key 2018 tax deadlines you need to know for your 2017 tax filings.
Tax due dates for Individuals
- Initial Apr 17 – April 15th 2018 is a Sunday, and the following Monday is a holiday in the District of Columbia, therefore the initial filing due date with be on Tuesday, April 17.
- Expats Jun 15 – Expat living abroad get an automatic 2 months extension.
- Extended Oct 15 – The final deadline for those individuals who filed for an extension.
Tax due dates for Sole Proprietor and Single-member LLC
Sole proprietors and single-member LLCs pass income through to the person running it and therefore have the same due dates as for individuals. The business income is reported on Schedule C, as part of the individual tax return.
Tax due dates for Multi-member LLC
Multi-member LLCs are taxed as partnerships. See below for tax due dates.
Tax due dates for Partnership & S-Corp
Please note that starting last year with the 2016 tax year the due date for partnership tax returns (Form 1065) has moved up one month. It must be filed by the 15th day of the third month after the tax year end date. For most partnership returns, that’s March 15. The previous due date was April 15.
- Initial Mar 15 – Due date for form 1065 with Schedule K-1 for partnerships and form 1120S for S corporations.
- Extended Sep 17 – The final deadline for partnerships and S-Corps that filed for an extension.
S-Corp election date
- March 15 – Last day to file form 2553 to elect to be treated as S-Corporation for the 2018 calendar year.
Tax due dates for C-Corp
Starting with the 2016 tax year filed in 2017, the deadlines for filing corporate tax returns (Form 1120) have changed.
- Initial Apr 17 – If the corporation’s fiscal year ends on December 31. If the fiscal year end is different from Dec 31, tax due date is the 15th day of the 4th month after year end.
- Extended Oct 15 – Request a 6-month extension with form 7004
Tax due dates for Quarterly Estimated Payments
When tax payments are not automatically withheld each month, e.g. for the self-employed, estimated tax payments must be made quarterly to avoid penalties.
- 1st payment Apr 18
- 2nd payment Jun 15
- 3rd payment Sep 15
- 4th payment Jan 16
Tax due dates for FBAR (FinCen 114)
Foreign bank accounts must be reported if certain requirements are met.
- Initial Apr 17 – Starting with the last tax year, the FBAR due date has moved up significantly from June 30 to the April tax day for individual returns.
- Extended Oct 15 – If you fail to file by April 17th (2018), the FinCen will grant an automatic extension to Oct 15.
State tax deadlines
Please check any state you have to file in. Not all state tax calendars align with the federal 2018 tax deadlines.
Get ready early for the next tax season. If you need help filing your expat tax return or business return, schedule a free consultation with us.Schedule a free consultation now