While the main tax deadline, April 15 (April 17 this year), is what most individual taxpayers are thinking about, you also need to be aware of others through the rest of the year. So you don’t miss any important 2018 deadlines, here’s a look at when some essential tax-related payments, forms, and other actions are due. Keep in mind, this isn’t an all-inclusive list, so there may be additional deadlines that apply to you.
After reviewing the calendar, contact us if you have any questions about deadlines or would like help meeting them.
- If you live outside the United States, file for a four-month extension (Form 4868) or file a 2017 individual income tax return (Form 1040) and pay any tax and interest that is due.
- Pay the second installment of 2018 estimated taxes, if you’re not paying income tax through withholding (Form 1040-ES).
- Pay the third installment of 2018 estimated taxes, if you’re not paying income tax through withholding (Form 1040-ES).
- If you are the executor of an estate or the trustee of a trust, and if an automatic five-and-a-half-month extension was filed, make sure to file an income tax return for the 2017 calendar year (Form 1041) and pay any tax, interest, and penalties due.
- If an automatic six-month extension was filed (or if an automatic four-month extension was filed by a taxpayer living outside the United States), file a 2017 income tax return (Form 1040, Form 1040A or Form 1040EZ) and pay any tax, interest, and penalties that are due.
- If an automatic six-month extension was filed, establish a SEP for 2017 or make contributions for 2017 to certain retirement plans.
- If an automatic six-month extension was filed, file a 2017 gift tax return (Form 709) and pay any tax, interest, and penalties due.
- Make 2018 contributions to certain employer-sponsored retirement plans.
- Make 2018 annual exclusion gifts (up to $15,000 per recipient).
- Incur various expenses that could be viewed as itemized deductions on your 2018 tax return. Examples include charitable donations, medical expenses, and property tax payments.
However, remember that under the Tax Cuts and Jobs Act, some types of expenses that were deductible on 2017 returns will not be deductible on 2018 returns, such as certain professional fees, unreimbursed work-related expenses, and investment expenses. Also, some deductions will be subject to new limits. Lastly, you may no longer profit from itemizing deductions with the nearly doubled standard deduction.
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Ben R Shull CPA LLC provides clients with tax, transaction, and advisory services. The insights and quality services we deliver help lead our clients through the next generation of changes, and accelerate growth while reducing risk. CPA Katy, TX.