You might not like paying taxes, but you certainly won’t like paying interest, late filing fees and late payment fees if you miss the deadline to file taxes for 2017. The Internal Revenue Service has several deadlines to file taxes and pay your taxes due.
The main income tax return deadline for 2017 tax returns is April 17, 2018. The deadlines differ for individuals versus businesses, and it depends in part on whether you use a calendar year or a fiscal year. If you’ve already missed a deadline, file and pay your taxes as soon as possible to stop additional interest and penalties from accruing.
Estimated Tax Payments
If you have taxable income from self-employment or if you have a business, you will need to make estimated tax payments throughout the year, because you’re required to pay income taxes as you earn your income. Employees generally meet the pay-as-you-go requirements through income tax withholding from their paychecks.
Learn More: How to Calculate Estimated Taxes
Tax Year vs. Calendar Year
Not all taxpayers use Jan. 1 through Dec. 31 as their tax year. Some use a fiscal year, which is a 12-month period ending on the last day of any month except December, according to the IRS. In general, companies are the only ones that use a fiscal year for tax purposes, but if you are an individual and you keep your financial records on the basis of an adopted fiscal year, you can apply to use the fiscal year instead. If you want to change your tax year, and thus your tax return due date, you must apply to the IRS using Form 1128.
Here’s a quick look at the main tax dates for individuals, corporations, partnerships and S corporations from 2015 through 2021:
Most Important Tax Dates for Individuals
For individuals who use a calendar year as their tax year, the following dates are the most important tax year 2017 due dates, including the last day to do taxes. Although you can file for a tax extension, the extension only extends your income tax deadline to file. It doesn’t change your payment due date.
Paying what you expect to owe on or before tax day avoids interest and penalties. If you estimate too little, you’ll owe interest on the unpaid portion, but you won’t be charged late-payment penalties if you pay at least 90 percent of what you owe by the standard tax deadline, and you pay the remainder in full when you file your taxes by the extended tax return date. Here’s a quick look at important dates for your 2017 tax return, due in 2018:
|Important 2018 Tax Deadlines for Individuals|
|1/15/2018||If you are required to make estimated tax payments, your payment for the fourth quarter of the prior year is due. Submit with Form 1040-ES Voucher 4, or pay online.|
|1/31/2018||If you are required to make estimated tax payments, but do not make your fourth quarter payment by Jan. 15, you can avoid interest and penalties by filing your return and paying any taxes due by Jan. 31.|
|4/17/2018||Deadline for filing and paying your 2017 income tax return. Most individuals use Form 1040, Form 1040A, or Form 1040EZ.|
|4/17/2018||This is also the deadline for requesting an automatic 6-month extension to file your income taxes with Form 4868. Remember, however, that this is only an extension for filing: You must still pay any tax due on time.|
|4/17/2018||The first quarterly payment is due for individuals who must make estimated tax payments using Form 1040-ES.|
|6/15/2018||Deadline for filing for individuals living or working outside the United States and Puerto Rico|
|6/15/2018||The second quarterly payment is due for individuals who must make estimated tax payments using Form 1040-ES.|
|9/17/2018||The third quarterly payment is due for individuals who must make estimated tax payments using Form 1040-ES.|
|10/15/2018||Income tax filing deadline for taxpayers who requested a 6-month extension to file their returns. Returns are still filed with Forms 1040, 1040A or 1040EZ.|
Most Important Tax Dates for Business Owners
The following are the most important tax dates for businesses that use a calendar year as their tax year. If your business uses a fiscal year, apply the deadlines by treating the first date of your fiscal year as Jan. 1 and moving the deadlines forward as needed. For example, if your fiscal year ends on Jan. 31 instead of Dec. 31, your 2017 tax year dates would all be moved back one month.
The dates for corporations are different from the dates for partnerships and S corporations because the partnership and S corporation income passes through to the owners of the business. Corporations, on the other hand, pay the taxes itself.
Here’s an at-a-glance look at the most important tax dates for business owners in 2018:
|Important Tax Deadlines for Businesses|
|1/31/2018||Provide income statements to all employees, contractors and others who received payments from you, such as individuals you paid interest to. These statements are reported on Form W-2 or a range of Form 1099.|
|2/15/2018||Provide Form 1099s for all investment transactions, barter transactions, real estate transactions, substitute payments and proceeds paid to an attorney to the recipients of such payments.|
|2/28/2018||File all W-2s and Form 1099s with the IRS that were previously distributed to payees.|
|3/15/2018||Partnerships and S corporations must file and pay 2017 income tax. Partnerships file Form 1065 and S corporations use Form 1120S.|
|3/15/2018||Partnerships and S corporations must provide each partner with a Form K-1 showing each partner’s portion of the income and expenses of the partnership.|
|3/15/2018||Partnerships and S corporations can request a 6-month to file, but this does not extend the time to pay any tax due.|
|4/17/2018||Deadline for filing and paying corporate income taxes. Corporations file annual returns using Form 1120.|
|4/17/2018||Corporations can request a 6-month extension to file. However, this does not extend the time to pay any tax due.|
|4/17/2018||First quarterly estimated tax payment for corporations due. Corporations can estimate their payment using Form 1120-W.|
|6/15/2018||Second quarterly estimated tax payment for corporations due. Corporations can estimate their payment using Form 1120-W.|
|9/17/2018||Returns due for Partnerships and S corporations that filed for a 6-month extension of time to file returns. Partnerships still use Form 1065 and S corporations still use Form 1120S.|
|9/17/2018||Partnerships and S corporations that extended the time to file must provide each partner with a Form K-1 showing each partner’s portion of the income and expenses of the partnership.|
|9/17/2018||Third quarterly estimated tax payment for corporations due. Corporations can estimate their payment using Form 1120-W.|
|10/15/2018||Corporations that extended the time to file must file annual income tax returns using Form 1120.|
|12/15/2018||Fourth quarterly estimated tax payment for corporations due. Corporations can estimate their payment using Form 1120-W.|