January 31, 2017
- All businesses must file payroll forms: Mail in payroll forms for all employees (W-2s, W-3s, 940, 941) and any contractors who you paid $600.00 or more (1099-MISC).
- All businesses must submit an annual returns summary to the IRS using Form 1096.
- Companies incorporated in California with locations/employees in San Francisco county file San Francisco Payroll Tax Report
- Companies incorporated in Delaware file annual Delaware report and pay the franchise tax.
- Partnerships and S Corporation pay and file their federal and state tax returns using Form 1065 and 1120S, respectively, or pay and file for the extension.
- Last day to pay employee bonuses for 2016 performance (for business who use the accrual method of accounting).
- C Corporation and Sole Proprietorships pay and file their federal and state tax returns using Form 1120 or Schedule C of Form 1040, respectively, or pay and file for the extension.
- Last day to make a 2016 contribution to a traditional or Roth IRA.
- Tax-exempt organizations file an informational tax return using Form 990, or file for the extension.
- Companies incorporated in Texas file annual report and pay the franchise tax.
- Companies, partnerships, and individuals that have a foreign financial account with more than $10,000 must file an FBAR (Foreign Bank Account Report) report.
- The final deadline for extended Partnership, C Corporation and S corporation to file tax returns.
- The final deadline for extended individual returns.
Why did they switch the partnership and C Corporation due dates? And why does this help?This change to the partnership tax return deadline ultimate helps the partners of that company the most. Because partnerships must take care of their filing responsibilities in March, there’s a whole extra month left for them to distribute information their partners may need for their individual returns in April. In a partnership, every partner must receive a Schedule K-1 disclosing their earnings for the year—similar to a W-2 for an employee. In turn, the partner must claim those earnings as income or lack thereof as losses on their tax return.
There’s still time to save time and money on business taxes, with the right strategy It’s probably not shocking that most of the questions we get from small business owners revolve around saving money on taxes. And fortunately for them there are many ways small businesses can lower their income tax liability.
Mike McVay, Tax Accountant 850-725-5696 - www.PensacolaFLTax.com