January 2017 Tax Due Dates

The New Year is here and so are the January 2017 tax due dates. This article will help you to stay organized and get ready for this tax season.

January 2017 Tax Due Dates

January 2017 Tax Due Dates for an Individuals

January 3, 2016 – Time to Call for Your Tax Appointment

The tax season starts in January, are you ready? You may want to start with making an appointment to have your taxes prepared. We encourage you make your appointment to prepare your taxes before the calendar gets too crowded.

January 10 – Report Tips to Employer

Are you an employee who works for tips? Did you receive more than $20 in tips during September? Then you must report the tips to your employer on IRS Form 4070 no later than January 10. Your employer has to withhold FICA and income taxes for these tips from your regular wages. If your regular wages are not enough to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will need to pay the uncollected withholding when your return for the year is filed.

January 17 – Individual Estimated Tax Payment Due

It’s time to make your fourth quarter estimated tax installment payment for the 2016 tax year.

January 17 – Farmers & Fishermen Estimated Tax Payment Due

Are you a farmer or fisherman? Is your gross income for 2015 or 2016 two-thirds from farming or fishing? It is time to pay your estimated tax for 2016 using Form 1040-ES. You have until April 18, 2017 to file your 2016 income tax return (Form 1040). to avoid an estimated tax penalty, you must pay your estimated tax by January 17. Also, you must file your 2016 return and pay any tax due by March 1, 2017 .

January 2017 Tax Due Dates for a Business

Taxes are not the best part of the new year. But let’s face it, it tax season is here and you do not want to compoun issues on top of tax season. Make sure, for the sake of your business, that you read these January 2017 tax deadlines below:

January 2017 – Employer’s Monthly Deposit Due

Make it a point to file the Form 941 for the third quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2016. This is also the due date for the nonpayroll withholding deposit for December 2016 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.

January 31 – 1099-MISCs Due To Service Providers & the IRS

If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2016, you are required to provide Form 1099 to those workers by January 31. “Nonemployee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest. In order to avoid a penalty, copies of the 1099s also need to be sent to the IRS by January 31, 2017*. The 1099s must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. Please call this office for preparation assistance.

* This due date for the IRS’ copy is one or two months earlier than in prior years and applies when you have paid nonemployee compensation that is being reported in box 7 of the 1099-MISC.

January 31 – Form 1098 and Other 1099s Due to Recipients

Form 1098 (Mortgage Interest Statement) and Forms 1099, other than 1099-MISC, are also due to recipients by January 31. The IRS’ copy is not due until February 28, 2017, or March 31, 2017 if electronically filed. These 1099s may be reporting the following types of income:

  • Dividends and other corporate distributions
  • Interest
  • Amounts paid in real estate transactions
  • Rent
  • Royalties
  • Amounts paid in broker and barter exchange transactions
  • Payments to attorneys
  • Payments of Indian gaming profits to tribal members
  • Profit-sharing distributions
  • Retirement plan distributions
  • Original issue discount
  • Prizes and awards
  • Medical and health care payments
  • Debt cancellation (treated as payment to debtor)

January 31 – Employers – W-2s Due to All Employees & the Government

All employers need to give copies of the W-2 form for 2016 to their employees. If an employee agreed to receive their W-2 form electronically, post the notification on your company website and notify the employee of the posting.

New Date – One Month Early

W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration. This is a month earlier than in the past.

January 31 – File Form 941 and Deposit Any Undeposited Tax

File Form 941 for the fourth quarter of 2016. Deposit any undeposited Social Security, Medicare and withheld income tax. For tax liability of less than $2,500, you can pay it in full with a timely filed return. And, for business owners who deposited the tax for the quarter in full and on time, you have until February 10 to file the return.

Do Not Miss the November Tax Deadlines.

Do you have any questions about these tax deadlines for January 2017? Maybe you need help filling out these forms and filing your taxes. Call Alex Franch, BS EA at 781.849.7200. He can answer any questions you may have. Alex is an enrolled agent with the IRS. He can guide you through the reporting deadlines that may apply to you or your business.

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