March Warm Up With Tax Due Dates

A March Warm Up is Predicted for Taxes

Well, it is that time of year for the March warm up. And, while we have been spoiled during February, we have hopes that March will usher in some fantastic weather. Before you get caught up in that great weather though, take note that the month is the end of the first quarter of the year and it comes with some tax deadlines for the month of March.  

March Tax Due Dates for Individuals

March 10 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.

Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient 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 be required to pay the uncollected withholding when your return for the year is filed.

March 15 – Time to Call For Your Tax Appointment

It is only one month until the April due date for your tax returns. If you have not made an appointment to have your taxes prepared, we encourage you do so before it becomes too late. To meet with someone from our tax team, you are welcome to book your appointment online.

Do not be concerned about having all your information available before making the appointment. If you do not have all your information, we will simply make a list of the missing items. When you receive those items, just forward them to us.

Even if you think you might need to go on extension, it is best to prepare a preliminary return and estimate the result so you can pay the tax and minimize interest and penalties. We can then file the extension for you.

Are you ready to file your tax return?

Nelsn Mandella once said, “It always seems impossible until it’s done.” Isn’t that the truth! To make the impossible more possible, we have an incentive for you. Drop off or mail your taxes to one of our three locations in  locations in Quincy, Weymouth and Dedham an you will save $35 on your tax preparation click here for details and other incentives. Please note some exclusions may apply. Call  Alex Franch, BS EA at 781.849.7200 for details. Alex is an enrolled agent with the IRS.  Or, you should you need to meet with someone from our tax team, you are welcome to book your appointment online. We look forward to hearing from you.

$35 Discount, Discount, Office, Online Discount

March Tax Due Dates for Business

March 15 – Partnerships

File a 2016-calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedules K-1 or substitute Schedules K-1 to the partners, file Form 7004. Then, file Form 1065 and provide the K-1s to the partners by September 15.

March 15 – S-Corporation Election

File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S treatment will begin with calendar year 2018.

March 15 – Electing Large Partnerships

File a 2016-calendar year return (Form 1065-B) and provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date applies for K-1s even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

March 15 – Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in February.

March 15 – Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in February.
March 31 – Electronic Filing of Forms 1098, 1099 and W-2G

If you file Forms 1098, 1099 (other than 1099-MISC with an amount in box 7), or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, January 31 or February 28 was the due date, depending on the form filed. The due date for giving the recipient these forms was January 31.

March 31 – Large Food and Beverage Establishment Employers

If you file Forms 8027 for 2016 electronically with the IRS, this is the final due date. This due date applies only if you file electronically. Otherwise, February 28 was the due date.

Are you ready to file your tax return?

We have an incentive for you. Drop off or mail your taxes to one of our three locations in  locations in Quincy, Weymouth and Dedham an you will save $35 on your tax preparation click here for details and other incentives. Please note some exclusions may apply. Call  Alex Franch, BS EA at 781.849.7200 for details. Alex is an enrolled agent with the IRS.  Or, you should you need to meet with someone from our tax team, you are welcome to book your appointment online.

 

FacebooktwitterlinkedinFacebooktwitterlinkedin