Spooked Over October Tax Due Dates?

Pumpkin season with ghouls and goblins are upon us and so are the October tax due dates. Don’t get spooked by it all, at least the tax due dates anyway. Read below for what a person’s or business’ tax responsibility may be for the month of October 2016. Halloween is not the most frightening part of October. If you are not ready for your tax deadlines, you could have a very scary experience when it comes time to file your tax returns in April.

Scary, frighten, tax deadline

October Tax Due Dates for an Individuals

October 11 – 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 October 11. 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.

October 17 – Individuals 6 Month Extension

If you have an automatic 6 month extension to file your income tax return for 2015, file Form 1040, 1040A or 1040EZ. Also, make sure you pay any tax, interest, and penalties due. Remember interest compounds over time and can get out of control if you let it accumulate.

October 17 – SEP IRA and Keogh Contributions

The last day to contribute to SEP or Keogh retirement plan for calendar year 2015 if your tax return is on extension through October 15.

October Tax Due Dates for a Business

October tax dues dates entail more than just Halloween. When it comes to your business make sure you read these below:

October 17 –  Electing Large Partnerships

File a 2015 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. March 15 was the due date for furnishing Schedules K-1 or substitute Schedule K-1 to the partners.

October 17 – Social Security, Medicare and withheld income tax

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

October 17 – Non-payroll Withholding

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

October 31 – Social Security, Medicare and Withheld Income Tax

File Form 941 for the third quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.

October 31 –  Certain Small Employers

Deposit any undeposited tax if your tax liability is $2,500 or more for 2016 but less than $2,500 for the third quarter.

October 31 – Federal Unemployment Tax

Make sure that you deposit the tax owed through September if you owe more than $500.

Are you scared that you may missed past tax deadlines?

There is usually a deadline every month that may apply to someone. Don’t let it frighten you, just see the links below just to be on the safe side.

Did you know that Congress did something right, and has made some  deadline changes for the year? You may want to look into them.

Do all the forms frighten you?

Do you have any questions about all of this? 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.

Sources and Resources:

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