Most years, the deadline to file a federal income tax return is April 15. The 2018 tax filing deadline was pushed back to April 17, due to the timing of Emancipation Day. However, while it is certainly one of the most important, the April 15 (or April 17) tax deadline is not the only IRS due date that taxpayers must keep in mind. On the contrary, there is an entire series of important tax deadlines which continue to arise throughout the end of the year – some as late as December 31. Even if you have already filed your tax return, make sure you aren’t missing these other important tax due dates for 2018. If you need help filing your taxes, including federal and California tax forms, ask the experienced accountants of Cook CPA Group about our tax preparation services in Roseville. We provide both personal and business tax services.
2018 Federal Tax Calendar: Important IRS Deadlines
Even if you think you have covered all of your tax requirements for the year, it’s always wise to review the tax calendar in case there are any important dates you may have overlooked or been unaware of. Working with a personal tax accountant can help to ensure that you do not forget about key due dates for filing state or federal tax forms.
October 2018 Tax Deadlines
There are several important tax deadlines to keep in mind as October approaches. These deadlines include October 1, which primarily applies to trustees and executors, and October 15, which affects a few different groups of taxpayers. These deadlines are explained in greater detail below. Our Roseville CPA firm is here help you understand how the 2018 tax dates might affect you, your family, or your business.
- Monday, October 1, 2018 – If you have been named as the executor of an estate, or as the trustee for a trust, this tax deadline affects you. If you are a trustee or executor, you must do both of the following, if you applied for a tax extension:
- First, you must file a federal income tax return using Form 1041. That title isn’t a typo: Form 1041 is the federal income return for trusts and estates. Form 1041 will ask you to indicate the nature of the trust or estate – for instance, whether it is a simple or complex trust – and supply details about dividends, gains, losses, income, deductions, distributions, and other information.
- Additionally, you must pay any taxes that were due, including penalties and interest as applicable.
- Monday, October 15, 2018 – October 15, 2018 is a major IRS deadline that covers three different tax requirements:
- Were you one of the taxpayers who filed for an extension this year? If so, this deadline affects you. October 15, 2018 is the extended deadline to file your income tax return for 2017, whether that means filing Form 1040, Form 1040EZ, or Form 1040A. In addition to being the filing deadline, it is also the deadline to pay taxes – including interest and penalties.
- If you filed for a tax extension, October 15 is the deadline to create, or contribute to an existing, SEP (Simplified Employee Pension) IRA (Individual Retirement Account). If you haven’t done so already, you may wish to consider creating an SEP IRA if you are a small business owner. The purpose of an SEP IRA is to help self-employed taxpayers establish retirement savings and benefits. Our business accountants are proficient in tax planning for small businesses, and can help you explore SEP IRAs and other small business retirement plans.
- Finally, October 15 is also the deadline to file Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return), referred to simply as the “gift tax return.” You may need to file this form if you gave any gifts, such as property, whose value exceeded $14,000, to anyone other than your spouse.
December 2018 Tax Deadlines
In addition to the October due dates above, there is also an important tax deadline to be aware of in December. Last in the year but certainly not least, December 31 marks three critical deadlines:
- It is the deadline to make an annual exclusion gift for 2018, subject to certain limits.
- It is also the deadline to contribute to various retirement plans that are sponsored by employers.
- Finally, it is the deadline to incur various costs, such as donations to charities or payments on property taxes, which can then be deducted from your taxable income.
Roseville CPAs Providing California and U.S. Tax Preparation Services
If you filed for an extension, you still have time to file a U.S. income tax return – and meet other tax obligations, including those described above. However, keep in mind that the recently passed tax reforms, or Tax Cuts and Jobs Act (TCJA), may impact your tax planning strategy. If you need state or federal tax help, you should consult with the experienced California tax preparers and accountants of Cook CPA Group. For a free consultation, contact us online, or call Cook CPA Group at (916) 724-1665 today.