Fall 2016 issue of Horizons

April 17, 2017 Individuals

May 1, 2017 Federal Payroll Tax

If you turned age 70 ½ in 2016, you are eligible to defer your minimum required distribution to April 15th of the following year. Planning point: The election to defer the minimum required distribution may result in undesirable results for the following year as the minimum required distribution for 2017 will need to be made by December 31. Therefore, there will be two years’ distributions on one return. Careful planning should be done prior to making the decision to defer. Individuals File a 2016 Income Tax Return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic six-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time to File US Individual Tax Return. Reminder: The Form 4868 only extends the time to file, not the time to pay. All tax should be paid by April 17, 2017. 2017 estimated income tax through withholding, pay the first installment of your 2017 estimated tax using Form 1040-ES. Corporations New deadline: File a 2016 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic five-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe. Corporations If filing on a calendar year, deposit the first installment of estimated income tax for 2017. Individuals If you are not paying all your

File Form 941 for the first quarter of 2017. Deposit or pay any undeposited Social Security, Medicare, and withheld federal income tax. Federal Unemployment Tax Deposit the tax owed through March if more than $500.

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

Readers should not act upon information presented without individual professional consultation.

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