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2016 Tax Information

Filing an Extension

If you are in need of more time to file your federal tax return, the IRS provides a form that will allow you to do so for the current calendar year until:

  • September 15th for corporations, partnerships, LLCs, Series LLCs, LLPs
  • September 30th for trusts
  • October 15th for personal income tax and Foreign Bank Account Information Reporting (FBAR)
  • November 15th for not-for-profit organizations

However, please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability.

In addition, if you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. Keep in mind that special rules may apply if you are living outside the United States, out of the country when your 6-month extension expires or are serving in a combat zone or a qualified hazardous duty area.

For more information, please contact our offices at info@mccormicktaxgroup.com or call us directly at 312-466-0800.

Information courtesy of the Internal Revenue Service, United States Department of the Treasury

Tax Calendar

Jan 17 – Fourth Quarter Estimates Due
Jan 31 – Deadline for employers to mail out Form W-2 to employees
Deadline for businesses to furnish Form 1099 statements
Mar 15 – Filing deadline for extensions or income tax returns of S-Corporations and Partnerships
Apr 15 — Foreign Bank Account Information Reporting Due
Apr 18 – Filing deadline for extensions or income tax returns of Individuals, Trusts and Corporations
First Quarter Estimates Due
May 15 – Filing deadline for extensions or income tax returns of Tax-Exempt Organizations
Jun 15 — Second Quarter Estimates Due
Sep 15 — Last day for income tax filing of calendar year Corporations, S-Corporations and Partnerships that obtained an extension
Sep 30 — Last day for income tax filing of trusts that obtained an extension
Oct 16 — Last day for filing income tax return by calendar-year individuals who obtained automatic six-month filing extension
Nov 15 — Last day for income tax filing of not-for-profit organizations that obtained an extension

Quarterly Estimated Tax Payments

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rents, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough.

Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you do not pay enough through withholding or estimated tax payments, you may be charged a penalty. If you do not pay enough by the due date of each payment period, you may be charged a penalty even if you are due a refund when you file your tax return.

To figure your estimated tax, you must figure your expected gross income, taxable income, taxes, deductions, and credits for the year. http://www.irs.gov/pub/irs-pdf/f1040es.pdf

For more information, please check out our financial tools, contact our offices at info@mccormicktaxgroup.com or call us directly at 312-466-0800.

Information courtesy of the Internal Revenue Service, United States Department of the Treasury.

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1040 Tax Calculator/Federal Income Tax Estimator

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Should I Adjust My Payroll Withholding?

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