Q. Now that fall is upon us, what should I be thinking about?
A. Labor Day is right around the corner, which means September & October deadlines are coming soon. So if you are currently on extension with your 2016 businesses tax returns, be sure to complete and file the following by the due date, Sept. 15th:
1. 1065 Forms (Partnership Tax Returns) with corresponding state and local tax returns, if required.
2. 1120 Forms (Corporations Calendar Year End 12/31) with corresponding state and local tax returns, if required.
3. 1120A Forms (Corporation Short-Form) with corresponding state and local tax returns, if required.
4. 1120S Forms (S-Corps.) with corresponding state and local tax returns, if required.
5. Final deadline to fund Employer Sponsored Retirement Plans, if you requested an automatic extension of time to file and or due at time of filing business tax returns, whichever comes sooner.
Additionally, if you are required to make estimated tax payments throughout the year for your business, businesses and or personal, please be sure to make the required payment for your 3rd Quarter and or fiscal Quarter that may be required by Sept. 15th.
Once we have completed our Sept. 15th requirements, we then look to the following for our October monthly deadlines:
1. Self-employed persons and small employers to establish a SIMPLE-IRA for the year 2016 (Due By Oct. 1st 2017).
2. Trust and Estates Income Tax Returns (IRS Form 1041) (Extended deadline is Oct. 2nd 2017) with corresponding state and local tax returns, if required.
3. Final deadline to fund SEP-IRA or solo 401K for the tax year 2016, if you requested an automatic extension of time to file (Due by Oct. 16th 2017).
4. 1040, 1040A, 1040EZ Forms Final Deadline to file, if you requested an automatic extension of time to file (Due by Oct 16th, E-File last day is Oct 15th) with corresponding state and local tax returns, if required.
Finally, after we have completed all the above requirements, this is a great time to think about additional tax planning opportunities and how this may affect your tax situation for 2017 and 2018.
So whether you are looking to make additional investments in your business and or businesses and take advantage of Special Tax Benefits from accelerated depreciation or you are an individual looking to put more funds into your retirement accounts to help you and your family prepare for the future, now is the time.
If you have any questions on this, please feel free to contact us ( US Area Code +1-212-665-5202) and we would be happy to schedule a meeting to discuss many tax planning opportunities.
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