1st Quarter Tax Tips

 

1st Quarter 2017

 


The first quarter of a calendar year is made up of January, February, and March.

January 12:

Employees who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070, Employee’s Report of Tips to Employer.

January 15:

Farmers and fishermen. Pay your estimated tax for 2017 using Form 1040-ES. You have until April 15 to file your 2017 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2017 return and pay any tax due by March 2, 2017, to avoid an estimated tax penalty.

Individuals. Make a payment of your estimated tax for 2017,if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2017 estimated tax. However, you do not have to make this payment if you file your 2017 return (Form 1040) and pay any tax due by February 2, 2017.

February 2:

Individuals who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2017 by February 2. Filing your return and paying any tax due by February 2 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by February 2, file and pay your tax by April 15.

All businesses. Give annual information statements to recipients of certain payments you made during 2017. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following.

  • Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish.
  • Compensation for workers who are not considered employees (including fishing boat proceeds to crew members).
  • Dividends and other corporate distributions.
  • Interest.
  • Rent.
  • Royalties.
  • Payments of Indian gaming profits to tribal members.
  • Profit-sharing distributions.
  • Retirement plan distributions.
  • Original issue discount.
  • Prizes and awards.
  • Medical and health care payments.
  • Debt cancellation (treated as payment to debtor).
  • Cash payments over $10,000. See the instructions for Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

See the 2017 General Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a statement is required, which form to use, when to file, and extensions of time to provide statements to the IRS. However, the law was changed after these instructions were printed to extend this due date for certain types of payments. See February 17.

February 10:
Employees who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

February 15:

Individuals. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year. 

February 17:

All businesses. Give annual information statements to recipients of certain payments you made during 2017. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments.

  • All payments reported on Form 1099-B, Proceeds From Broker and Barter Exchange Transactions.
  • All payments reported on Form 1099-S, Proceeds From Real Estate Transactions.
  • Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC, Miscellaneous Income.

March 2:
All businesses. File information returns (Form 1099) for certain payments you made during 2017. These payments are described under February 2. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2017 General Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file. If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 2.

Farmers and fishermen. File your 2017 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2017 estimated tax by January 15, 2017.
March 10:
Employees who work for tips. If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.

March 16:

Corporations. File a 2017 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic 6-Month Extension of Time To File Certain Business Income Tax, Information, and Other Returns, and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S treatment will begin with calendar year 2017.

S corporations. File a 2017 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

Electing large partnerships. Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.
March 31:

Electronic filing of Forms 1098, 1099, and W-2G. File Forms 1098, 1099, or W-2G with the IRS. This due date applies only if you file electronically (not by magnetic media). Otherwise, see March 2. The due date for giving the recipient these forms remains February 2. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220.