2nd Quarter Tax Tips

 

2nd Quarter 2017

 


The second quarter of a calendar year is made up of April, May, and June.  

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

April 15:
Individuals. File a 2017 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone or over the Internet. Then, file Form 1040, 1040A, or 1040EZ by October 15.

Household employers. If you paid cash wages of $1,600 or more in 2017 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2017 to household employees. Also, report any income tax you withheld for your household employees. For more information, see Publication 926.

Individuals. If you are not paying your 2017 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2017 estimated tax. Use Form 1040-ES. For more information, see Publication 505.

Partnerships. File a 2017 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 by October 15.

Electing large partnerships. File a 2017 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then, file Form 1065-B by October 15. See March 16 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

Corporations. Deposit the first installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

May 11:

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

June 10:

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

June 15:
Individuals. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then, file Form 1040 by October 15. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline. See Publication 3, Armed Forces’ Tax Guide.

Individuals. Make a payment of your 2017 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2009. For more information, see Publication 505.

Corporations. Deposit the second installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.