When it comes to paying taxes, two things are crucial than anything else. First is the amount of tax you are liable to pay and the second is the due date. If you want to avoid heavy penalties and fines, just make sure that you follow a stable accounting system throughout the year, which will tell you the amount of tax you need to pay and that you pay what you are due on time.
Since it never hurts to plan for the future, we are here with some useful information that might come in handy for you. Do you know when taxes are due in 2018? What is the last date for filing taxes to avoid fines and penalties? Well, it’s okay if you don’t know since there are still a few months left in the year. Just keep reading to know more.
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When Are Taxes Due In 2018?
Typically, the fifteenth day of the company’s fiscal year’s third month is the due date for tax returns for flow-through entities. Therefore, if you are filing returns for a partnership using Form 1065 or an S corporation with Form 1120S, then the original due date for you is 15 March. For individuals (Form 1040) and C corporations (Form 1120) filing their returns, 17 April is set as the last date.
While it was to be 15 April originally, the day is Sunday, and Monday, which 16 April, is celebrated as the Emancipation day in the District of Columbia, 17 April will be your last date for filing your returns. You should also note that exempt organizations can file their returns up until 15 May 2018.
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When Are Taxes Due in 2018 With Extension?
In case you need a little extra time to organize your books, or your business activities had significant tax consequences in the past year, then you can also ask the IRS to grant you an extension. Partnerships, S corporations, and C corporations can use the Form 7004 and request the IRS for a 6-month extension on filing the returns.
Whereas, individuals who are seeking to postpone their due tax for filing tax can do so using the Form 4868. Furthermore, the IRS also permits exempted organizations that include charities and nonprofits to ask for a 3-month extension and for that they have to use the Form 8868. Therefore, with extension, the last date for partnerships and S corporations to file their returns in 2018 becomes 17 September, while S corporations and individuals can do the same by 15 October.
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Though the last date for filing tax returns for 2017-2018 may still be a little far, you can start planning your tax returns right now and save a few bucks. We hope the article had all the information you were looking for. Share your thoughts with us through comments below.
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