Featured Articles for April 2016Are you one of the millions of Americans who haven't filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here's some last minute tax advice for you.
ACA Tax Facts for Individuals and Families
The Affordable Care Act contains two provisions that may affect your tax return this year: the individual shared responsibility provision and the premium tax credit. Here's what you should know.
Estimated Tax Payments: Q & A
Estimated tax is the method used to pay tax on income that is not subject to withholding and includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, and prizes and awards.
What Income is Taxable?
Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Keep reading to learn more.
Tax TipsTen Facts About Capital Gains and Losses
Parents: Don't Miss Out on These Tax Savers
Cut your Tax Bill with Home Energy Credits
Tax Tips for the Self-Employed
QuickBooks TipsWhy You Should Use QuickBooks' Snapshots
Tax Due Dates
April 11Employees 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 18Individuals - File an income tax return for 2015 (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 if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 17.
Household Employers - If you paid cash wages of $1,900 or more in 2015 to a household employee, file Schedule H (Form 1040) with your income tax return and report any 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 2014 or 2015 to household employees. Also report any income tax you withheld for your household employees.
Individuals - If you are not paying your 2016 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2016 estimated tax. Use Form 1040-ES.
Partnerships - File a 2015 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Credits, Deductions, 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 September 15.
Electing Large Partnerships - File a 2015 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 17. March 15 was the due date for furnishing the Schedules K-1 to the partners.
Corporations - Deposit the first installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
May 2Employers - Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2016. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.
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