April 15th is Not the Only Important Tax Date

Chicago Tax Consultation AttorneyEveryone who earns income in the United States should be aware of the importance of April 15th, often referred to as “tax day,” as it is generally the deadline for filing your annual income taxes. However, there are also important days for tax filers in December, many of which you may be unaware. The following are some important end of the year deadlines that many taxpayers should know about.

December 12th – Employees who earn tips must report their tip income to their employer by this date.

December 15th – Business owners who have employees have until this date to pay withheld income taxes, Medicare, and Social Security, as well as deposit non-withholding payroll taxes. If you pay estimated taxes throughout the year, this is also the deadline for your payment for the fourth quarter. You also must pay any taxes for your business that use the “regular method” to determine SE tax.

December 31st – This is an important day for several reasons, as many steps must be taken before the new tax year begins to ensure you minimize your tax liability in 2017. Some strategic moves you may want to make that will need to be completed by December 31st including the following:

  • Convert investment accounts to a Roth IRA
  • Open a small business 401K
  • Taking the required distributions from an IRA, 401K, or a different retirement savings account
  • Open a retirement account or contribute for the current year
  • Make charitable donations, including cash, clothing, vehicles, or personal items
  • Selling investments

If you fail to take the above actions before the new year starts, you will miss out on those exemptions for the previous year.

Discuss Your Situation with an Experienced Tax Consultation Attorney

Tax laws can have more requirements – including deadlines – that you may realize. If you missed an important deadline, you should call to discuss your rights and options with an experienced IRS tax relief lawyer as soon as possible. At Attorneys Tax Relief, we can help you right the situation and avoid penalties whenever possible. Please contact our Chicago office today at 800-819-6866.

https://www.irs.gov/publications/p334/ch10.html

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

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