The deadline to file your 2016 taxes is rapidly approaching. Are you prepared? It is important that you do your best to file on time to avoid issues and fees with the IRS. Learn the basics on the upcoming standard deadlines, what local self-employed business owners should do and overall reasons why it is best to work with a service to help you file.
The deadline to meet the 2017 deadline of filing 2016 taxes is April 18. Normally, taxes would be due on April 15 but it is different this year. According to When Are Taxes Due in 2017? This Year, It’s Not April 15
, tax deadlines are to always be on a weekday or a non-holiday. In the event a deadline does fall on a weekend or holiday, it will be moved to the following Monday. They add that 2017 is a special case. Why? They note that April 16 is Easter Sunday, which since falls on a Sunday, will be observed on Monday, April 17. This is the reason why the tax deadline was pushed to Tuesday, April 18. If you are unable to meet the April 18 deadline, you can file for an extension. However, that doesn’t come for free. Those who apply for an extension are subject to pay a penalty and interest. You must apply for an extension by April 18, which will give you until October 16.
If you are self-employed, you are most likely on a quarterly schedule to pay your taxes. For the rest of the year, quarterly payment deadlines are April 18, June 15 and September 15. However, on top of these, you will need to file an annual return. For businesses that expense $5,000 or less in a year, they can use a Schedule C-EZ. However, anything higher will require a Schedule C to be filed. You can discuss the difference in these forms from your go-to tax specialist for help.
Top Reasons to Utilize Help of Service
Whether you are filing a return on your own, as a married couple or because you are a business owner, the best way to maximize your return is through a tax specialist. They are aware of all the ins and outs to help you the best way for your individual situation. It is especially beneficial if you hire a tax expert when you make over $150,000 per year, are self-employed or are an independent contractor or have made large donations. There are many other instances a tax specialist can help. If you are unsure, it is definitely a conversation worth having.
With the upcoming tax deadline looming, you need a premier tax preparation specialist you can trust. This is where Bloch, Rothman & Associates has you covered for all of your needs. Our quality services will help make this tax season an easy one. Read more on Paying Back the IRS: Ins and Outs from Your Denver Accountant
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