Insights on tax return due dates, form 1040, form 1040ez, tax refunds and more

Important Dates To Remember for the 2018 Tax Season The due dates for businesses such as C-Corporations, single-member LLCs, and sole proprietorship are different from from other businesses such as partnerships and S-Corporations which are typical pass-through entities. The due dates are as follows: Partnerships and S-Corporations Partnerships returns filing Form 1065 – tax returns are due March 15, 2018 S Corporations filing Form 1120s – tax returns are due March 15, 2018 Partnerships and S-Corporations may file submit an Application for Automatic Extension of Time to File (Form 7004) – once filed you will be granted a 6-month filing extension to September 17, 2018. C-Corporations (calendar year operators), single-member… Read More

The IRS issued the annual inflation adjustments for 2018 for more than 50 tax provisions as well as the 2018 tax rate tables for individuals and estates and trusts (Rev. Proc. 2017-58). These provisions are used to file tax year 2018 returns in 2019. Most provisions are increasing for inflation in 2018, including the personal exemption, which increases from $4,050 in 2017 to $4,150 for 2018. The standard deduction for married taxpayers filing joint returns increases to $13,000, $300 more than in 2017. It also increases slightly for single taxpayers and married taxpayers filing separately to $6,500. The standard deduction increases for heads of household, from $9,350 in 2017 to $9,550… Read More

The IRS will accept both electronic and paper returns on January 29, but according to IRS Bulletin IR-2018-1, “paper returns will begin processing later in mid-February as system updates continue.” To receive refunds earlier, the IRS suggests using electronic filing methods. The agency expects over 80% of tax returns to be filed electronically and has prepared accordingly. Once tax season begins, IRS Free File will be available to help you prepare your electronic file for free if you meet certain criteria. The IRS estimates that 70% of taxpayers are eligible to take advantage of the Free File system. Online fillable forms are also available at the IRS website for those… Read More