How to prepare for the tax season in the current climate

The new law on tax cuts and jobs has significantly reformed the tax code. Because it was put into effect immediately, the new law requires businesses and individual taxpayers to scramble to understand all the implications of the law. The IRS has now provided advice that should solve most of the issues taxpayers have and give businesses the information they need to withhold the correct employment taxes.

Given all the drama surrounding the new tax legislation, it might be easy to forget that you must still produce tax forms and pay any taxes due from 2017. With the tax season already There you may want to keep in mind articles that you prepare for this year's tax returns.

Deadlines for the filing of 2017 taxes

Income tax returns for most individual petitioners are due on Tuesday, 17 April 2018 . You get a few extra days this year because (a) on April 15th, the normal deadline falls on a Sunday, and (b) the District of Columbia celebrates the day of emancipation on Monday, April 16th, which affects the taxes the same way the holidays do it.

Tax Return for C Corporations (on Form 1120) for End-of-Year Corporations as of December 31st Due April 17, 2018 . If a corporation has a different end-of-year date, it must file no later than the fifteenth day of the fourth month following the end of its taxation year.

The tax returns of sole proprietorships and LLCs to a single member (revenues transferred to the annex C) are also due 17 April 2018 .

The tax returns of multiple liability corporations (on Form 1065 with Schedule K-1) are however due March 15, 2018 ]. ]

Income Tax Return for Corporations (on Form 1065 with Schedule K-1) or Corporations (on Form 1120 S) are also due on [15 mars 2018] on March 15, 2018 .

Gather your documentation

It's not too early to start putting your records and documents in order. Make sure you have all your W-4, 1099 and all the other forms you need. These should be provided before February 15th. Count your income and deductions according to your return.

If you have employees or contractors and make tax returns, you should have already sent the W-4 and 1099 vouchers. You will also want to ask your employees to remit all accounts. end-of-year expenses early enough for you to have time to reconcile them to your accounts.

Contribute to your retirement plan

It's not too late to make a contribution to your retirement plan for 2017. You can contribute for 2017 to the IRA until April 17, 2018. Check out the contribution limits and deduction from the IRA 2017 to make sure you get the most out of saving for your retirement.

Make an appointment with your accountant

If you hire an accountant to help you prepare your tax returns, make an appointment as soon as possible. Accountants are particularly busy this year. At the same time as they spend the usual tax season, they try to learn the intricacies of the new tax laws in order to properly advise their clients. Make sure you give your accountant enough time to prepare your returns.

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