It is hard to believe, but the year is already nearly half finished. If you have a partnership or company, here's what you need to know to follow the Internal Revenue Service (IRS) as you work in your business success for 2016.
corporations
Edit these dates on your calendar if you are responsible for a company that uses a calendar year
June 15, 2016 -. Second quarterly estimated income tax payment
Your payment of estimated income tax for the second quarter 2016 is due June 15, you generally make estimated tax payments if you expect to have $ 500 or more, or you might have penalties and interest in addition to any tax.
to make this payment, you can send a check, use a credit or debit card, or use the IRS online using the payment system of the electronic federal tax (EFTPS).
If you choose to send a check, make sure to have the envelope postmarked by the due date. You can use a credit or debit card until the last day, but know that you will pay an additional fee for convenience.
companies must generally make deposits by electronic funds transfer, using EFTPS. If you make a deposit in any other way, and you do not answer an exception, you may be liable to a significant penalty.
If this is your first time using EFTPS, make sure you allow time to register and receive your PIN number from the IRS. You can not use the federal tax deposit coupons to make federal tax deposits.
To determine the amount of tax on corporate income to drop, you can use Form 10-W, the estimated tax for companies . You generally pay 25 percent of your income tax planned for the year, or 25 percent of your income for the previous year, whichever is less.
You can use the amount for the previous year to calculate your estimated tax if you filed a corporate statement of 12 months for the previous year and showed a positive return tax liability.
for companies with seasonal or fluctuating income, you can choose to use the payment method or adjusted annualized income installment method of season
September 15, 2016 -. 2015 tax return due if you filed an extension
If you have requested an extension to March last six months to prepare your calendar 2015 tax return of the year, be sure to file September 15, 2016.
If you estimated your tax correctly when you filed the extension, you should have little or no tax when you file your form 10 return.
If you need more taxes than expected, however, you may need tax plus interest and penalties. In this case, try to file and pay before the due date, if possible.
The sooner you pay less interest and penalties you will owe.
September 15, 2016 - third estimated tax payment on the quarterly income
Your third payment of tax on the estimated revenue for 2016 is due in September 15.
to determine the amount of tax on corporate income to drop use form 10-W, the estimated corporate tax
December 15, 2016 -. fourth quarterly estimated income tax payment
Your tax payment on the estimated income for 2016 fourth is due on December 15.
to determine the amount of tax on corporate income to file, use form 10-W, the estimated tax for companies .
partnerships
Remember these dates if you are responsible partnership
September 15, 2016 -. 2015 tax return due if you received an extension
If you were given an additional five months of time to file your 2015 calendar, now is the time to finish the last details on your return and file form 1065. Make sure to provide each partner with a copy of Schedule K-1 (form 1065) or K-1 replacement Annex
October 17, 2016 -. 2015 tax return because of the election of major partnerships
If you received an additional six-month extension on your election great partnership, file a 2015 calendar (Form 1065-B) now. Providing each partner a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.
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