2016 Notable Tax Due Dates

2016 Notable Tax Due Dates

Since tax season is rolling just around the corner, it is more important than ever to stay ahead with your tax filings and preparations with the help of our 2016 Notable Tax Due Dates. We have taken the liberty to map out all of the important tax due dates coming up throughout the year and Q1, that you should know as a small business, employer or individual to help keep you on track for any filing deadlines.  

Please refer to our 2016 Notable Tax Due Dates chart below:

January
January 15 - Individuals:

Pay the final installment of your 2015 estimated tax. Use Form 1040-ES.

February
February 1 - Businesses:

File Form 720 for the fourth quarter of 2015

Furnish Forms 1098, 1099 and W-2G to recipients for certain payments during 2015.

Furnish Form W-2 to employees who worked for you during 2015.

File Form 730 and pay the tax on wagers accepted during December 2015.

File Form 2290 and pay the tax for vehicles first used in December 2015.

File Forms 940, 941, 943, 944 and/or 945 if you did not deposit all taxes when due.

February 1 - All Businesses:

Furnish Forms 1099-B, 1099-S and certain Forms 1099-MISC to recipients.

File a new Form W-4 if you claimed exemption from income tax withholding in 2015.

February 16 - Individuals:

If you claimed exemption from income tax withholding last year on Form W-4 Employee’s Withholding Allowance Certificate and gave this to your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

February 17 - Businesses:

Begin withholding on employees who claimed exemption from withholding in 2015 but did not file a W-4 to continue withholding exemption in 2016.

February 29 - Businesses:

File Form 1096 with information returns Copy A: Form W-2G, Forms 1098, and 1099 for payments made during 2015.

File Form 2290 and pay the tax for vehicles first used in January.

File Form 730 and pay the tax on wagers accepted during January.

February 29 - All Employers:

File Form W-3 with Copy A of all Forms W-2 issued for 2015.

March
March 31 - Businesses:

Electronically file Forms W-2, W-2G, 1098, and 8027.

File electronic forms for 2015. This due date only applies if you electronically file.

April
April 18 - Individuals:

File Form 1040, 1040-A, or 1040-EZ. For residents of Massachusetts or Maine the income tax filing date is April 19. The delay is due to Patriot’s Day. For automatic 6-month extension, file form 4868 and deposit estimated tax. Pay the first installment of 2016 estimated tax.

April 18 - Corporations:

Deposit the first installment of your 2016 estimated tax.

May
May 2 - Employers:

File Form 941 for the first quarter.

Deposit FUTA tax owed through March if more than $500.

May 2 - Businesses:

File Form 720 for the first quarter.

File Form 730 and pay the tax on wagers accepted during March.

File Form 2290 and pay the tax on vehicles first used in March.

May 10 - Employers:

File Form 941 for the first quarter if you timely deposited required taxes for the quarter in full.

June
June 10 - Businesses:

File Form 730 and pay the tax on wagers accepted during April.

File Form 2290 and pay the tax for vehicles first used during April.

June 15 - Individuals:

Pay the second installment of 2016 estimated tax.

June 15 - Corporations:

Deposit the second installment of your 2016 estimated tax.

June 15 - Businesses:

File Form 730 and pay the tax on wagers accepted during May.

File Form 2290 and pay the tax for vehicles first used during May.

July
July 1 - Businesses Taking of Wagers:

File Form 11-C to register and pay annual occupational excise tax.

August
August 1 - Businesses:

File Form 720 for the second quarter.

File Form 730 and pay the tax on wagers accepted during June.

File Form 2290 and pay the tax for vehicle used during June.

August 1 - Employers:

File Form 941 for the second quarter.

File Form 5500 or 5500-EZ for calendar year 2015 employee benefit plan.

Deposit FUTA tax owed through June if more than $500.

August 10 - Businesses:

File Form 941 for the second quarter if you timely deposited all required payments.

September
September 15 - Individuals:

Pay the third installment of your 2016 estimated tax.

September 15 - Corporations:

File calendar year Form 1120 or 1120-S if you timely requested a 6-month extension.

October
October 17 - Individuals:

File Form 1040, 1040-A, or 1040-EZ if you timely requested a 6-month extension.

October 31 - Businesses:

File Form 720 for the third quarter.

October 31 - Employers:

File Form 941 for the third quarter.

Deposit FUTA tax owed through September if more than $500.

November
November 10 - Employers:

File Form 941 for the third quarter if you timely deposited all required payments.

December
December 15 - Corporations:

Deposit the fourth installment of your 2016 estimated income tax.

 

Maintain Payroll Tax Compliance with BenefitMall

We know that tax season is stressful and that is why we gathered the list of all the important 2016 tax due dates for you. Let us help you and your small business navigate payroll tax compliance. Many small businesses struggle with payroll tax compliance with statistics showing that approximately 40 percent of small businesses incur an average of $845 per year in IRS penalties.1 However; this does not need to be the case. BenefitMall PayFocus has accuracy guaranteed with your payroll on time and correct, taxes paid and compliance issues handled.*

 

For a full listing of all 2016 Notable Tax Due Dates, please click here

 

To learn more about how BenefitMall can help your small business stay compliant with payroll tax related issues such as federal and state minimum wages, check out PayFocus™, our online payroll software.

 

 

 

SOURCES:

8 Small Business Tax Preparation Mistakes to Avoid | The U.S. Small Business Administration | SBA.gov. (n.d.). Retrieved January 20, 2016, from https://www.sba.gov/blogs/8-small-business-tax-preparation-mistakes-avoid

* Penalty-free tax service guaranteed as long as the original information and any updated changes are provided to BenefitMall.