Ernst - Ernst & Young Tax Guide 2018

Date in 2018

Action required

January

• Final estimated tax payment for 2017 due if you did not pay your income tax (or enough of your income tax) for that year through withholding. Use Form 1040-ES.

• If you did not pay your last installment of estimated tax by January 16, file your income tax return for 2017 on this date and pay the entire balance due with your return, thereby avoiding any penalty for late payment of the last installment. Use Form 1040 or 1040A. However, see below for special rules for farmers and fishermen.

February

• File a new Form W-4 if you can claim exemption from withholding.

March

• Farmers and fishermen must file their 2017 income tax return (Form 1040) and pay all tax to avoid a penalty for underpayment of 2017 estimated taxes.

April

• File your income tax return for 2017 (Forms 1040, 1040A, or 1040EZ) and pay any tax due.

• Individuals who have a financial interest in or signature authority or other authority over certain bank, securities, or other financial accounts in a foreign country must file FinCEN Form 114.

• Make your 2017 IRA contribution.

• If you are not extending your return, make your Keogh or SEP-IRA contribution if you have self-employment income.

• For an automatic 6-month extension, file Form 4868 and pay any tax that you estimate will be due. Then file Form 1040 or 1040A by October 15. If you get an extension, you cant file Form 1040EZ. (You can use one Form 4868 to file for both your income tax and gift tax extensions.)

• Pay the first installment of your 2018 estimated tax if you are not paying your 2018 income tax (or enough of it) through withholding tax.

• If you made any taxable gifts during 2017 (more than $14,000 per donee), file a gift tax return for that year (Form 709 or 709-A) and pay any tax due.

June

• Pay the second installment of 2018 estimated tax.

• If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 17.

September

• Pay the third installment of your 2018 estimated tax.

• Last day for employers to make a required minimum contribution to a defined benefit or money purchase plan.

October

• If you requested an automatic 6-month extension to file your 2017 income tax return, file Form 1040 or Form 1040A and pay any tax, interest, and penalty due, and file any gift tax return if due.

• If you received a 6-month extension to file FinCEN Form 114, you must file it on or before October 15.

• Last day to make a Keogh or SEP-IRA contribution deductible for calendar year 2017 if you requested a 6-month extension of time to file your tax return.

December

• If you claimed exemption from withholding in 2018 but you expect to owe income tax for 2019, you must file a new Form W-4 by December 3, 2018.

• Last day to establish a Keogh plan for 2018.