Happy April! Happy (Almost) Tax Day!
As April arrives, we are equally reminded of grammar school pranks (I never was a fan of April Fool's Day) and Tax Day looming in two weeks.
A glimmer of good news this year, you have an extra two days to complete your tax returns. The dreaded April 15 is a normal day this year; it's April 17 you'll want to mark on your calendar. Why you ask? Well, April 15 lands on a Sunday, so tax forms are due on the next business day. While you might think that would land on Monday, April 16, that day was designated a public holiday -- Emancipation Day -- in the District of Columbia back in 2005, so federal offices are closed. Thus, the April 15 tax deadline rolls forward to the Internal Revenue Service's next business day, which is Tuesday, April 17. Voila! This year we celebrate Tax Day on Tuesday, April 17, 2018.
What does that mean for you? The following income tax forms are due on April 17*:
Federal Form 1040 for individuals.
Federal Schedule C for self-employment income earned as a sole proprietor, single member LLC, or sole shareholder of an S corporations.
Federal Form 4868 for individuals to extend their filing deadline to October 15, 2018.
Oregon Form 40 for individuals who live or work in Oregon.
City of Portland / Multnomah County Combined Tax Return *or* extension of time to file.
Transit District Taxes
TriMet Transit District Self-Employment Tax Form OR-TM.
Lane County Transit District Self-Employment Tax Form OR-LTD.
Portland Arts Tax paid by every adult in the city.
What isn't due on April 17:
Federal Forms 1020, 1020S, and 1065 for business income and reporting of pass-through income were due last month on March 15. These forms cover C corporations, S corporations, partnerships, and multi-member LLCs.
Washington Business & Occupation ("B&O") Tax is a gross receipts tax (not a true income tax), and these returns are filed monthly, quarterly, or annually depending upon your estimated yearly business income.
An important reminder that an extension to file your tax return is NOT an extension of time to pay. If your rough calculations have you owing money to the IRS, your state, or a local jurisdiction, send payment to avoid racking up interest and penalties when you file your 2017 return (or returns) later this year.
Rebecca adds, "April 17th is just around the corner, and it's not too late to get YOUR ducks in a row for tax season. I am available to assist individuals and business owners with filing their federal 1040 as well as their state tax returns." As is her mantra, let Rebecca help move your situation from overwhelming to manageable this tax season.
Are you ready?
* FUN FACT (that is only "fun" to tax nerds like Rebecca): Income tax filing deadlines for most states and local tax jurisdictions are statutorily tied to federal due dates. This means states have laws that say their due date is whenever the IRS says the federal forms are due. Can you imagine the headache if federal taxes were due on Tuesday, April 17 yet the states required you file by Monday, April 16? Be thankful for the little wins!