Tax Center

Tax Center

We know that you’re busy and the last thing you want to do is search all over the Internet for important tax information. That’s why Abigail Y. Murray, CPA, LLC has designed the Tax Center to get you the information you need right at your fingertips. Our goal is to help make your life easier and tax season feel a whole lot better (unbelievable huh).

1st Quarter: Tax Due Dates, January – March 2017

January 10

Employees: If you work for tips and received $20 or more in tips during the month of December, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

January 17

Individuals: Make a payment on your estimated tax for 2016 if you did not pay your 2016 income tax through withholding (or you did not pay enough tax that way). Use Form 1040-ES (Estimated Tax for Individuals). This is the final installment date for 2016 estimated tax payments. Note that you do not have to make this payment if you file your 2016 return (Form 1040) and pay any tax due by January 31, 2017.
Farmers & Fishermen: Make your 2016 estimated tax payment using Form 1040-ES. You have until April 18 to file your income tax return (Form 1040). If you do not pay your estimated tax by January 17, you must file your 2016 return and pay any tax due by March 1, 2017 to avoid an estimated tax penalty.

January 31

Individuals Who Must Make Estimated Tax Payments: If you did not pay your final installment of estimated tax by January 17, you may choose (but are not required) to file your 2016 tax return (Form 1040) by January 31. Filing your tax return and paying any tax due by January 31 will prevent late payment penalties on the final installment. If you cannot file and pay your tax by January 31, you should file and pay your tax by April 18.
All Businesses: Provide annual information statements to the recipients of certain payments you made in 2016. You can use the appropriate version of Form 1099 or other information return. (Note that Form 1099 can be issued electronically with the consent of the recipient.)
All Employers: Give your employees their copies of Form W-2 for 2016 by January 31. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.
Payers of Non-Employee Compensation: File Form 1099-MISC for non-employee compensation that you paid in 2016.

 

February 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of January, you should report them to your employer. Use IRS Form 4070.
Employers: Federal unemployment tax. File Form 940 for 2016. This due date applies only if you deposited the tax for the year in full and on time.
Employers: Nonpayroll taxes. File Form 945 to report income tax withheld for 2016 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.
Certain Small Employers: File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2016. This tax due date applies only if you deposited the tax for the year in full and on time.
Farm Employers: File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2016. This due date applies only if you deposited the tax for the year in full and on time.

February 15

Individuals: If you claimed an exemption from withholding tax last year on the Form W-4 that you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.
All Businesses: Provide annual information statements to the recipients of certain payments you made in 2016. You can use the appropriate version of Form 1099 or other information return.
Employers: Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.
Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.

February 16

Employers: Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2016, but did not give you a new Form W-4 to continue the exemption this year.

February 28

All Businesses: File information returns (e.g., Forms 1099) for certain payments you made in 2016. Note that there are different forms for different types of payments. Use a separate Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) to summarize and transmit the forms for each type of payment. For more information, refer to the General Instructions for Certain Information Returns.
If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically, your IRS filing deadline will be extended to March 31 (although the deadline for giving the recipient these forms generally remains January 31).

 

March 1

Farmers & Fishermen: File your 2016 income tax return (Form 1040) and pay any tax due. However, if you paid your 2016 estimated tax by January 17, 2017, you have until April 18 to file your return.

March 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of February, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

March 15

Employers: Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
Partnerships: File a 2016 tax return (Form 1065). Provide each partner with a copy of Schedule K-1 (Partner’s Share of Income, Deductions, Credits, etc.) of Form 1065, or a substitute Schedule K-1. To request an automatic 6-month extension of time to file the return and provide Schedules K-1, use Form 7004 to extend your filing deadline to September 15. You can file Form 7004 online.
S Corporations: File a 2016 income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Shareholder’s Share of Income, Deductions, Credits, etc.) of Form 1120S, or a substitute of Schedule K-1. To get an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return. You can file a business extension online.
S Corporation Election: File Form 2553 (Election by a Small Business Corporation) to elect to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.

March 31

Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, and W-2G: File these forms with the IRS. This due date applies only if you file these forms electronically. Otherwise, see February 28. (The due date for giving the recipient these forms generally remains January 31.) For more information, see IRS Publication 1220.
Electronic Filing of Form W-2G: File copies of all the Form W-2G (Certain Gambling Winnings) you issued for 2016. This due date applies only if you electronically file. Otherwise, see February 28. The due date for giving the recipient these forms remains January 31.
Electronic Filing of Forms 8027: File copies of all the Forms 8027 you issued for 2016. This due date applies only if you electronically file. Otherwise, see February 28.
Electronic Filing of Forms 1094-C and 1095-C and Forms 1094-B and 1094-B: If you’re an applicable Large Employer, file electronic forms 1094-C and 1095-C with the IRS. For all other providers of essential minimum coverage, file electronic Forms 1094-B and 1095-B with the IRS. Otherwise, see February 28.

 

2nd Quarter: Tax Due Dates, April – June 2017

April 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of March, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

April 18

Employers: Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
Individuals: File a 2016 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want to request an automatic 6-month extension of time to file your return, use Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to extend your filing deadline to October 16, 2017. You can also file an extension online.
If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the first installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals).
Household Employers: If you paid cash wages of $1,900 or more to a household employee in 2016, you must file Schedule H (Household Employment Taxes) of Form 1040. If you are required to file a Federal income tax return (Form 1040), include Schedule H with your return and report any household employment taxes. If you paid total cash wages of $1,000 or more to household employees in any calendar quarter of 2015 or 2016, you must report any Federal Unemployment (FUTA) tax on Schedule H. Also report any income tax you withheld for your household employees. For more information, refer to IRS Publication 926.
Individuals: If you are not paying your 2017 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2017 estimated tax. Use Form 1040-ES.
Corporations: File a 2016 income tax return (Form 1120) and pay any tax due. To request an automatic 6-month extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and pay what you estimate you owe on your return. You can file a business extension online.
Corporations: Deposit the first installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.

 

May 1

Employers: Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2017. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.
Employers: Federal unemployment tax. Deposit the tax owed through March if more than $500.

May 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of April, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).
Employers: Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

May 15

Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.
Employers: Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.

 

June 12

Employees Who Work for Tips: If you received $20 or more in tips during the month of May, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

June 15

Individuals: If you are a U.S. citizen or resident alien living and working (or on military duty) outside the U.S. and Puerto Rico, file your 2016 income tax return (Form 1040) and pay any tax due. If you want a 4-month extension of time to file your return, use Form 4868 to extend your filing deadline to October 16.
Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the second installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).
Corporations: Deposit the second installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.
Employers: Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
Employers: Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

 

3rd Quarter: Tax Due Dates, July – September 2017

July 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of June, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

 

August 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of July, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

 

September 11

Employees Who Work for Tips: If you received $20 or more in tips during the month of August, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

September 15

Individuals: If you are not paying your 2017 income tax through withholding (or you will not pay enough tax during the year that way), pay the third installment of your 2017 estimated tax. Use Form 1040-ES (Estimated Tax for Individuals). For more information, see IRS Publication 505 (Tax Withholding and Estimated Tax).
Partnerships: If a 6-month tax extension was requested/obtained, file a 2016 tax return (Form 1065) and pay any tax due by this date. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1065) or substitute Schedule K-1 (Form 1065).
S Corporations: If a 6-month tax extension was requested/obtained, file a 2016 tax return (Form 1120S) and pay any tax due by this date. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120S) or substitute Schedule K-1 (Form 1120S).
Corporations: Deposit the third installment payment for 2017 estimated income tax. Form 1120-W is a worksheet that can be used to estimate your tax for the year.

 

4th Quarter: Tax Due Dates, October – December 2017

October 10

Employees Who Work for Tips: If you received $20 or more in tips during the month of September, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

October 16

Individuals: If you requested/obtained a 6-month tax extension, file your 2016 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due by this date.
Corporations: If a 6-month tax extension was requested/obtained, file a 2016 tax return (Form 1120) and pay any tax due by this date.

 

November 13

Employees Who Work for Tips: If you received $20 or more in tips during the month of October, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

 

December 11

Employees Who Work for Tips: If you received $20 or more in tips during the month of November, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).

December 15

Corporations: Deposit the fourth installment payment for 2017 estimated income tax. Form 1120-W (Estimated Tax for Corporations) is a worksheet that can be used to estimate your tax for the year.

 

Fiscal Year Taxpayers – Deadlines for 2017

Individuals

Form 1040: Due by the 15th day of the 4th month following the close of your tax year. If you need more time to file Form 1040, use Form 4868 to request a tax extension.
Form 1040-ES (Estimated Tax): Quarterly payments are due in equal installments on the 15th day of the 4th, 6th, and 9th months of your tax year, as well as on the 15th day of the 1st month after your tax year ends.

Partnerships

Form 1065: Due by the 15th day of the 3rd month following the close of the partnership’s tax year. Provide each partner with a copy of their Schedule K-1 (Form 1065) or substitute Schedule K-1. If you need more time to file Form 1065, use Form 7004 to request a 6-month tax extension.
Form 1065-B (Electing Large Partnerships): Due by the 15th day of the 3rd month following the close of the partnership’s tax year. Provide each partner with a copy of their Schedule K-1 (Form 1065-B) or substitute Schedule K-1 by the first March 15 following the end of the partnership’s tax year. If more time is needed to file Form 1065-B, use Form 7004 to request a 6-month tax extension.

Corporations & S Corporations

Form 1120 (or Form 7004): Due by the 15th day of the 4th month following the close of the corporation’s tax year. However, a corporation with a fiscal tax year ending on June 30 must file by the 15th day of the 3rd month after the end of its tax year. A corporation with a short tax year ending any time in June will be treated as if the short year ended on June 30, and must file by the 15th day of the 3rd month after the end of its tax year. If more time is needed to file Form 1120, use Form 7004 to request a tax extension.
Form 1120S (or Form 7004): Due by the 15th day of the 3rd month following the close of the corporation’s tax year. S corporations must provide each shareholder with a copy of their Schedule K-1 (Form 1120S) or substitute Schedule K-1. If more time is needed to file Form 1120S, use Form 7004 to request a 6-month tax extension.
Estimated Tax Payments: Quarterly payments are due in equal installments on the 15th day of the 4th, 6th, 9th, and 12th months of the corporation’s tax year.
Form 2553 (Election by a Small Business Corporation): This form is used to select S corporation treatment. Is it due within 2 months and 15 days after the beginning of the tax year the election is to take effect, or at any time during the preceding tax year.

Track Your Refund

Abigail Y. Murray, CPA, LLC wants to provide you with the tools to track your Tax Refund. Not sure where to look?
Click here for a direct link to the IRS Refund Status web page.

Just make sure you have your social security number, filing status, and exact refund amount on hand to ensure you receive your tax refund update.

Tax Bracket Rates

Single

Taxable Income Tax Rate
$0—$9,275 10%
$9,276—$37,650 $927.50 plus 15% of the amount over $9,275
$37,651—$91,150 $5,183.75 plus 25% of the amount over $37,650
$91,151—$190,150 $18,558.75 plus 28% of the amount over $91,150
$190,151—$ 413,350 $46,278.75 plus 33% of the amount over $190,150
$413,351—$415,050 $119,934.75 plus 35% of the amount over $413,350
$415,051 or more $120,529.75 plus 39.6% of the amount over $415,050

Married Filing Jointly or Qualifying Widow(er)

Taxable Income Tax Rate
$0—$18,550 10%
$18,551—$75,300 $1,855 plus 15% of the amount over $18,550
$75,301—$151,900 $10,367.50 plus 25% of the amount over $75,300
$151,901—$231,450 $29,517.50 plus 28% of the amount over $151,900
$231,451—$413,350 $51,791.50 plus 33% of the amount over $231,450
$413,351—$466,950 $111,818.50 plus 35% of the amount over $413,350
$466,951 or more $130,578.50 plus 39.6% of the amount over $466,950

 

Married Filing Separately

Taxable Income Tax Rate
$0—$9,275 10%
$9,276—$37,650 $927.50 plus 15% of the amount over $9,275
$37,651—$75,950 $5,183.75 plus 25% of the amount over $37,650
$75,951—$115,725 $14,758.75 plus 28% of the amount over $75,950
$115,726—$206,675 $25,895.75 plus 33% of the amount over $115,725
$206,676—$233,475 $55,909.25 plus 35% of the amount over $206,675
$233,476 or more $65,289.25 plus 39.6% of the amount over $233,475

 

Head of Household

Taxable Income Tax Rate
$0—$13,250 10%
$13,251—$50,400 $1,325 plus 15% of the amount over $13,250
$50,401—$130,150 $6,897.50 plus 25% of the amount over $50,400
$130,151—$210,800 $26,835 plus 28% of the amount over $130,150
$210,801—$413,350 $49,417 plus 33% of the amount over $210,800
$413,351—$441,000 $116,258.50 plus 35% of the amount over $413,350
$441,001 or more $125,936 plus 39.6% of the amount over $441,000

 

2017 Tax Rates – Estates & Trusts
15% 0 to $2,550
25% $2,550 to $6,000
28% $6,000 to $9,150
33% $9,150 to $12,500
39.6% Over $12,500

 

Social Security 2017 Tax Rates
Social Security Tax Rate: Employers 6.2%
Social Security Tax Rate: Employees 6.2%
Social Security Tax Rate: Self-Employed 15.3%
Maximum Taxable Earnings $127,200
Medicare Base Salary Unlimited
Medicare Tax Rate 1.45%
Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers) 0.9%
Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers) 3.8%

 

Miscellaneous 2017 Tax Rates
Personal Exemption $4,050
Business expensing limit: Cap on equipment purchases $2,030,000
Business expensing limit: New and Used Equipment and Software $510,000
Prior-year safe harbor for estimated taxes of higher-income 110% of your 2017 tax liability
Standard mileage rate for business driving 53.5 cents
Standard mileage rate for medical/moving driving 17 cents
Standard mileage rate for charitable driving 14 cents
Child Tax Credit $1,000
Unearned income maximum for children under 19 before kiddie tax applies $1,050
Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket 0%
Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket 15%
Maximum capital gains tax rate for taxpayers in the 39.6% bracket 20%
Capital gains tax rate for unrecaptured Sec. 1250 gains 25%
Capital gains tax rate on collectibles 28%
Maximum contribution for Traditional/Roth IRA $5,500 if under age 50

$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA $12,500 if under age 50

$15,500 if 50 or older

Maximum Contribution to SEP IRA 25% of eligible compensation

up to $54,000

401(k) maximum employee contribution limit $18,000 if under age 50

$24,000 if 50 or older

Estate tax exemption $5,490,000
Annual Exclusion for Gifts $14,000
Education 2017 Tax Rates
American Opportunity Credit (Hope) $2,500
Lifetime Learning Credit $2,000
Student Loan Interest Deduction $2,500
Coverdell Education Savings Contribution $2,000
Standard Meal Rates for Family Child Care Providers for 2017 income tax returns
Continental U.S. 2016-17 Tax Rates
For each breakfast $1.31
For each lunch or supper $2.46
For each snack (up to 3 per day for each child) $0.73
Alaska 2016-17 Tax Rates
For each breakfast $2.09
For each lunch or supper $3.99
For each snack (up to 3 per day for each child) $1.19
Hawaii 2016-17 Tax Rates
For each breakfast $1.53
For each lunch or supper $2.88
For each snack (up to 3 per day for each child) $0.86

 

2016 Personal Exemption Amounts

Filing Status PEP Threshold Starts PEP Threshold Ends
Single $259,400 $381,900
Married Filing Jointly $311,300 $433,800
Married Filing Separately $155,650 $216,900
Head of Household $285,350 $407,850

 

2016 Standard Deduction Amounts

Filing Status Standard Deduction
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,300
Qualifying Widow(er) $12,600