Important Tax Deadlines In 2016

There are a number of important tax deadlines that occur during the year. See which tax deadlines apply to you!

Deadline for Filing Tax Returns

For this year, the big tax day for most people is April 18 instead of April 15, because of Emancipation Day, a holiday in Washington, DC. People in Maine and Massachusetts have until April 19 to file taxes because April 18 is Patriots Day in those states.

Deadlines to Receive Income Forms

Employers are supposed to provide you W-2 forms for your wages by February 1. If you were self-employed or worked as a contractor, any clients that paid you over $600 for the last year must issue you a 1099-MISC by February 1.

Deadlines for Healthcare Forms

There are three healthcare-related tax forms being issued this year. For form 1095-A, the due date is February 1. The deadline for companies to provide forms 1095-B and 1095-C is March 31.

Deadlines for Household Employers

If you had hired help in your home, such as a nanny, maid, groundskeeper or private nurse, and you paid over $1,900 in wages last year, you are considered a household employer. Like other employers, you’re required to provide your workers with W-2 forms by February 1. You are also required to pay and withhold payroll taxes

Deadline for 2015 IRA Contributions

In 2015, an individual under age 50 could contribute $5,550 tax-free to an IRA, while people age 50 and over could contribute $6,500. If you didn’t meet the contribution limit, you have until the final filing day for 2016 tax returns to make contributions for last year.

Deadline to File an Extension

If you can’t file your taxes on time, you can get an automatic six-month extension. However, you must file the application for an extension by your normal tax-filing deadline. Keep in mind this is an extension for filing taxes, not an extension for paying taxes.

Deadline for Taxpayers Abroad

If you’re living outside of the U.S. or Puerto Rico on tax day, you’re not subject to the same tax deadlines as everyone else. You might qualify for an automatic two-month extension. However, you don’t need to file a special form, just attach a statement to your tax return specifying whether you were living and doing business abroad, or were stationed overseas in the military.

Deadline for Amended Taxes

People make mistakes, such as forgetting to report income or forgetting to claim certain tax credits. Luckily, the IRS gives you up to three years to make corrections. If your 2013 tax return has errors, the deadline to file an amended return is the final filing day for 2016 tax returns.

Deadline for Foreign Bank Account Report

U.S. citizens, residents and businesses with one or more foreign accounts that were valued at $10,000 or more at any time last year must file a Foreign Bank Account Report. This form is designed to help prevent money laundering and terrorism, and it must be submitted to the U.S. Treasury, not the IRS. It can only be filed electronically and must be completed by June 30.

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Works Consulted: Smith, Michelle. “10 Most Important Tax Deadlines in 2016.” GOBankingRates. GOBankingRates, 8 March 2016. Web. 29 March 2016. <http://www.nasdaq.com/article/10-most-important-tax-deadlines-in-2016-cm589625>