2017 Tax Deadlines for Individuals and Businesses

To help you make sure you don’t miss any important 2017 deadlines, we’ve provided a list of important deadlines for the various tax-related forms, payments and when other related actions are due. Be aware that some deadlines have been moved up or pushed back compared to previous years. Click here for the 2017 tax deadlines for both individuals and businesses.

We are also including some helpful tips and reminders for this upcoming tax season:

1. Individual tax returns are due April 18, 2017 – Taxpayers have a few extra days to file their returns this year. In 2017, April 15th falls on a Saturday and the District of Columbia is observing Emancipation Day on April 17th as a result we get an additional three days to file our tax returns.
2. Driver’s License number now required to electronically file – Starting in 2017, for tax year 2016, Ohio, along with other states, will required driver’s license information for individual taxpayers in an effort combat stolen identity tax fraud.
3. Foreign Bank and Financial Accounts – (FBAR) – Form FINCEN 114 (commonly known as the FBAR) is now due on April 18, 2017, and a six-month extension will be allowed through October 15, 2017.  You may need to file the FBAR if you had an interest in, or signature authority over, a foreign financial account whose aggregate value exceeded $10,000 at any time during 2016.
4. Ohio Small Business Deduction – In 2016, business income (regardless of where it is earned) will be reduced by the 100% Business Income Deduction (subjected to a $250,000 maximum deduction) and the remaining business income will be taxed at a graduated rate that will not exceed 3%.
5. Qualified Improvement Property – Improvements to property generally are not eligible for bonus depreciation.  However, for assets placed-in-service after 12/31/2015, bonus depreciation may apply.  An improvement is eligible for bonus depreciation if it is to an interior portion of a nonresidential building after the building was first placed in service.  Additionally, the improvement cannot enlarge the building or be an improvement to escalators, elevators, or the internal framework of the building.
6. Increase to De Minimis for Tangible Property Regulations – For 2016 tax years and beyond, the de minimis safe harbor amount for a business without an applicable financial statement and capitalization policy has been increased to $2,500 from $500.
7. IRA Contributions – There is still time to contribute to an IRA for the 2016 tax year. You have until April 18th (the due date) to make a contribution to either a ROTH or Traditional IRA.
8. Last chance to take expiring tax credits/breaks in 2016 – Congress adjourned in December before they could extend certain tax credits or tax provisions so 2016 is potentially the last year you can take advantage of the Tuition and Fees Deduction, Residential Energy Property Credit, Private Mortgage Insurance (PMI) Deduction, or Discharge of Indebtedness on Principal Residence.
9. Ohio’s Stable Account – Ohio has added a deduction for contributions to an Ohio Stable Account which helps taxpayers who are caring for a disabled child. The deduction allows taxpayers to reduce their taxable gross income by up to $2,000 per beneficiary per year.
10. Where’s My Refund? Both the IRS and Ohio have online tools to track when you will receive your refund.
    • https://www.irs.gov/refunds
    • https://www.tax.state.oh.us/IFILE/WheresMyRefundWeb/wheresmyrefund.jsp
11. Beware of Tax Scams and Phishing – There have been a wide variety of con artists and impersonation scams.  Remember, the IRS will never directly call a taxpayer without sending a letter first.  They will also never threaten police or other law-enforcement action, require personal or, require a specific form of payment such as a debit card, credit card or check, or email you.

If you have any questions regarding these tips or any of the 2017 deadlines, contact us.