Hartman Accounting - When Experience Matters

Important Dates & Tax Changes for 2018

  • January 16 – Final installment of 2017 individual estimated tax due. 
  • January 31 – Businesses must furnish W-2s to employees.  1099 statements need to be furnished to subcontractors for payments over $600.   W2 and 1099 forms need to be filed with the appropriate government agency.             
  • January 31 – Fourth quarter 2017 payroll tax returns due. 
  • March 15 – S-corporation and partnership income tax returns due unless extension is filed. 
  • April 1 – Businesses with assets over $25,000 and new businesses must file a Tangible Personal Property Tax Return with their county.  
  • April 17 – Individual and corporation tax returns due unless extension is filed. 
  • April 17 – Final deadline for making 2017 IRA and HSA contributions. 
  • April 17 – First installment of 2018 individual estimated tax due. 
  • April 30 – First quarter 2018 payroll tax returns due. 
  • May 1 – Corporate renewals must be filed with state. Renewal notices will be sent via email in January. A $450 penalty is imposed for late file.   
  • June 15 – Second installment of 2018 estimated tax due. 
  • July 31 – Second quarter 2018 payroll tax returns due. 
  • September 17 – Third installment of 2018 individual estimated tax due. 
  • September 17 – Corporation/S-Corporation/Partnership tax returns under extension due.  A penalty is imposed for late filing.  
  • October 15 – Final deadline to file 2017 personal income tax returns. 
  • October 31 – Third quarter 2018 payroll tax returns due.
  • Business auto mileage deduction for 2017 is 53.5¢ per mile.  It has increased to 54.5¢  for 2018.  It is critical that a log detailing the mileage and purpose of each trip is kept to support the mileage deduction.
  • The traditional and ROTH IRA contribution limit for 2017 and 2018 is $5,500.  Those over 50 may contribute an additional $1,000. 
  • For those with an HSA, the 2017 contribution limit for an individual is $3,400 and $6,750 for a family.  In 2018 it increases to $3,450 for individuals and $6,900 for families.   Those over 55 may contribute an additional $1,000. 
  • Charitable contributions will not be deductible unless a written record is kept. This may be a dated bank record, receipt or written communication from the charity. Donations to Politicians/Political Parties/PACs, etc are not deductible.  
  • Credits are available for postsecondary education.  To claim a credit, the taxpayer must provide Form 1098T from the school to support payments & receipts for books. 
  • There will continue to be penalties for those who do not have Minimum Essential Health Coverage in 2017.