Paying your taxes late is never an option—at least not if you want to avoid penalties or putting that coveted refund in jeopardy!
Unfortunately, the tax system can be a little complicated, and it’s often hard to know when to file, what to pay, and what form to use to do it. To help guide the way, we’ve created this handy breakdown of 2018 tax deadlines, straight from the IRS.
The Last Day to File Taxes – 2018 Tax Day
Typically, American workers are required to file their annual tax returns by Monday, April 15, often dubbed as “tax day.” This year is slightly different, with tax day falling on April 17, instead.
Despite the change in dates, the rule is the same. Your tax return—which details the income you made and the taxes you paid on it from January 1 to December 31 of 2017—must be turned over to the IRS by the end of the day on April 17. You also must have any additional tax payments paid by that time if you underpaid your income taxes throughout the year.
You’ll file your tax return for 2018’s income and taxes early next year. That date, like in years past, will once again be Monday, April 15.
Quarterly Taxes 2018
Many people—particularly those who are self-employed—must file taxes on a quarterly basis, rather than just once per year. These are called 1040 ES (ES for estimated) payments and are required when your taxes aren’t withheld automatically from your paychecks.
Corporations are also required to pay taxes on a quarterly basis, as are household employers who pay cash wages of $2,000 or more over the year. This includes any household that employs a nanny, maid, chef, or other in-home workers. Fishermen and farmers are subject to 1040 ES payments as well. These payments will need to be in by these 2018 tax deadlines:
- Quarter 1 (taxes on income made January 1, 2018, through March 31, 2018 – Deadline: April 17, 2018
- Quarter 2 (taxes on income made April 1, 2018, through May 31, 2018) – Deadline: June 15, 2018
- Quarter 3 (taxes on income made June 1, 2018, through August 31, 2018) – Deadline: September 17, 2018
- Quarter 4 (taxes on income made September 1, 2018, through December 31, 2018) – Deadline: January 15, 2019
You can make 1040 ES payments at IRS.gov or via mailed check. Check out this form for recommendations on how much tax you should pay based on your income level.
Employees who work for tips, like waiters, servers, or spa personnel must report these tips on a monthly basis to their employers using IRS Form 4070. Deadlines for these forms are: January 10, February 12, March 12, April 10, May 10, June 11, July 11, August 11, September 10, October 10, November 13, and December 10.
When are Taxes Due 2018?
As you can see, your 2018 tax deadlines and payments depend largely on your career, as well as how you’re compensated by your employer or your clients. If you’re unsure about what taxes to pay or when to pay them, consider consulting an accountant. Doing so could save you in costly penalties in the long run.
Remember, if you are thinking about buying a home or refinancing, your tax returns are used to verify your income—so take care to file them properly and on time. Want more advice for getting a mortgage or buying a house? Contact the Embrace Home Loans team today. We’re here to help.