Have a Tax Question?

Know Your Tax Dates!

Some important tax dates for the year to remember are: 


January 1st  -Claim spousal benefits

Clients who are 62 or older by Jan. 1, 2016 retain the right to claim only spousal benefits when they file for Social Security at age 66 or later, allowing their own retirement benefit to grow up to age 70, assuming the other spouse has already filed for benefits. Under a new law, younger clients lose this valuable claiming option. 


January 15th - Pay quarterly federal taxes

Many retirees pay their federal taxes quarterly. For those who file estimated taxes, the final payment for 2015 is due on Jan. 15. They can skip the final estimated payment if they file their 2015 federal tax return and pay the entire balance due by Feb. 1, 2016. Clients can reduce or eliminate their quarterly tax obligations by having income taxes withheld from their Social Security benefits, pensions and retirement plan distributions.


March 15th Corporation Federal Tax Returns due


April 1st, 2016 - Take required minimum distribution

Clients who turned 70 ½ in 2015 must take their first required minimum distribution from their IRA, 401(k) or other traditional retirement accounts by April 1, 2016. But if they wait until then, they will have to take a second distribution by Dec. 31, 2016, and by each Dec. 31 thereafter. The penalty for missing an RMD is 50% of the amount that was not withdrawn.


April 18th 2016 - Federal tax filing deadline

The federal tax filing deadline is three days later than usual this year because of the celebration of Emancipation Day on April 15 in Washington, D.C. Some state tax filing deadlines differ. A six-month extension is available to file a federal tax return, but any taxes owed are still due by April 18. It's also the deadline for the first quarterly estimated federal tax payment for 2016.


April 30th 2016 - Deadline to file & suspend Social Security benefits

The deadline to file and suspend Social Security benefits under existing rules for clients who are 66 or older is May 1, 2016. That allows workers to trigger benefits for a spouse while their own retirement benefits continue to grow by 8% per year up to age 70. Beginning May 1, no one will be able to collect Social Security benefits during a suspension period, and the ability to request a lump sum payout of suspended benefits will disappear.


June 15th - Second Quarterly Estimated Tax payment due


September 15th - 3rd Quarterly Estimated Tax payment due. Extended Federal Corporate Tax Returns Due


October 15th - Open enrollment for Medicare changes


October 17th - Extended Personal Tax Returns Due also last day to undo Roth Conversions.


December 31st - Last day to move money for tax purposes

Deadline for end-of-year tax moves - A crucial deadline for several tax moves including taking annual required minimum distributions from retirement plans, making charitable donations that qualify for a tax deduction if you itemize, and selling depreciated securities that can be used to offset investment gains.

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