February 2017
Most people file a tax return because they have to, but even if you think you don't need to, there may be times when you should--because you might be eligible for a tax refund and not know it.
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As tax season approaches, taxpayers are reminded to be on the lookout for a series of evolving tax scams related to identity theft and refund fraud.
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If you are having trouble paying your debts, it is important to take action. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets or even your home. If you're in financial trouble here are some steps to take to avoid financial ruin in the future.
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Are you taking care of an elderly parent or relative? You may be able to claim him or her as a dependent on your tax return as long as you meet certain criteria. Keep reading to learn more.
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Many tax provisions were made permanent with the passage of the PATH Act in late 2015, but more than 36 others expired at the end of 2016. Here are the five that are most likely to affect taxpayers like you.
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TAX DUE DATES 

February 1

Employers - Give your employees their copies of Form W-2 for 2015 by February 1, 2016. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee by February 1, 2016.
Businesses - Give annual information statements to recipients of 1099 payments made during 2015.
Employers - Federal unemployment tax. File Form 940 for 2015. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 10 to file the return.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2015. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.
Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2015 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.
Individuals - who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2015. Filing your return and paying any tax due by February 1, 2016 prevents any penalty for late payment of last installment.
Payers of Gambling Winnings - If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W-2G.
Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more from 2015 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return.
All businesses - Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return.

February 10

Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2015. This due date applies only if you deposited the tax for the quarter in full and on time.

Farm Employers - File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year in full and on time.

Certain Small Employers - File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2015. This tax due date applies only if you deposited the tax for the year in full and on time.

Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2015 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.

Employers - Federal unemployment tax. File Form 940 for 2015. This due date applies only if you deposited the tax for the year in full and on time.

February 16

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.
Individuals - If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.
All businesses. Give annual information statements to recipients of certain payments you made during 2015. You can use the appropriate version of Form 1099 or other information return.

February 17

Employers - Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2015, but did not give you a new Form W-4 to continue the exemption this year.

February 29

Businesses - File information returns (Form 1099) for certain payments you made during 2015. These payments are described under February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the 2015 Instructions for Forms 1099, 1098, 5498, and W-2G for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.
If you file Forms 1097, 1098, 1099, 3921, 3922, or W-2G electronically (not by magnetic media), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms is still February 1.
Farmers and Fishermen - Farmers and fishermen. File your 2015 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2015 estimated tax by January 15, 2016.
Payers of Gambling Winnings - File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2015. If you file Forms W-2G electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 1.
Employers - File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2015.
If you file Forms W-2 electronically (not by magnetic media), your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms is still February 1.
Employers - with employees who work for tips. File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically (not by magnetic tape), your due date for filing them with the IRS will be extended to March 31.
IN THIS ISSUE
Tax Tips

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