Staying on top of you taxes is an underappreciated aspect of successful self-employed people. Even if your tax professional handles this for you, it’s important to know the important tax dates and deadlines for 2017.
Important Tax Deadlines 2017: Quarterly Tax Due Dates
|Date||What's Due||Payment Period|
|April 17||Pay first installment of 2018 estimated tax||Jan. 1 - March 31|
|June 15||Pay second installment of estimated tax||April 1 - May 31|
|Sept. 15||Pay third installment of estimated tax||June 1 - Aug. 31|
|Jan. 16||Pay final installment of your previous year estimated taxes||Sept. 1 - Dec. 31|
If you’re a freelancer or own your own business, you may have to pay estimated quarterly taxes as part of the Self-Employment tax. This tax goes toward your Social Security and Medicare. W2 wage earners typically have their portion withheld from their pay automatically. You can pay the IRS online, by phone or by mail.
2017 Tax Due Dates: Annual Returns & Extensions
|Jan. 29, 2018||First day IRS accepts electronic tax returns||First official day of tax season. Taxpayers can submit before this date.|
|April 17, 2018||Final deadline for submitting 2017 tax returns||Federal income tax returns due|
|April 17, 2018||2017 Federal Tax Extension Deadline||Last day to file a tax extension for your 20167Federal Income Tax Returns|
|Oct. 15, 2018||Deadline for Tax Extension Filers||Last day to e-file a 2017 Federal Income Tax Return electronically - paper returns can be filed later - if you applied for extension.|
You can file your annual returns online or through the mail. If you’re entitled to a tax refund, you can check for it online. The IRS said it expects to issue 90 percent of refunds within 21 days of filing. It has also said that those who are claiming 2016 tax credits may experience a slight delay on their refunds.
How To Maximize Your Deductions & Pay Less in Taxes
Every taxpayer can benefit from deductions. A deduction, also sometimes called a write-off, lowers your taxable income. The lower your taxable income, the less in taxes you potentially have to pay.
Self-employed workers, freelancers and small business owners can potentially claim many more deductions than W2 workers. Here are some deductions that every self-employed worker should be aware of.
Health Insurance Costs
As a W2 employee, your employer would likely cover some portion of your health insurance. Self-employed workers generally have to shoulder those costs themselves.
To potentially help offset this burden, self-employed workers can write off the costs of their health insurance premiums. This also includes dental care, long-term care coverage and insurance plans that cover children up to 26 years old (whether they’re dependents or not).
The Mileage Deduction
If you use a personal vehicle for business purposes, every mile you drive could be valuable. That’s because the IRS lets you deduct 53.5 cents per business miles in 2017. While that may not seem like a lot, just imagine how quickly those miles and savings can add up. That’s why the mileage deduction is generally one of the largest write-offs self-employed workers have.
* This post is for general information purposes and does not constitute tax advice. Please consult a tax professional before making any tax-related decisions.
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MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.