tax-resource

We have included the following important information regarding 2016 tax dates and tax rates. Please view them below.

Important Tax Information

December 2015

December 10

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

December 15

  • Corporations – Deposit the fourth installment of estimated income tax for 2015. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

January 2016

During January 

  • All 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 of the posting by February 1.
  • 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. Form 1099 can be issued electronically with the consent of the recipient.

January 11

  • Employees – who work for tips. If you received $20 or more in tips during December, report them to your employer. You can use Form 4070 Employee’s Report of Tips to Employer.

January 15

  • Individuals – Make a payment of your estimated tax for 2015 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2015 estimated tax. However, you do not have to make this payment if you file your 2015 return (Form 1040) and pay any tax due by February 1, 2016.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2015.
  • Employers – Nonpayroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in December 2015.
  • Farmers and Fishermen – Pay your estimated tax for 2015 using Form 1040-ES. You have until April 18 to file your 2015 income tax return (Form 1040). If you do not pay your estimated tax by January 15, you must file your 2015 return and pay any tax due by March 1, 2016, to avoid an estimated tax penalty.

February 2016

February 01

  • 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. If you cannot file and pay your tax by February 1, file and pay your tax by April 18.
  • Businesses – Give annual information statements to recipients of 1099 payments made during 2015.

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.
  • 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.
  • 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.
  • 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.
  • 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.

February 16

  • 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.
  • Businesses – Give annual information statements to recipients of certain payments made during 2015. You can use the appropriate version of Form 1099 or other information return.
  • 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.

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

  • 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 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.
  • Large Food and Beverage Establishment 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 your due date for filing them with the IRS will be extended to March 31.
  • 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.
  • 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 General Instructions for Certain Information Returns 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, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms will still be February 1.

March 2016

  • Farmers and Fishermen – File your 2014 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2014 estimated tax by January 15, 2015.

March 10

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

March 15

  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.
  • Corporations – File a 2015 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
  • S Corporations – File a 2015 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.
  • Electing large partnerships – Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. The due date applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.
  • S corporation election – File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2016. If Form 2553 is filed late, S treatment will begin with calendar year 2016.

March 31

  • Electronic Filing of Forms – File Forms 1097, 1098, 1099, 3921, 3922, and W-2G with the IRS. This due date applies only if you file electronically. Otherwise, see February 29. The due date for giving the recipient these forms generally remains February 1.
  • Electronic Filing of Forms W-2 and W-2G – File copies of all the Forms W-2 (Wage and Tax Statement) and W-2G (Certain Gambling Winnings) you issued for 2015. This due date applies only if you electronically file. Otherwise, see February 29. The due date for giving the recipient these forms remains February 1.
  • Electronic Filing of Forms 8027 – File copies of all the Forms 8027 you issued for 2015. This due date applies only if you electronically file. Otherwise, see February 29.
  • April 2016

April 11

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

April 18

  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.
  • Individuals – File an income tax return for 2015 (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or you can get an extension by phone if you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A, or 1040EZ by October 17.
  • Household Employers – If you paid cash wages of $1,900 or more in 2015 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2014 or 2015 to household employees.
  • Individuals – If you are not paying your 2016 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2016 estimated tax. Use Form 1040-ES.
  • Partnerships – File a 2015 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 5-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then file Form 1065 by September 15.
  • Electing Large Partnerships – File a 2015 calendar year return (Form 1065-B). If you want an automatic 6-month extension of time to file the return, file Form 7004. Then file Form 1065-B by October 17. See March 15 for the due date for furnishing the Schedules K-1 to the partners.
  • Corporations – Deposit the first installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

May 2

  • Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2016. 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 May 10 to file the return.

May 2016

May 2

  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2016. 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 May 10 to file the return.
  • Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500.

May 10

  • Employees – who work for tips. If you received $20 or more in tips during April, report them to your employer. You can use Form 4070.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.

May 16

  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in April.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in April.

June 2016

June 10

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

June 15

  • Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 18. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 17.
  • However, if you are a participant in a combat zone you may be able to further extend the filing deadline.
  • Individuals – Make a payment of your 2016 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2016.
  • Corporations – Deposit the second installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

Tax Rates

 

2015 Tax Rates – Single Taxpayers – Standard Deduction $6,300

2014 Rates

10%

0 to $9,225

15%

$9,225 to $37,450

25%

$37,450 to $90,750

28%

$90,750 to $189,300

33%

$189,300 to $411,500

35%

$411,500 to $413,200

39.6%

Over $413,200

2015 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $12,600

10%

0 to $18,450

15%

$18,450 to $74,900

25%

$74,900 to $151,200

28%

$151,200 to $230,450

33%

$230,450 to $411,500

35%

$411,500 to $464,850

39.6%

Over $464,850

2015 Tax Rates – Married Filing Separately – Standard Deduction $6,300

10%

0 to $9,225

15%

$9,225 to $37,450

25%

$37,450 to $75,600

28%

$75,600 to $115,225

33%

$115,225 to $205,750

35%

$205,750 to $232,425

39.6%

Over $232,425

2015 Tax Rates – Head of Household – Standard Deduction $9,250

10%

0 to $13,150

15%

$13,150 to $50,200

25%

$50,200 to $129,600

28%

$129,600 to $209,850

33%

$209,850 to $411,500

35%

$411,500 to $439,000

39.6%

Over $439,000

2015 Tax Rates – Estates & Trusts

15%

0 to $2,500

25%

$2,500 to $5,900

28%

$5,900 to $9,050

33%

$9,050 to $12,300

39.6%

Over $12,300

 

 

 

Social Security

2015 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

12.4%

Maximum Taxable Earnings

$118,500

Medicare Base Salary

Unlimited

Medicare Tax Rate

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2015 Tax Rates

Personal Exemption $4,000

Business expensing limit: Cap on equipment purchases

$200,000

Business expensing limit: New and Used Equipment and Software

$25,000

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2015 tax liability

Standard mileage rate for business driving

57.5 cents

Standard mileage rate for medical/moving driving

23 cents

Standard mileage rate for charitable driving

14 cents

Child Tax Credit

$1,000

Unearned income maximum for children under 19 before kiddie tax applies

$1,050

Maximum capital gains tax rate for taxpayers in the 10% or 15% bracket

0%

Maximum capital gains tax rate for taxpayers above the 15% bracket but below the 39.6% bracket

15%

Maximum capital gains tax rate for taxpayers in the 39.6% bracket

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$5,500 if under age 50
$6,500 if 50 or older

Maximum employee contribution to SIMPLE IRA

$12,500 if under age 50
$15,500 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $53,000

401(k) maximum employee contribution limit

$18,000 if under age 50
$24,000 if 50 or older

Estate tax exemption

$5,430,000

Annual Exclusion for Gifts

$14,000

Education

2015 Tax Rates

American Opportunity Credit (Hope)

$2,500

Lifetime Learning Credit

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Contribution

$2,000

Standard Meal Rates for Family Child Care Providers for 2015 income tax returns

Continental U.S.

2015 Tax Rates

For each breakfast

$1.66

For each lunch or supper

$3.07

For each snack (up to 3 per day for each child)

$0.84

Alaska

2015 Tax Rates

For each breakfast

$2.66

For each lunch or supper

$4.99

For each snack (up to 3 per day for each child)

$1.37

Hawaii

2015 Tax Rates

For each breakfast

$1.94

For each lunch or supper

$3.60

For each snack (up to 3 per day for each child)

$0.99