Glossary

1035 Exchange

A method of exchanging insurance-related assets without triggering a taxable event. Cash-value life insurance policies and annuity contracts are two products that may qualify for a 1035 exchange.

401(k) Plan

A qualified retirement plan available to eligible employees of companies. 401(k) plans allow eligible employees to defer taxation on a specific percentage of their income that is to be put toward retirement savings; taxes on this deferred income and on any earnings the account generates are deferred until the funds are withdrawn—normally in retirement. Employers may match part or all of an employee’s contributions. Employees may be responsible for investment selections and enjoy the direct tax savings.

401(k) Loan

A loan taken from the assets within a 401(k) account. 401(k) loans charge interest and are normally paid back through payroll deductions. If the borrower leaves an employer before a 401(k) loan has been repaid, the full amount of the loan is generally due. If the borrower fails to repay the loan, it is considered a distribution, and ordinary income taxes may be due, along with any applicable tax penalties.

403(b) Plan

A 403(b) plan is similar to a 401(k). A 403(b) is a qualified retirement plan available to employees of non-profit and government organizations.

Tax Calendar

by | Nov 13, 2018 |

Tax Calendar

K Key dates from the federal tax calendar.

January 31

Employers must send out W-2 Forms and 1099 Forms to employees and non-employees who provide services.

February 15

If you claimed exemption from income tax withholding on the W-4 Form you gave your employer last year, you must file a new Form W-4 by this date to continue your exemption for another year.

February 28

Businesses must file paper copies of Form 1099 with the Internal Revenue Service.

March 15

Partnerships must file for 1065 for the calendar year and pay any taxes due.

S Corporations must file form 1120S for the calendar year and pay any taxes due.

April 17

2017 individual income tax returns due, along with any tax, interest, and penalties due.

Last day to contribute to a traditional IRA, Roth IRA, or SEP-IRA for the 2017 tax year.

Estimated tax for the 1st quarter of 2018 due for those who do not pay their income tax throughout the year through withholding.

C Corporations must file form 1120 for the calendar year and pay any taxes due.

June 15

2017 individual income tax returns due for those who live outside the United States.

Estimated tax for the 2nd quarter of 2018 due for those who do not pay their income tax throughout the year through withholding.

September 17

Estimated tax for the 3rd quarter of 2018 due for those who do not pay their income tax throughout the year through withholding.

Partnerships tax returns due for those businesses that were given a 6-month extension to file returns for 2017.

S Corporations tax returns due for those businesses that were given a 6-month extension to file returns for 2017.

October 15

Individual income tax returns due for those who were given a 6-month extension to file income tax returns for 2017, along with any tax, interest, and penalties due.

C Corporations tax returns due for those businesses that were given a 6-month extension to file returns for 2017.

January 15, 2019

Estimated tax for the 4th quarter of 2018 due for those who do not pay their income tax throughout the year through withholding.