March 2016 Tax Tips
Major tax deadlines for March
* March 1 – Due date for farmers and fishermen who chose not to make 2015 estimated tax payments to file 2015 tax returns and pay taxes in full to avoid underpayment penalties.
* March 15 – 2015 calendar-year corporation income tax returns are due.
* March 15 – Deadline for calendar-year corporations to elect S corporation status for 2016.
* March 31 – Payers who file electronically must submit 2015 information returns (such as 1099s) to the IRS.
* March 31 – Employers who file electronically must submit 2015 W-2 copies to the Social Security Administration.
Plan for changes to social security
The Bipartisan Budget Act of 2015 made two changes to social security benefit strategies. "File and suspend" was a way for married couples to allow the higher earning spouse to claim benefits at full retirement age but suspend the benefits until a later date. Under the Act, this strategy will no longer be available after April 30, 2016.
"Restricted application" applied to married couples who had reached full retirement age and who were eligible for both a spousal benefit and a personal retirement benefit. These couples could file a restricted application for spousal benefits only, then delay applying for personal retirement benefits. If you'll turn 62 after 2015, the Act eliminated the ability to file a restricted application for only spousal benefits. However, if you were already 62 or older in 2015, you can continue to use the restricted application method for spousal benefits, but only upon reaching full retirement age.
This newsletter provides business, financial, and tax information to clients and friends of our firm. This general information should not be acted upon without first determining its application to your specific situation. For further details on any article, please contact us.
Posted on Thu, March 3, 2016
by Sherri Lareau