Tax Calendar for dentists

John K. McGill, JD, MBA, CPA

Andrew Tucker, JD, CFP

Here’s your comprehensive 2018 tax calendar to help you file tax deposits, payroll taxes, and estimated payments in a timely manner, and to avoid costly penalties.

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January

Tuesday
1/16/18—Due to the observation of Martin Luther King Jr. Day

The final quarterly installment of your 2017 estimated individual income tax (including self-employment tax) is due. You have a choice: 1) pay now, or 2) skip this payment, file your Form 1040, and pay the balance by February 1. Make a note of when the payment is due because you will receive no bills from the IRS to jog your memory. If you paid in installments last year, use the preprinted installment vouchers showing your name, address, and Social Security number that are part of the Form 1040 ES worksheet that should have come with your tax return forms. You can obtain these vouchers from your local IRS office.

If you are a monthly depositor, complete Form 8109 (Federal Tax Deposit-Withheld Income and FICA Taxes) and deposit the taxes under the IRS tax deposit rules. Under these rules, if the practice’s total withheld income and FICA taxes for the 12 months ending June 30, 2017, were $50,000 or less, the practice must deposit taxes withheld during a calendar month by the 15th day of the following month. If the total exceeded $50,000, the practice must make semiweekly deposits. Under the semiweekly deposit rules, if a payroll is paid on Wednesday, Thursday, or Friday, the payroll deposit is due by the following Wednesday. If payroll is paid on Saturday, Sunday, Monday, or Tuesday, the payroll deposit is due by the following Friday.