With the start of the new year, the next tax season is coming closer. Here are the key 2018 tax deadlines you need to know for your 2017 tax filings.

Tax due dates for Individuals

  • Initial Apr 17 – April 15th 2018 is a Sunday, and the following Monday is a holiday in the District of Columbia, therefore the initial filing due date with be on Tuesday, April 17.
  • Expats Jun 15 – Expat living abroad get an automatic 2 months extension.
  • Extended Oct 15 – The final deadline for those individuals who filed for an extension.

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Many US entrepreneurs set up an LLC in the beginning, because it is straightforward and not too expensive. Generally, this is a good approach for the start as LLCs offer liability protection and other advantages. However, entrepreneurs are often not aware that with increasing income, switching from LLC to S Corp makes financial sense.

Why you should consider switching from LLC to S Corp

As your income from your LLC increases, so does the self-employment tax. You earn more, you pay more tax, but your ability to contribute to retirement accounts does not change. This is where converting the LLC to S Corp has advantages. Read More