Major Tax Deadlines for March 2016 & The myRA

March-2016-tax-deadlinesMarch 2016 Tax Deadlines
The following are the major tax deadlines for March 2016:

  • 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.

The myRA: A New Simplified Roth IRA

The myRA, a new simplitied Roth IRA, is the latest retirement plan If you haven’t yet begun saving for retirement, a myRA may be a reason to start. “myRA” is an acronym for “my Retirement Account.”

myRAs cost nothing to open, have no fees, and let you start saving with any amount that fits your budget. You can open a myRA even if you have other retirement accounts. Your myRA belongs entirely to you and can be moved to any new employer that offers direct deposit capability.

myRAs generally follow Roth IRA rules. That means the maximum contribution for 2015 and 2016 is $5,500 ($6,500 when you are over age 50). Contributions to your myRA are invested in a U.S. Treasury savings bond. The balance in your account earns interest and is guaranteed to retain its value.

The Department of the Treasury recently added new ways to fund myRAs. As before, you can choose to fund your account from your paycheck by completing a direct deposit authorization form and giving it to your employer. And now you also have the option of making direct deposits from a checking or savings account or from your federal income tax refund.

To learn more about myRAs, please contact us.

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