If you owe taxes, you will need to make a payment by 4/17/18 to avoid a late payment penalty. We can extend the due date of a return, but the extension does not extend the date to pay. If you think you might owe for your 2017 taxes, please refer to your 2017 tax review prepared by BBD.
To make a payment for Federal or MN taxes, please follow the instructions below:
FEDERAL EXTENSION PAYMENTS:
Please print the coupon and write a personal check for the amount listed on Line #7 of this form. The payments should be postmarked and mailed by 4/17/18. Please use a PERSONAL check for this payment.
The address for the payment is: Internal Revenue Service, P.O. Box 802503, Cincinnati, OH 45280-2503
MINNESOTA EXTENSION PAYMENTS:
Please print the coupon and write a personal check for the amount listed on this form. The payments should be postmarked and mailed by 4/17/18. Please use a PERSONAL check for this payment.
The address to send the payment is: Minnesota Revenue, P.O. Box 64058, St. Paul, MN 55164-0058
For amounts to pay, please refer to your 2017 tax review prepared by BBD. To avoid any penalties, you would need to make a tax payment by the 4/17/18 deadline. At this point, we will be filing an extension for your 2017 personal tax return. However, if you owe tax, you would need to have it paid in by 4/17/18 to avoid any late payment penalty.
Quarterly estimated payment due dates:
- 1st Quarter Payment due on: 04-17-18
- 2nd Quarter Payment due on: 06-15-18
- 3rd Quarter Payment due on: 09-17-18
- 4th Quarter Payment due on: 01-15-19
If your 2017 returns are currently complete, read here:
If we have completed your 2017 tax returns your estimated tax payments have already been calculated. You will need to log in to your myBBDPass account to access this information.
How much do I pay and how do I print my coupons? myBBDPass How To … Access Estimated Payments
Your 2018 Estimated Payments are printed to a separate .pdf file in your myBBDPass account. For instructions on how to access your Estimated Coupons and Amounts, click here: myBBDPass How To … Access Estimated Payments
NOTE: If you have set your payments up for Automatic Withdrawals:
You will not need to mail in a payment. Your filing instructions will indicate whether you need to write a check or if you are setup for automatic payments. Please note the amount and make sure the funds will be available in your PERSONAL bank account on the due date listed above.
If you have any questions or cannot locate your payment coupons, please email your accountant in charge or firstname.lastname@example.org.
BBD has NOT completed my 2017 Tax Returns yet:
If your 2017 return is not complete yet, we HAVE NOT calculated your 2018 estimated payments. If you think you will need to make a tax payment or want to make a payment, please email your accountant in charge or email@example.com.
Starting on January 1st, 2018, all Minnesota LLC’s filed prior to August 1st, 2015 will have some new changes. This post is meant to inform you about this upcoming change. This effects all LLC’s filed in Minnesota prior to August 1st, 2015, under the prior LLC Act.
WHAT DO YOU NEED TO KNOW?
Everything you need to know is listed here:
2018 LLC Update
NOTE: Business by Design cannot provide you with any legal advice on this matter. However, BBD has made an arrangement with a law firm (Virtus Law) to help you with this process if you choose to do so.
If you have any questions or concerns, please contact one of our BBD staff listed below.
Do you know your business partner… the IRS?
It is that time of the year again… time for some year end planning with your business and taxes. Business by Design wants to help you get in the right mindset for the end of year. We have prepared some information for you to consider as you enter the final weeks of 2017.
Click on the link below for a copy of the material Paul Miller presented at your Edina Realty event.
Click HERE to view the presentation:
2017 Tax Quiz – Edina Realty
Deadline is October 1st.
If you are looking to set up a SIMPLE IRA for your business in 2017, the deadline to do so is October 1st. All new plans must be set up by October 1st to be used and funded in 2017. Using a SIMPLE IRA will allow you to make both Employee (EE) contributions, along with Employer (ER) contributions.
- Employee contributions can be up to $12,500 for 2017. The employer contributions may vary slightly, but would generally be about 3% of wages to all eligible employees.
Deadline to fund the plan.
- Employee contributions – must be withheld from pay by December 31st and remitted to the investment firm as soon as reasonably possible
- Employer contribution – must be made by the tax return due date, including extensions
If you have further questions about the SIMPLE IRA plan set up or options, please reach out to your financial advisor for information on this plan.
Business by Design does not set up these plans or provide financial advice, however, we do want to be sure you are aware of the deadline.