Online Advisor
Timothy W. Tuttle & Associates

Volume 14 Edition 4                      Please email comments to                     Apr. 2018

Major Tax Deadlines:

For April 2018      

April 17

        Individual income tax returns for 2017 are due.

        2017 calendar-year C corporation income tax returns are due.

        2017 annual gift tax returns are due.

        Deadline for making 2017 IRA contributions.

         First installment of 2018 individual estimated tax is due.

Note: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees' pay and both the employer's and employees' share of FICA taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

        Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

        Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to you or your business, contact our office

When an Extension Makes Sense

While most people should file a tax return by April 17, you have the option of delaying your filing date until Oct. 15 with a tax extension.

When to file an extension

Know the IRS's "Dirty Dozen" Tax Scams

Every year the IRS releases its "Dirty Dozen" list of the year's most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams:

The Often-overlooked R&D Tax Credit

Tax credits are one of the best tax-reduction tools for your business because they directly decrease your tax bill dollar for dollar. The business research and experimentation credit, also called the "R&D credit" could be one opportunity worth looking at this year.

The R&D credit basics
The R&D credit allows business owners to reduce their tax relative to their spending on research and development of new products. It's often used by large businesses and corporations, but it can be used by small businesses as well.

The downside of the R&D credit is that you will need to keep careful documentation over several years. The calculation to determine business expenses that qualify for the credit can also be quite complex. That can be daunting, especially for a small business, but the benefits may still outweigh the cost and hassle.

Is the R&D credit right for you?
Here are answers to some common questions about the R&D credit to help you determine if it's right for your business:

         How should I get started? A consultation with an R&D credit expert can help to assess your situation and guide your efforts. It will help you understand how to document research activity, calculate costs and apply the credit to ensure you take advantage of the tax savings.

Stay Prepared to Sell Your Business

If you enjoy running your own business, selling it may be the furthest thing from your mind. But the reality is that eventually an opportunity to sell will come, whether due to your own life changes or a perfect buyer walking in the door. Planning, often years in advance of the sale date, is necessary to get the most value for the love, sweat and tears you've invested. Here are some tips to stay prepared:

Great Uses for Your Tax Refund

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it's really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to good use:

If you use some of your refund for one of the ideas here, you can also feel good about setting a little aside for yourself to have some fun!

Win the Battle Against Retirement Health Care Costs

When you think about how much money you'll need in retirement, you may consider your living costs, travel expenses and hobbies you'd like to enjoy. But you may be overlooking one of the largest costs for most retirees: health care. A recently retired couple will need an average of $275,000 to cover medical costs even after Medicare coverage, according to research by broker Fidelity Investments. Medical prices have nearly doubled in the past twenty years, according to statistics kept by the U.S. Department of Labor.

Here are some tips to meet the challenge of rising health care costs without compromising your other retirement goals:

Planning that takes into account rising health care costs can save you the added financial burden upon retirement, leaving more funds for the things you look forward to doing during your golden years.


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The information contained in this newsletter is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information on anything in ONLINE ADVISOR, or for assistance with any of your tax, business, or financial strategy concerns, contact our office.

Timothy W. Tuttle & Associates