April 15th isn’t the only important tax deadline you need to know about, especially if you are an employer, self-employed, a tax-exempt organization, or are in a unique tax situation.
Let’s do a quick refresher of the most critical tax dates that you will be facing this year.
January 15 – If you pay estimated tax, you need to send in your quarterly estimated tax payment for last year, unless you want to file your return and pay your full balance by Feb. 1.
January 20 – The IRS is officially open for business and will start processing tax returns for those who are ahead of the curve.
February 1 – Business owners need to send all their W-2s out to employees on this day along with 1099s to vendors and contractors.
February 15 – Financial institutions need to mail out 1099-B and 1099-S forms to report sales of stock, bonds, mutual funds, and real estate transactions. Employees who claimed exemption from withholding must also file a new W-4 form with their employers.
March 1 – Businesses that are filing their 1099 and 1096 forms by snail mail need to send those forms to the IRS today. If you happen to be a farmer and/or fisherman and have a balance due on your taxes, you’ll need to pay any balances owed today to avoid a penalty.
March 15 – Corporate tax returns are due today – Forms 1120, 1120A, and 1120S. For calendar year filers, today is your last chance to request a six month extension.
April 15 – The IRS rejoices, because all individual tax returns are due today. If you’re running a little behind, you still have to pay your taxes by this day, even if you request a six month extension to file your return.
For all you savers out there, this is also the last day you can make a contribution to your IRA, Roth IRA, Health Savings Account, solo 401k, or SEP-IRA for last year.
If you pay estimated taxes, first quarter estimated tax payments are also due today.
Today is also the deadline to file estate or trust income tax returns as well as partnership tax returns. If you aren’t quite ready yet, today is also the last day to request a five month extension.
May 15 – Tax-exempt organizations must file their tax returns for last year.
June 1 – Financial institutions need to get busy and send out Forms 5498 today to report last year’s retirement account earnings.
June 15 – Estimated tax filers, it’s that time again. Today is the deadline to pay second quarter estimated taxes.
If you are a United States citizen taking a sojourn in Paris or living anywhere else abroad, you must file your individual tax returns today or request a four month extension.
June 30 – Do you have $10,000 or more held in foreign bank accounts (in aggregate)? If so, then you must report these assets for last year by this deadline.
September 15 – Estimated tax payers, get your checkbooks out. Third quarter estimated tax payments are due.
If you requested an extension your corporate tax returns, trust income tax returns, or partnership tax returns, today is the moment of truth. Send those tax returns in.
October 1 – Don’t short change your retirement! If you are self-employed or a small employer, today is the last day you can establish a SIMPLE-IRA for this year.
October 15 – If you asked for an extension on your individual tax return, today is the final day to send in your return. It’s also the final day for to fund a SEP-IRA or solo 401(k) for last year if you received an extension to file your return.
December 1 – The year is almost up! Start doing what you can to max out tax advantages. Spend down remaining money in your Health Savings Account, sock more away into your retirement funds if you haven’t reached the maximum allowed, and consider any needed deductible medical expenditures. Get all of the planning out of the way before the holidays arrive. Your CPA can help you with this. Give him or her a call!
December 31 – Today is your last chance for any tax moves for the current year. It’s also the final day a self-employed person can set up a solo 401(k) account.
Need more tax help? Take a look at our growing archive of tax-related articles.