Tax Deadlines: Are You Meeting Them?

Tax Deadlines: Are You Meeting Them?

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By early February, you should be well on your way to having your federal and state income tax forms organized and ready for your tax accountant. If you re particularly brave, and especially if you possess a solid tax software program, then you will handle the work yourself. Or at least you will get started that way.

The following are some important tax form deadlines for the tax year.

Jan. 15 — You did remember to file your fourth quarter taxes from last year on this date, right? Remember, there is a lag for when quarterly taxes are due with payments due in April, June, September and the following January for the respective quarter. Pay your estimated taxes on time and avoid fines.

Jan. 31 — Your employer or contractor must have sent out by this date your W-2 or 1099-MISC tax form. Whatever wages you earned from an employer or money derived from a contract must be listed on the appropriate form. Contracts that were for under $600 are not required to supply a form.

Jan. 31 — Other Form 1099s. There are numerous other reporting forms that have the 1099 designation. Form 1099-INT is for interest earned. Form 1099-C is for the cancellation of a debt. Form 1009-G covers certain government payments. And Form 1099-DIV is for dividends earned. These are due by the end of Jan. too.

Feb. 15 — The IRS delays the due date for some forms until the middle of February. For 1099-B — Proceeds From Broker and Barter Exchange — and Form 1099-S — Proceeds From Real Estate Transactions, are due. The Form 1099-MISC due date is Feb. 15 if “substitute payments in lieu of dividends or interest” or “gross proceeds paid to an attorney” are marked.

March 1 — For farmers and fishermen, your Form 1040 is due. You can delay the filing of your taxes until April 15, provided that you made your estimated tax payments including your Jan. installment.

March 15 — Corporate tax forms are due on this date. However, like personal returns, corporations may put in for a six-month extension and receive one provided that all taxes due have been paid.

April 15 — It’s tax day! For individuals that means filing Form 1040, 1040A, or 1040EZ. For an automatic six-month extension file Form 4868 and pay the estimated tax. You must also make the first installment of this year’s estimated tax.

Tax Notes

Quite easily, you can fall behind on what is due to the IRS and when. If you are a small business, the IRS tax calendar can help you stay on course.

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