Video:What Is a Typical Schedule for Critical Tax Deadlines
with Edward D. BoveaBe away of critical tax deadlines to avoid costly penalties. Watch this About.com video for an overview of important dates to keep in mind during a typical tax schedule.See Transcript
Transcript:What Is a Typical Schedule for Critical Tax Deadlines
Hello! I am Edward Bovea with About.com. As an accountant I know that with so many tax deadlines it may seem difficult to stay up to date with the IRS. In this video I will provide you with the critical deadlines you need to know for filing tax returns and payments that need to be submitted to the IRS.
January Tax Deadlines
In beginning of every year companies and financial institutions are preparing all documents that need to be mailed out. This is the time when you usually receive your W-2 form or 1099 form from your employer.
Mid to Ending of January Tax Deadlines
The IRS begins to accept electronic filing submission of income tax return usually towards the middle end of January. Electronic filing is a safe and effective way to submit your income tax return to the IRS.
For individuals who make payments to the IRS the last 4th quarter payment is usually due by the middle of January.
January 31 Tax Deadlines
By January 31st all W-2 or 1099 forms must be reported and mailed out by your employer. Also, keep in mind any additional income, interest income or dividends by bank institutions acquired during the year.
March 15 Tax Deadlines
March 15 is the deadline to submit corporate tax returns (Form 1120, 1120A, and 1120S.) It is recommended for corporate owners to do bookkeeping on a month to month basis. You may also request an automatic extension of 6 months. It is important to remember that there is a high costly penalty for submitting the corporate tax return late.
Mid April Tax Deadlines
Tax Day! The deadline to submit individual and partnership tax return (Form 1040, 1040A, or 1040EZ) is during the middle of April-- the dates vary each year. You may also request an automatic extension of 6 months. The payment of tax is submitted along with your return. If you unable to send the full balance owed, you may also request an Installment Agreement which requires a submission of payment each month until the balance is dissolved.
The 1st estimated tax payment for the year is due by the middle of April.
May 16 Tax Deadlines
May 16th is the deadline for non for profit organizations to submit information returns (form 990). A request for an automatic extension of time can also be submitted.
Mid-June Tax Deadlines
The deadline for 2nd quarter estimated tax payment is due in the middle of June.
Mid-September Tax Deadlines
The deadline for 3rd quarter estimated tax payment is due in the middle of September. Corporations that filed for automatic extension of time are due by the middle of September.
Keep a schedule of these critical tax deadlines in order to organize and prepare yourself for the upcoming tax year. Also, keep in mind that specific dates vary with each tax year, so it is essential to be aware of the date changes. For more information you may visit us at About.com