For any tax payer it is important to know and remember the deadlines prescribed for meeting the defined tax obligations.It is however, not easy always to remember every prescribed deadline and therefore we have tried to give below important month wise dates which a tax payer needs to remember.
Important Tax Preparation Dates
Use the following general guidelines.
- File Federal Tax Return in Form 1040 and due date for filing Form 1040 is 15th day of the 4th month after the end of tax year.
- The due dates for the payment of estimated tax payments (Form 1040-ES) would be 15th day of the 4th, 6th, and 9th months of tax year and on the 15th day of the 1st month after tax year ends.
- File Form 1065. This form is due on the 15th day of the 4th month after the end of the partnership's tax year.
Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.
- File Form 1065-B in case of electing large partnerships and due date for the filing of this form would be 15th day of the 4th month after the end of the partnership's tax year. Provide each partner with a copy of Schedule K-1 (Form 1065-B) or a substitute Schedule K-1 by the first March 15 following the close of the partnership's tax year.
Corporations and S Corporations
- File Form 1120 and Form 1120S (or Form 7004) and due dates for filing would be 15th day of the 3rd month after the end of the corporation's tax year. S corporations must provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
- Pay estimated tax on due dates which would be 15th day of the 4th, 6th, 9th, and 12th months of the corporation's tax year.
- File Form 2553 if want treatment as S corporation. The due date for the filing for this form is 15th day of the 3rd month of the first tax year to which the choice will apply or at any time during the preceding tax year.
File information returns (Form 1099) due to certain payments made during the tax-year. These payments described under January 31 and use different form for different type of payment. Use a separate Form 1096 to summarize and transmit the forms for each type of payment.
See instructions for Forms 1099, 1098, 5498 and W-2G, to know what payment is covered, which form have to be use, extensions of time to file any form and how much the payment must be before a return to file. If you file Forms 1098, 1099, or W-2G electronically (not by magnetic media), the due date for filing them with the IRS will be extended to March 31. But due date for giving the recipient these forms remains January 31.
File calendar year income tax return (Form 1120 or 1120-A) and pay tax if any due for payment and if want an automatic 6-month extension of time to file the return, file Form 7004 but deposit what you estimate and what you owe i.e. estimated tax.
- Electronic filing of Forms 1098, 1099, and W-2G
- File Forms 1098, 1099, or W-2G with the IRS. This due date applies in case of electronically filing except magnetic media filing. For information about filing Forms 1098, 1099, or W-2G electronically, see Publication 1220 of IRS, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically.
Deposit the first installment of estimated income tax. To know the tax owed a worksheet, Form 1120-W, is available.
Deposit the second installment of estimated income tax for the year on this date. For which first installment has been paid if not, a worksheet, Form 1120-W, is available to know the estimate tax.
- File calendar year income tax-return in the format of Form 1120 or 1120A and pay tax, interest, and penalties due if any. This due date applies if timely request has been filed for an automatic 6-month extension. Otherwise, see March 15.
- Deposit third installment of estimated income tax for the year to get the payable amount use worksheet, Form 1120W.
Deposit the fourth installment of estimated income tax and to get the payable amount use worksheet, Form 1120W.
If any payment has been made during the year, issue annual information statements to all recipients of certain payments. Use the appropriate version of Form 1099 or other information return for that. It can be issued electronically with the consent of the recipient. Payments, for which Forms have to be issued, may be as under.
- Amounts paid for broker and barter exchange transactions.
- Payments to attorneys.
- Cash payments for fish (or another aquatic life) purchased from someone engaged in the trade or business of catching fish.
- Compensation to workers, which are not considered as employees (including crew members to which fishing boat proceeds have been paid)
- Dividend and other corporate distributions.
- Amount paid in real estate transaction.
- Profit-sharing distributions.
- Retirement plan distributions.
- Original issue discount.
- Prizes and awards.
- Medical and health care payments.
- Debt cancellation (treated as payment to debtor).
- Cash payments over $10,000. (Form 8300’s instructions applied, for reporting of Cash
- Payments over $10,000 received in a any Trade or Business)
Employees who work for tips
If you have received $20 or more in tips during any month, it needs to be reported to your employer in the month following the month of receipt of such payment. The reporting is to be done before 10th day of the reporting month.For such reporting, use Form 4070.
Farmers and fishermen
- Pay estimated tax for the year using Form 1040-ES. You must file your yearly income tax return (Form 1040) before April 15.
- If no payment of estimated tax has been made by January 18, must file yearly return and pay tax due if any by March 1 of the next year, to avoid an estimated tax penalty.
File income tax return (Form 1040) and pay tax due if any. However due date for filing the return should be April 15 if payment for estimated tax has been made by January 18, 2005.
- If cash wages of $1,400 or more to a household employee have been made during the year, must file Schedule H.
- If there is requirement to file a federal income tax return (Form 1040), file Schedule H with the return and report household employment taxes.
- Report any federal unemployment (FUTA) tax on Schedule H if wages paid in cash i.e. $1,000 or more in any calendar quarter of 2003 or 2004 to household employees.
- Also, report income tax withheld for your household employees. For more information, see Publication 926.