Posted on
February 22, 2012 by
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Markets struggled for direction on Friday with few inputs from the news desk, but the prospect of a Greek deal next week enabled benchmarks to extend their gains to the highest levels this year. Cross-Atlantic developments had guided the markets on most of the days the week, while robust economic data single-handedly boosted the markets [...]
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Posted on
February 08, 2012 by
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What better time to search for work at home opportunities than now?! Maybe 2012 can finally be a year for legitimate telecommuting, (working from home) success for all of you. After all, this is part of the year for all those infamous resolutions that most of us fail to keep. Don't worry I'm not afraid [...]
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Posted on
February 07, 2012 by
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We’re now into that time the year that accountants and other
title="Who Should I Pick To Do My Taxes?" href="http://freefrombroke.com/cpa-tax-software-tax-preparation-company/">tax preparers refer to as “tax season.”
For the rest of us it’s panic season. We scramble to get together our tax documents and hope that we won’t have to pay taxes.
How many of you have filed your return the day it was due? I’m raising my hand (not easy to type like that).
Stressful, isn’t it?
Add to the stress the fact that not everyone files taxes the same. Some are individual filers while others file as self-employed. Corporations file taxes too.
But the tax deadlines aren’t all the same in every case. It’s enough to make your head spin, wondering “when are the tax deadlines for my taxes?”
Below you will find Federal Income Tax deadlines for 2012. Use these dates to your advantage and plan enough time to prepare your taxes before they are due.
Individual income tax filing due dates
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When it comes to filing income taxes, everyone is well acquainted with “April 15”— a date in America that’s so universally recognized that it sits in a category with the Fourth of July and December 25th.
But this year as last, April 15th isn’t April 15th, if you know what I mean. The IRS does adjust that date based on the calendar, and this is another one of those years.
This year’s due date for individual income taxes is Tuesday, April 17th. That’s right, you get two extra days to prepare and file your taxes (of course it’s better to have them prepared as early as possible).
It’s been extended by two days because the 15th falls on a Sunday this year, and the Monday after is
href="http://en.wikipedia.org/wiki/Emancipation_Day#Washington.2C_D.C.">Emancipation Day (which is a recognized holiday in Washington, DC, and several states).
If you are really on top of your taxes, the
title="Where is My IRS Form 1040 Tax Package (or Where Can I File Free)?" href="http://freefrombroke.com/where-is-my-irs-form-1040-package-free-tax-file/">IRS started accepting e-file and Free File returns on January 17th.
Need an extension to file?
Filing an extension moves the filing date out six months, to October 15, 2012.
The extension is automatic with the filing of Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). You must file the
title="5 Things You Should Know About Filing a Tax Extension" href="http://freefrombroke.com/5-things-you-should-know-about-filing-a-tax-extension/">tax extension form no later than the tax filing date of April 17.
It’s important to remember that the extension is NOT an extension to pay your taxes, but only to file the return.
Any tax liability required by the final return must be paid by April 17 otherwise tax penalties and interest will be incurred.
What about estimated tax payments for the self-employed?
id="attachment_11275" class="wp-caption alignright" style="width: 175px">
class="size-full wp-image-11275" title="Taxes_Are_Work-175" src="http://cdn.freefrombroke.com/wp-content/uploads/2011/11/Taxes_Are_Work-175.jpg?cda6c1" alt="federal income tax deadlines" width="175" height="117" />
class="wp-caption-text">Make sure you know the federal income tax deadlines for 2012!
Many taxpayers, particularly the self-employed, are required to make
title="What is Self-Employment Tax?" href="http://freefrombroke.com/what-is-self-employment-tax/">estimated income tax payments. This is done by sending tax payments with Form 1040ES.
The due dates for estimated tax payments are:
1st payment, April 17, 2012 – For the period January 1st through March 31st
/> 2nd payment, June 15, 2012 - For the period April 1st through May 31st
/> 3rd payment, September 17, 2012 - For the period June 1st through August 31st
/> 4th payment, January 15, 2013 - For the period September 1st through December 31st
Corporate income tax return (1120) filing dates
Since so many people are self-employed—many maintaining corporations in the process—it’s worth noting that corporate entities work on a different filing schedule.
The filing deadline for both corporations and S corporations is March 15. Or rather, the 15th of the third month after the corporation’s tax year ends. Many corporations follow the calendar year. If the corporation doesn’t then the third month rule applies after their fiscal year ends.
If you cannot file by the due date, you can file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. This will provide a 6-month extension of time to file (September 15, 2012). The corporation must file Form 7004 by the regular due date of the return.
Tax estimates are also required to be paid by corporations four times per year.
The due dates for the tax estimate installments are:
1st payment, April 15, 2012
/> 2nd payment, June 15, 2012
/> 3rd payment, September 15, 2012
/> 4th payment, December 15, 2012
If any date falls on a Saturday, Sunday, or legal holiday, the installment is due on the next regular business day.
Check with your accountant or income tax preparer for these and other significant tax date, or go to
href="http://www.irs.gov/">IRS.gov for more information.
Remember, if you are mailing in taxes they must be postmarked by the due date.
Don’t wait until the last minute. You never know what may come up or get lost. Give yourself a time cushion to prepare your taxes. It will feel SO much better to have them taken care of before their due date.
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href="http://freefrombroke.com/federal-income-tax-deadlines-to-file-taxes/">Federal Income Tax Deadlines to File Taxes for 2012
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