Tax Return Filing Deadlines
March 15th Form 1065,or 1120(s) - Extension deadline is September 15th
April 15th Individuals (1040) and Corporations (1120) - Extension deadline for Individual returns October 15th
May 15th For Calendar year - Nonprofit organizations (990) - Automatic 3 month Extension deadline is August 15th
Calendar Yearend Nonprofit organizations (990) - Additional 3 month Extension deadline is November 15th
Estimated Tax Payment
Estimated tax is a method used to pay tax on income that is not subject to withholding. This includes but is not limited to income from self-employment, interest, dividends, alimony and rent. Failure to pay estimated payments by the due date of each payment period could result in a penaly being charged againts you when you file your tax return.
Payment due dates:
1st Quarter - April 15th
2nd Quarter - June 15th
3rd Quarter - September 15
4th Quarter - January 15th next year
Recordkeeping Tips from the IRS
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized. Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made during the year.
Here are a few things the IRS wants you to know about recordkeeping.
Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you receive an IRS notice. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return.
Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:
- Credit card and other receipts
- Canceled, imaged or substitute checks or any other proof of payment
- Any other records to support deductions or credits you claim on your return
You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:
- A home purchase or improvement
- Stocks and other investments
- Individual Retirement Arrangement transactions
If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:
- Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC
- Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips and invoices
- Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments
- Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks
For more information about recordkeeping, check out IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676 )
