For individuals and corporations, filing tax returns is essential to ensuring compliance with tax rules and avoiding fines. Being aware of the crucial dates for completing tax returns aids taxpayers in staying on top of things and meeting deadlines. If you need assistance applying for Income Tax Return Filing or Online Income Tax Filing, contact Eazy StartUp.
The following are important dates to remember:-
1. January 31: Deadline for Employers to Send W-2 Forms
2. April 15: Individual Tax Return Filing Deadline
3. April 15: First Quarter Estimated Tax Payment Due
4. June 15: Second Quarter Estimated Tax Payment Due
5. September 15: Third Quarter Estimated Tax Payment Due
6. October 15: Extended Tax Return Filing Deadline
7. January 15 (of the following year): Fourth Quarter Estimated Tax Payment Due
January 31: Deadline for Employers to Send W-2 Forms
Employers must give W-2 forms to their staff by January 31. This form lists an employee’s annual salary and the amount of taxes deducted from their paycheck. Before submitting your tax return, you must get and verify your W-2 form as soon as possible to ensure all the information is correct.
April 15: Individual Tax Return Filing Deadline
The deadline for submitting individual tax returns (Form 1040) to the IRS is April 15. If this date falls on a weekend or a federal holiday, the deadline is extended to the following business day. It is imperative that you file your tax return by this date or request an extension to avoid late filing fines and interest on any unpaid taxes.
April 15: First Quarter Estimated Tax Payment Due
Freelancers, self-employed people, and others whose income is not subject to withholding taxes must make anticipated tax payments. April 15 is the deadline for the first quarter payment of the current tax year. Paying your estimated taxes on time guarantees you fulfill your tax responsibilities and helps you avoid fines for underpayment.
June 15: Second Quarter Estimated Tax Payment Due
June 15 is the deadline for the second quarter’s anticipated tax payment, which covers the income received during the second quarter of the year. By keeping track of forecasted tax payment deadlines, you can better manage your cash flow and prevent unanticipated tax bills.
September 15: Third Quarter Estimated Tax Payment Due
September 15 is when the third quarter anticipated tax payment is due. If you anticipate owing $1,000 or more in taxes this year, you must keep up with these payments. Maintaining a regular savings account for these installments can assist you in meeting your tax responsibilities.
October 15: Extended Tax Return Filing Deadline
If you requested an extension on your individual tax return, the extended date to file is October 15. Filing an extension prolongs the time you have to finish your return, but it does not extend the period you have to pay any outstanding taxes. To save fines and interest, pay any estimated taxes by April 15.
January 15 (of the following year): Fourth Quarter Estimated Tax Payment Due
The fourth quarterly anticipated tax payment for the preceding tax year is due on January 15 of the subsequent year. This payout covers the income from the final quarter of the year. By making this payment on schedule, you can meet your tax responsibilities and prevent underpayment penalties.
Conclusion
Maintaining compliance with tax regulations and avoiding penalties requires understanding and adhering to crucial tax filing deadlines. These are important dates to keep in mind. If you need assistance applying for Income Tax Return Filing or Online Income Tax Filing, contact Eazy Startup.