Important Tax Dates

Procrastinating on preparing taxes is not at all an uncommon practice. Putting them off is so easy and forgetting about them is even easier. Its good to mark off the important tax dates on your calender. If you are not paying your income tax through withholdings, January 15^th is the deadline for paying your fourth quarter estimated tax payment. If you are going to file your return and pay your balance in full before February 2, 2009, skipping this estimated payment is allowed without penalty. January 31 is the deadline for employers to distribute W-2s and for payers to come up with 1099 statements.

February 15^this a deadline for individual employees claiming exemption from withholdings to file a new W-4 with the employer. March 2^nd is the farmers and fishermen with a outstanding balance on their taxes are required to file their individual tax return and pay the balance by this date to avoid any penalties. A few weeks later, March 16^th enters in as the deadline corporate tax returns are due. These would include forms 1120, 1120A, and 1120S. It is also the deadline to request a extension for said forms.

We now come to the day of infamy. Every year it falls on the same date. And every year it painfully approaches. April 15^th is the deadline for individual filers to submit their 1040 forms. It is also the deadline to request an extension. An extension will grant the requester a 6-month grace period to file the return. Payment of the tax is still due on the 15^th and is generally submitted with the extension form.

The 15^th is also the deadline to: file a 2005 return and still be able to claim a refund, pay the first quarter of estimated tax payments for the 2009 tax year, make a contribution to an IRA, Roth IRA, or SEP-Ira for the 2008 tax year, and file a 1040X amendment tax return and still claim a return.

The last date of importance would be October 15^th, the deadline for tax returns that were granted the 6 month extension corresponding with the 4868 form. This is also the last day individuals can e-file.