April 15 – But It’s Not Tax Day?!

Crazy woman with tax sheets

Tax-crazy

Today is April 15 but it isn’t Tax Day.  The deadline for filing your 2015 taxes is actually Monday, April 18.  That’s good news if you’ve been procrastinating because you get a few more days!

The reason for the deadline being moved is because today is Emancipation Day in Washington DC. Emancipation Day is a holiday in marking the anniversary of the signing of the Compensated Emancipation Act, which president Abraham Lincoln signed on April 16, 1862. Normally it is held on April 16th, but being a Saturday this year it is being observed on April 15.  Government employees in DC enjoy the day off today, including those at the IRS.  The filing deadline had to be moved to the next business day – April 18.

If you still need to file an extension for your 2015 you can do so with Form 4868.  Contact me if you need help with your extension or tax filings.

Estimated Tax and 1099-MISC Deadlines

This message is to remind you of two important upcoming tax deadlines:

  1. January 15 is the deadline for the fourth and final estimated tax payment for 2014. Make sure your estimated payment is postmarked by the 15th. You might want to send it certified return receipt to be sure of when it arrives.
  2. 1099-MISC forms are due to contractors by January 31. They are due to the IRS by February 28 for paper filing or March 31 for electronic filing. For more information on who needs to receive a 1099-MISC please refer to this post.

Need help with either of these deadlines? Get in touch with me!

2013 Corporate Tax Return Deadline March 17, 2014

March 17 is the 2013 corporate tax filing deadline

The business tax return deadline is quickly coming!  Normally C- and S- corporation tax returns are due on March 15th, but this year that date is a Saturday so the kind folks at the IRS make the following Monday, March 17th the deadline instead.

At this point if you haven’t gotten your information to your CPA yet you are probably going to go on extension.  This is done by filing IRS Form 7004.   This gives you an extra 6 months- until September 15- to complete your tax return.  For C-corporations if you owe any tax for the 2013 year this form allows you make a payment for the balance due.

Tweet it! March 17 is the 2013 corporate tax filing deadline.  File Form 7004 to get an extension until September 15. @BetteHochberger 

recite-corporate filing deadline march 17 2014

For more tax dates check here.

2012 Individual, Partnership, LLC, and Trust returns are due April 15, 2013

The tax filing deadline for individuals (Form 1040), partnerships and LLCs (Form 1065), and trusts (Form 1041) is next Monday, April 15, 2013. If you have not started your tax return yet you might want to consider filing an extension form. Individuals file Form 4868, and partnerships, LLCs, and trusts file Form 7004.

Why should you file an extension? By filing an extension you will avoid late filing penalties and interest. Remember, an extension to file is not an extension to pay. If you owe taxes this year you are still supposed to be paid in by April 15. If not you might owe penalties and interest. Confused? Need help? Hire a CPA. 🙂

Taxpayers Claiming Education Credits Wait Until February To File

With all of the changes to the tax code that were signed earlier this year the IRS is scrambling to catch up.  If you are a taxpayer that claims one of the education tax credits- the American Opportunities Credit and the Lifetime Learning Credit- using Form 8863 you will need to wait until mid February to file your return.  This is because the IRS needs time to test their systems and ensure proper computations.  Read more about it here.