30 Oct 2014 Tax Deadlines and Planning
Tax Deadlines and Planning Timeline
2015 Deadlines and Time Frames to Note
October 1-31 Review files, clean up open items, review 1099 eligible vendors, request missing information.
November 1-31 Update annual and quarterly client files
November 1-15, 2014 Review copies of year to date financials to financial Advisors, Tax planners and CPAs
November 15-Dec 15 Complete budgeting for 2015
November 27-28, 2014 FIB closed for Thanksgiving
December 1-15 Compile and report health benefit totals for W-2 forms if not already being recorded with your payroll provider.
December 1-15 Compile and report health benefit totals for W-2 forms if not already being recorded with your payroll provider.
December 24-26, 2014 FIB closed for Christmas Holiday
Jan 1, 2015 FIB offices closed for New Years
Jan 1-31, 2015 Reconcile 2014 accounts
Feb 2, 2015 Deadline to Mail W-2s & 1099s; Begin to send files to CPAs for tax return preparation
Employers who unintentionally misclassify workers also run the risk of significant penalties and interest, so being overly cautious never hurts. Even more, if a small business fails to file a W-2 or 1099, they can be fined up to $500,000, which can even gather interest if it remains unpaid.
March 2nd, 2015 Deadline for Businesses to Mail Paper 1096 forms & Deadline to get tax info to CPA for Corp tax filing
March 3, 2015 Deadline for farmers and fishermen who have a balance due on their taxes to file their individual tax return and pay the balance due without incurring any late payment penalties. For more details, see the Farmer’s Tax Guide (Publication 225, especially chapter 15).
March 16, 2015 Deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2013, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year.
March 31, 2015 E-file 1099/1096 Deadline
April 1, 2015 Deadline to get information to CPA for personal Tax filings
April 15, 2015
- Deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2014 or to request an Automatic Extension (Form 4868). An extension provides an extra six months to file your return. Payment of the tax is still due by April 15th. You can submit payment for tax along with the extension form.
- Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2014 tax year. (However, if you get an extension, you will have until October 15th to fund a SEP-IRA or solo 401(k).)
- 1st quarter estimated tax payments due for the 2015 tax year.
- Final deadline to file an original tax return (Form 1040) for tax year 2011 and still claim a tax refund, as refunds expire three years from the original due date of the tax return.
- Final deadline to file amended tax return (Form 1040X) for tax year 2011 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail receipt.)
- Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic 5-month extension of time to file (Form 7004).
- Deadline to file partnership tax returns (Form 1065) or to request an automatic 5-month extension of time to file (Form 7004).
- Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2011, as refunds expire three years from the original due date of the tax return.
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