Important Tax Dates in America

It is more popular than Saint Patrick’s Day, Columbus Day, and Veteran’s Day, and yet it is does not appear on any calendar printed in the United States. More than one hundred and forty million Americans observe this date by sending letters, either electronic or paper. No, it is not Mother’s Day. Give up? We are speaking, of course, about Tax Day.

Since 1955, every American who owes money to the federal government must file an individual tax return on April 15th. When Tax Day falls on a weekend or a holiday, tax returns are typically due on the following business day. Neglecting to file a return can be considered a crime punishable by heavy fines and even imprisonment.

General Tax Calendar

Most Americans only recognize one Tax Day, April 15th. But there is actually an entire tax calendar that must be observed by employers and people who pay excise taxes. This calendar is divided into a fiscal year that includes four quarters. Let us take a moment to review the most important tax dates for individual and business owners.

Individuals

As we mentioned, all taxpayers must file an individual tax return (form 1040) on April 15th of each year. If the taxpayer owes estimated tax payments, they are due on the 15th day of the fourth, sixth, and ninth months of the tax year and on the first day after the year ends.

Partnerships

No matter the size of the business, all partnerships must file a 1065 form on April 15th, just like individual taxpayers. Each partner must file their own form at the close of the partnership’s tax year. Failure to do so could result in a massive tax debt.

Corporations and S Corporations

Forms 1120 and 1120S must be filed on the 15th day of the third month after the corporation concludes its tax year. S corporations are required by law to provide each and every shareholder with a copy of their Form 1120S shortly after it has been filed. Like individual taxpayers, corporations also file estimated tax payments on the 15th day of the fourth, sixth, ninth, and twelfth month of their corporate tax year.

Employer’s Tax Calendar

There are over twenty-seven million businesses in America and all of them have to observe important tax dates or risk tax debts. It is actually not as complicated as it may seem. There are really only three federal taxes that you, the employer, must file in addition to your regular tax returns. First, you must turn over the income tax you withheld from your employee’s wages. Second, you must remit FICA taxes, i.e. social security and Medicare Taxes. Third, you must pay federal unemployment tax (FUTA). As long as you submit all three, you won’t have to worry about IRS problems.

Because the important tax dates can be confusing and there are numerous tax forms that every business owner must file, most of them worry about IRS problems. They worry that they won’t get a certain form in on time or that they will make a mistake and be saddled with a massive tax debt. But with the help of an experienced tax advisor, you can eliminate all those needling concerns and focus on your business.