Tax season is here. Regardless of whether you are a regular 9-to-5 employee or a self-employed freelance contractor or consultant, you will probably need to file an annual tax return by mid-April. There are years when some circumstances cause a change of a tax deadline date, for instance when the typical date (April 15) falls on a weekend. (Be sure to refer to IRS.gov for current tax deadlines to ensure your tax return is submitted on time each year.)
But April 15th isn’t the only important tax deadline to mark on your calendar. This article includes this year’s important tax deadline and filing requirements to keep you on track. To help make sure your business taxes or personal taxes include the right information and are filed on time, we suggest enlisting the help of a local CPA to put your mind at ease.
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Tax Day
Taxes are usually filed by April 15, and this year’s tax deadline is no exception. It is known as “Tax Day” and is the deadline for filing a federal income tax return. If you need more time, you can request a six-month extension that delays your deadline until October 15.
Required Documents for Tax Filing
Tax Documents for Individuals
For individuals, tax filing requires a certain set of documents to ensure accuracy and compliance with the law. This includes:
- Income statements such as W-2s or 1099s
- Your social security number or individual taxpayer identification number
- Charitable donation receipts, if applicable
- Bank account information for direct deposit refunds
- Any other relevant financial statements
Tax Documents for Businesses
Having the proper documents organized ahead of time allows tax filers to make sure nothing is missed when it comes time to file taxes. Business owners must provide the following information in completing tax returns:
- Federal Employer Identification Number (EIN)
- Gross revenue documentation from all sources of income
- Expense reports for deductions (e.g., travel expenses, office equipment costs)
- Records related to investments (e.g., real estate holdings and stock purchases/sales)
Additionally, business owners may need property tax bills if they own physical property used in the operation of their business.
Key Tax Deadlines to Know
While this year’s main tax deadline is important, there are several other important tax dates to bear in mind.
January 16: Due date for final estimated tax payment for the past year. This tax payment applies to income earned from September 1 through December 31 in the previous year.
January 29: IRS begins accepting tax returns for the past year. You don’t have to wait until April to file your tax return. If you’re due a tax refund, filing sooner can speed up your payment.
April 15: Due date in most states to file your tax return.
April 15: First estimated tax payment due for the current year. This estimated tax payment applies to income earned from January 1 through March 31.
May 15: The due date for non-profits to submit their tax forms. If you’re unsure how to go about this, we’re linking an article that explains how to file a Form 990 for your nonprofit organization and what documents you will need.
June 17: Due date for the second estimated tax payment for the current year. This estimated tax payment applies to income earned from April 1 through May 31.
September 16: Due date for the third estimated tax payment for the current year. This estimated tax payment applies to income earned from June 1 through August 31.
October 15: Last day to file your tax return for the past year with an extension. Keep in mind that even when you have an extension, you still need to estimate your tax liability and pay it by the April 15 deadline. A tax professional can help you estimate how much you owe before you file, or you can calculate it yourself using Form 1040-ES.
Important Tax Filing Dates for Businesses
January 31: If you had a business with employees in the previous year, this is the date by which you must submit your W-2 forms to the IRS. You must furnish copies to your employees by this deadline as well. January 31 is also the due date to submit 1099 forms issued to independent contractors.
March 15: This is the deadline for S-corporations and partnerships to file their business returns for the previous year.
April 15: Corporations must file their business tax returns for the previous year by this date.
September 16: This is the final day for S-corporations and partnerships to file their previous year’s business tax returns with an extension.
October 15: This is the last day for corporations to file their business tax returns if they received an extension.
Frequently Asked Questions
What Happens If I Miss the Tax Deadline?
You can face penalties and interest if you underpay your taxes. The penalty is 0.5% of unpaid taxes per month until the debt is settled, with fees being capped at 25%. Eligible taxpayers can enroll in an IRS payment plan, which cuts the penalty in half. The interest rate on unpaid taxes is currently 8% per year, compounded daily.
When Can I Expect My Tax Refund?
If you file electronically and are looking forward to receiving a tax refund, it will likely be issued within three weeks if you’re enrolled in direct deposit. If you file a paper tax return, you can expect your refund in about six to eight weeks.
How do I Request an Extension?
- Estimate your tax liability, which is your total income tax after deducting eligible tax credits.
- Subtract any taxes you have already paid, either through payroll withholding or estimated tax payments.
- Make a full or partial electronic payment to the IRS and indicate that it is for an extension. Or, you can request an extension online through IRS Free File or submit Form 4868.
How Can I Get Help Filing My Taxes?
If you are a business owner and need help filing taxes, our professional CPAs at Steward Ingram are here to help you. Whether you have a small proprietorship or a large corporation, our Raleigh CPAs can prepare your taxes, identify tax deductions, and save you time and stress. If you need assistance filing taxes for a nonprofit organization, our CPAs will prepare your Form 990 so you can easily share information with your board of directors and donors.
Request Tax Filing Assistance from a Raleigh CPA
If this year’s tax deadline is stressing you out and you want assistance filing your taxes correctly and on time, our Raleigh CPAs are happy to prepare and file your taxes for you as our capacity allows. Please check our website to see if we are currently taking on new clients. Then, fill out the contact form below or call our office today (919) 872-0866 to schedule a consultation.