There are a number of important deadlines to keep on your calendar to ensure you meet your tax obligations. Tax filing software can help you with this. Some of the important due dates are automatically programmed into the software, such as the January 15, 2013 due date, which is when you are due to pay your fourth quarter estimated tax payment for 2012. The software will also inform you that you can wait to pay this amount and avoid a penalty if you file your return and pay the correct amount by January 31, 2013.
Other important filing deadlines that tax return software can help you with include January 30, 2013. On this date, the IRS begins accepting tax returns for processing, but the IRS will not process all returns. immediately and some will have to be delayed for up to a few months. after this term. The next day is January 31, the deadline for employers to submit Form W-2 and businesses to submit Form 1099 information to the IRS. On this date, self-employed workers also need to submit their returns and pay the amounts owed to avoid incurring a tax penalty.
Later in the year, February 15, 2013, is the date that people claiming exemption from withholding must submit a Form W4 to the person or organization they work for. Also on this date, banks, investment and insurance companies must submit information on sales of stocks, bonds or mutual funds and property transactions for your records. Shortly after March 1, 2013, farmers and fishermen should be aware of their tax obligations. There are very different obligations for farmers and fishermen that tax filing software can help with.
Limited Liability Companies (LLCs) and other types of corporations that need to file Forms 1120, 1120A, and 1120S generally must do so by March 15, 2013. However, it is also possible to obtain an extension by filing Form 7004. With To With these more complicated types of returns, it is particularly helpful to have tax filing software because the compliance obligations in connection with corporate tax filings are so complicated that it is necessary to have a pre-built system to deal with issues that arise in connection with them. filing a corporate tax return. One of the main deadline dates for the year is April 15, which is the time individual tax returns are due, unless there is a request for an extension allowing an additional six months to file returns.
There are a number of deadlines that are surrounded by complicated rules for extensions, variations, and time-based filings. This is without considering the complicated rules surrounding deductions, the assessability of income, and the issue of capital gains. This level of complexity requires the use of tax filing software to ensure compliance with tax obligations.
