A tax calendar is primarily a 12-month calendar divided into 4 quarters. It is primarily responsible for providing information related to –
Filling tax forms.
Paying taxes.
Taking other actions related to the tax law.
What Are The Perks Of Using Tax Calendar?
There are a number of advantages of using a tax calendar. Some of the major advantages are as follows –
You will not have to find the due dates on your own.
You will be able to make timely payments, thereby avoiding a penalty.
You will not have to adjust the due dates for Saturdays. Sundays, and other legal holidays.
You will not have to adjust your due dates as per the banking rules.
Which Calender Is Best Suited For Me?
To understand which calendar is best suited for you, take a look at the General Tax Calendar, and mark the dates that are applicable to you. If you are an employer, the Employer’s tax Calender is what you need.
Tick the appropriate dates on the calendar in order to avoid penalty. Use the Excise tax calculator if you pay excise taxes. However, you may need to use more than one type of calendar in certain cases.
General Tax Calendar
This is probably the most important tax calendar. It has due dates that most people will be needing in the year 2019. Employers and people who pay excise taxes also make use of this type of calendar.
First Quarter
The first quarter of the calendar year comprises January, February, and March. The tax due dates are as follows –
January 10th
Employees Who Work For Tips – If you have received USD 20 or more in December, then you should report this to your employer at once. You can make use of the form 4070.
January 15th
Individuals
January 15th is the due date for individual taxpayers. Make an estimation of the amount that you are required to pay as a tax for the fiscal year 2018. If you haven’t paid your income tax in 2018 through withholding, you can make use of form 1040-ES.
You must remember that this is the final date for paying the tax amount. However, you will not have to make the payment if you file your 2018 return (form 1040). Make sure to pay the tax due by January 31st, 2019.
Farmers and Fishermen
You are required to pay their tax due for the year 2018 by January 15th if you haven’t paid your income tax through withholding. You can use form 1040 – ES. 15th April is the last date to file the 2018 income tax return. If you haven’t paid the amount due, then you must clear it by January 15th. To put it simply, you must clear off the remaining amount by March 1, 2019, to avoid legal complications.
January 31st
Individuals Must make Estimated Tax Payments if you have not paid the last instalment of your estimated tax by January 15. You can choose to file your income tax return (form 1040) for the year 2018 by January 31st.
Filing your I.T return and paying off the amount by 3rd of the first month can help you prevent the penalty. The last date for making the payment is April 15 (April 17 if you are a resident of Massachusetts).
February 11th
Employees Who Work For Tips
If you receive USD 20 or more in the month of January, then report it to the employer as soon as possible. You can even use form 4070.
February 15th
Individuals
If you have claimed exemption from income tax withholding the previous year on the form W-4, (the employees withholding allowance certificate that you gave your employer), then you must file a new form W-4 by this date for enjoying continued benefits.
All businesses must give their annual information statements to the recipients of certain payments that were made in the year 2018. This due date applies only to the following types of payments –
All payments that were stated on form 1099-B.
Proceeds From Broker and Barter Exchange Transactions.
All Payments Reported on Form 1099-S.
Proceeds From Real Estate Transactions.
February 28th
All businesses should file their information returns by February 28th. Each and every detail regarding all payments that were made in 2018 should be published. These payments should be described on or before January 31. Each form serves different purposes.
You can use a separate form 1096 for summarizing and transmitting the forms for each type of payment. See the general instructions for certain information returns to know what type of payments have been covered, what should be the return for filing the return, which forms to use, and extension of the time to file the tax.
March 1st
Farmers and Fishermen
Make sure to file your 2018 return and pay the pending amount by March 1. You should remember that April 15th is the last date. (April 17th only if you are a resident of Maine or Massachusetts).
March 11th
Employees Who Work Work For Tips
If you have received USD 20 or more as tips in the month of February, you should immediately report it to your employer. You can use form 4070.
March 15th
If you are into a partnership business, you must file a 2018 calendar year return (Form 1065) by March 15th. Make sure to provide each partner with a copy of schedule K-1 (form 1065), partner’s income, deductions (if any), and credits. You can even request an automatic 6-month extension for filing the return. Next what you should do is, file the return and provide each partner with a copy.
Second Quarter
The second quarter of the calendar year comprises April, May, and June.
April 1st
April 1st is the date for the electronic filing of forms – 1097, 1098, 1099, 3921, 3922, and W-2G. By this date, you will have to file form 1097, 1098, 1099, 3921, and 3922 (except form 1099 – MISC0, 3921, 3922, and W-2G with the IRS.
However, you should take note that this due date is applicable only if you file your returns electronically.
April 10th
Employees Who Work For Tips
If you have received USD 20 or more as tips in the month of February, then make sure to report it to your employer. You can use form 4070.
April 15th
Individuals
File a 2018 form 1040 and pay the remaining tax by April 15th. And if you are residing in Maine or Massachusetts, you may file it by April 17th. If you want an automatic 6-month extension of time for filing the return, you can file form 4868 and pay your estimated tax amount. Check out form 4868 for more information. File form 1040 for more information.
Individuals
If you are not paying your 2019 income tax through withholding, then make sure to pay the first instalment of your tax for the year 2019. You can make use of form 1040 – ES for more information.
Household Employers
If you have paid USD 2100 or more in the year 2018 to a household employee, then make sure to file Schedule H (Form 1040), Household Employment Taxes. But if you are required to file a federal income tax return file schedule H along with the return and report of the household employment taxes.
Make sure to report federal employment tax return on Schedule H if you have paid total cash wages of USD 1000 or more in any calendar quarter of 2017-2018. Take care to report any income tax that you withheld for your household employees.
May 10th
Employees Who Work For Tips
If you have received USD 20 or more than that as tips in the month of May, you should immediately report it to your employer. You can use form 4070.
June 10th
Employees Who Work For Tips
If you have received more than or equal to USD 20, make sure to report it to your employer as soon as possible. Form 4070 can be useful for you.
June 17th
If you are a permanent resident of the United States or resident alien living outside the country, then remember 17th June is the date to clear off all your dues. File form 1040 and pay the tax, interest, and penalties that are due.
If you need more time to file your return, then you must not forget to file form 4868. It will provide you 4 additional months to file and pay your estimated tax amount. After that, file form 1040 by October 15th. However, if you are an army personnel, you can get a further extended deadline.
Individuals
Make payment of your 2019 estimated tax amount if you have not paid your income tax for the year through withholding. You can make use of form 1040-ES. This is the second instalment for clearing the estimated tax in 2019.
Corporations
Make sure to deposit the second instalment of your estimated tax amount for the year 2019. A worksheet form 1120 – W will help you estimate the tax for 2019.
Third Quarter
The third quarter of the calendar year comprises July, August, and September.
July 10th
Employees Who Work For Tips
If you have received USD 20 or more as tips in the month of June, contact your employer immediately. You can use form 4070.
August 12th
Employees Who Work For Tips
If you have received USD 20 or more as tips in the month of June, contact your employer immediately. You can use form 4070.
September 10th
Employees Who Work For Tips
If you have earned USD 20 or more in tips in the month of August, let your employer know as soon as possible.
Individuals
Make payment of your 2019 estimated tax if you haven’t paid your income tax for the year through withholding. You can even use form 1040-ES. This is the third instalment for the tax due in 2019.
Partnerships
File a 2018 calendar year return by September 10th. This date, however, applies only if you have applied for an automatic 6-month extension.
S Corporations
File form 1120S, i.e.the 2018 calendar year income tax return. Clear off your tax, interest, and the penalties that are due. However, this due date is applicable only if you have requested for a 6-month extension, Make sure to provide each shareholder with a copy of their final amended schedule K-1 or substitute schedule K-1 (form 1120S).
Corporations
Make sure to deposit the third instalment of your estimated income tax for the year 2019. A worksheet and form 1120-W help estimate the tax for the year.
Fourth Quarter
The fourth quarter of the calendar year comprises October, November, and December.
October 10th
Employees Who Work For Tips
If you have received USD 20 or more as tips during the month of September, let your employer know as soon as possible.
October 15th
Individuals
If you have an automatic 6-month extension, then file form 1040 and pay the tax, interest, and penalties that are due.
Corporations
File the 2018 calendar year income tax return (form 1120) and pay the tax, interest, and penalties that are due. This due date is applicable only if you have requested for an automatic 6-month extension.
November 12th
Employees Who Work For Tips
If you have received USD 20 or more as tips in the month of October, then let your employer know about this. Make use of form 4070 for this.
December 10th
Employees Who Work For Tips
If you have received USD 20 or more in the month of November, inform your employer about this. You can use Form 4070.
December 16th
Corporations
Make sure to deposit the fourth instalment of your estimated tax amount for the year 2019. A worksheet and form 1120 – W is available, which will help you estimate the tax for the year.
Individuals
Form 1040. This form is due on the 15th day of the 4th month after the completion of one financial year. Form 4868 is used for requesting an extension of time for filing form 1040. Payments are due on the 15th day of the 4th, 6th, and 9th months of the tax year, and also on the 15th day of the 1st month after the end of 1 financial year.
Partnerships Form 1065
This form is required to be submitted by the 15th day of the 3rd month after the end of one fiscal year. Make sure to provide each partner with a copy of their Schedule K-1 (Form 1065). You can even substitute schedule K-1 by the 15th day of the 3rd month after the end of one fiscal year. Form 7004 can help you get an automatic 6-month extension of time to file form 1065.
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