January:
- W2 Dispatch: Employers send out W2 forms to employees, kicking off the tax season.
- Business Obligations: Businesses distribute 1099 forms for interest tax.
February:
- Financial Institutions: Mailing of 1099 forms for stocks, bonds, and dividends, including retirement plan distributions.
- Later Deadline for Businesses: Businesses send 1099 forms to the IRS.
March:
- Corporate Tax Forms: Due date for filing Forms 1120, 1120-A, and 1120-S.
- Extension Deadline: Last chance to file a 6th-month extension for corporate tax forms.
April:
- Individual Tax Deadline: Most crucial deadline for filing individual Forms 1040.
- Retirement Contributions: Deadline for IRA/401k contributions for the previous tax year.
May:
- Employer Obligation: Submission of Form 5498 to the IRS, detailing individual retirement plan balances.
June:
- Tax Filing Abroad: Deadline for U.S. citizens residing abroad to file tax forms or request an extension.
October:
- Final Extension Deadline: Last extended deadline for the previous year’s taxes. Failure to meet this deadline may incur penalties.
By understanding and keeping track of these income tax deadlines, you’ll be better prepared for the tax year ahead. Stay informed to navigate the tax landscape smoothly and ensure financial readiness.
