For Americans, taxes are an inevitable part of financial life, and understanding the intricacies of income tax deadlines is crucial. As the new year approaches, familiarizing yourself with key tax deadlines becomes paramount. The tax code might seem labyrinthine, but a comprehensive understanding of these deadlines can simplify the process. Here’s a breakdown of the most important income tax deadlines:
January:
- Employers must dispatch W2 forms to all employees, marking the initial major deadline of the year.
- Businesses are obligated to send out 1099 forms for interest tax by this date.
February:
- Financial institutions must mail 1099 forms for stocks, bonds, and dividend interest. This also includes distributions from retirement plans.
February (Later Deadline):
- Businesses need to send 1099 forms to the IRS by this date.
March:
- Due date for Forms 1120, 1120-A, and 1120-S (Corporate tax).
- Deadline for filing a 6th-month extension for the aforementioned forms.
April:
- The most pivotal tax deadline, requiring individual Forms 1040 to be filed.
- Last day for IRA/401k contributions for the previous tax year (2018).
May:
- Employers must submit Form 5498 to the IRS, showcasing the balance of individual retirement plans.
June:
- Deadline for U.S. citizens residing abroad to file their tax forms or request an extension.
October:
- Final extended deadline for the previous year’s taxes. If an extension was filed, this marks the due date. Failure to meet this deadline may result in penalties, necessitating the mailing of forms.
By staying informed about these income tax deadlines, you can better equip yourself for the upcoming tax year. Preparedness is key in navigating the complexities of the tax landscape, ensuring a smoother financial journey.
