Tax Tips

Keep up with important tax dates, from estimated tax payments to extension filing deadlines.

Note: By law, filing and payment deadlines that fall on a Saturday, Sunday or legal holiday are timely satisfied if met on the next business day.

2009
Jan. 1	Start of tax season.
Jan. 15	Make the fourth payment of your 2008 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. You won't need to make the fourth payment if you file your 2008 tax return and pay any tax due by Feb. 2.
Feb. 2	W-2s are due from your employer. Forms 1099 are due from payers of interest, dividends and other specified types of income. If you didn’t pay your last installment of 2008 estimated tax by Jan. 15, you may choose (but are not required) to file your income tax return (Form 1040) by Feb. 2. Filing your return and paying any tax due by Feb. 2 prevents any penalty for late payment of the last installment. If you can’t file and pay your tax by Feb. 2, file and pay your tax by April 15.
Feb. 17	If you were exempt from income tax withholding for 2008, you must file a new Form W-4 to continue your exemption for the next tax year.
April 15	Tax returns are due. Get an automatic 6-month extension to file your return. You can submit Form 4868, Application for Automatic Extension of Time To File. This form must be postmarked on or before April 15. With the extension, your new deadline for filing your return will be Oct. 15. Last day to set up an IRA or make IRA contributions for the 2008 tax year even if you get an extension. Make the first payment of the current year's estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.
June 15	If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the U.S. and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. If you’re a member of the armed forces serving in a combat zone you may be able to further extend the filing deadline. Make the second payment of the current year's estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.
Sept. 15	Make the third payment of the current year's estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.
Oct. 1	Deadline for establishing a Simple IRA.
Oct. 15	If you filed Form 4868 extending the due date of your return, file your tax return by Oct. 15 and pay any tax, interest or penalties due. Last day for recharacterizing an IRA contribution for the year if you filed your return on time. Last day for making many elections that ordinarily were required to be made by the due date of your 2008 return if you filed it on time.

Tip Earners
By the 10th day of each month, tip earners who received $20 or more in cash tips (including check and credit cards) during the previous month should report the amount to their employers using Form 4070 contained in publication 1244. If the 10th falls on a weekend or holiday, the due date is the next business day that is not a weekend or a holiday.

Farmers & Fishermen
If at least 2/3 of your total gross income comes from farming or fishing, you should make an estimated tax payment using Form 1040-ES on or before Jan. 15. You then have until April 15 to file your income tax return. If you farm or fish with at least 2/3 of your total gross income coming from these activities and choose to make no estimated tax payments, you'll need to file your return and pay your taxes on or before March 1 to avoid a penalty for underpayment of estimated tax.

If you miss the March 1 filing deadline due to severe weather or resulting power outages, you may request a waiver of any estimated tax penalties. You don't have to be in any particular state or Presidentially declared disaster area to receive the tax relief. To request the waiver, complete Form 2210-F - Underpayment of Estimated Tax by Farmers and Fishermen and file it with your tax return.

Others Paying Estimated Taxes
Estimated tax payments ( Form 1040-ES) are generally due April 15, June 15 and Sept. 15 of the tax year, and Jan. 15 after the tax year ends. If the 15th falls on a weekend or holiday, the due date is the next business day. See Publication 505 - Tax Withholding and Estimated Tax for more information.