Introduction to Tax Season
Filing taxes can be overwhelming, but understanding the key deadlines helps you stay organized and avoid penalties. The tax filing season typically begins in late January and ends on April 15th. This guide will help you understand the important dates and deadlines for the tax season.
Key Dates for Tax Season
January
- January 1st: Start of the tax year; begin gathering financial documents
- January 15th: Fourth quarter estimated tax payments for previous year due
- January 31st: Employers must send W-2 forms to employees
- January 31st: Businesses must send 1099 forms to contractors
February
- February 1st: Financial institutions must provide Form 1099 showing interest, dividends, and capital gains
- February 15th: File new W-4 if claiming exemption from withholding
March
- March 15th: S-corporations and partnerships must file returns or request extensions
April
- April 15th: Individual tax returns (Form 1040) due
- April 15th: First quarter estimated tax payments due
- April 15th: Last day to contribute to IRAs for previous tax year
June
- June 15th: Second quarter estimated tax payments due
- June 15th: Deadline for U.S. citizens living abroad
September
- September 15th: Third quarter estimated tax payments due
- September 15th: Extended deadline for S-corporations and partnerships
October
- October 15th: Final deadline for extended individual tax returns
Quarterly Estimated Tax Payment Schedule
| Quarter | Period Covered | Due Date |
|---|---|---|
| Q1 | Jan 1 - Mar 31 | April 15 |
| Q2 | Apr 1 - Jun 30 | June 15 |
| Q3 | Jul 1 - Sep 30 | September 15 |
| Q4 | Oct 1 - Dec 31 | January 15 (following year) |
Special Circumstances
Filing Extensions
If you need more time to file, request an automatic six-month extension using Form 4868. Important notes:
- Must be filed by original due date
- Extends filing deadline only, not payment deadline
- No explanation required
- Extended deadline is October 15th
Military Personnel
Active duty military personnel serving in a combat zone receive:
- 180 days after leaving the combat zone to file
- Additional time for other tax-related actions
Natural Disaster Areas
The IRS provides extended deadlines for taxpayers in federally declared disaster areas. Check the IRS disaster relief page for updates.
Tips for Timely Filing
- Gather documents early
- Create a tax preparation checklist
- Consider filing electronically
- Set calendar reminders
- Keep good records throughout the year
"The hardest thing in the world to understand is the income tax." - Albert Einstein
Penalties for Late Filing
Failing to file or pay on time can result in:
- Late filing penalty: 5% of unpaid taxes per month
- Late payment penalty: 0.5% of unpaid taxes per month
- Interest charges on unpaid taxes
Early Filing Benefits
Consider filing early to:
- Get your refund faster
- Have more time to pay if you owe taxes
- Reduce risk of tax identity theft
- Avoid last-minute stress
For more detailed information, visit the IRS website or consult with a tax professional.