There are a number of important deadlines to keep on your calendar to ensure you meet your tax obligations. Tax filing software can help you with this. Some of the important deadlines that are automatically programmed into the software, such as the due date of January 15, 2013, which is when you must pay your estimated fourth quarter tax payment for 2012. The software will also inform you that you can wait to pay this amount and avoid a penalty if you file your return and pay the correct amount by January 31, 2013.
Other important filing deadlines that tax filing software can help you with include January 30, 2013. On this date, the IRS begins accepting tax returns for processing, but the IRS will not process all returns. immediately and some will have to be delayed for up to a few months. after this period. The day after the January 31 deadline for employers to submit Form W-2 and businesses to submit Form 1099 information to the IRS. On this date, the self-employed must also present their declarations and make the payment of the pending amounts to avoid incurring a tax penalty.
Later in the year, on February 15, 2013, there is the date that individuals claiming to be exempt from withholding must submit a Form W4 to the person or organization they work for. Also on this date, banks, investment and insurance companies should submit information on sales of stocks, bonds or mutual funds and real estate transactions for your records. Shortly after March 1, 2013, farmers and fishermen should be aware of their tax obligations. There are very different obligations for farmers and fishermen that tax filing software can help with.
Limited Liability Corporations (LLC) and other types of corporations that need to file Forms 1120, 1120A, and 1120S will generally need to do so by March 15, 2013. However, it is also possible to obtain an extension by filing a Form 7004. With These More complicated types of returns It is particularly useful to have tax filing software because the compliance obligations in relation to corporate tax returns are so complicated that it is necessary to have a pre-structured system to deal with the issues that arise in relation to filing of a corporate tax return. One of the main deadlines for the year is April 15, which is the time when individual tax returns must be filed, unless there is an extension request that allows an additional six months to file the returns.
There are a number of deadlines that are surrounded by complicated rules for time-based extensions, variations, and submissions. This without considering the complicated rules surrounding deductions, income taxation, and the issue of capital gains. This level of complexity requires the use of tax filing software to ensure compliance with tax obligations.