Important Tax Deadlines for 2011

April 15th. That’s SO last year! That’s the date we all have in our heads when it comes to taxes. This year’s tax deadline is April 18. Depending on your situation, there are many more dates of interest, so let’s take a look at how my friends at the IRS have their 2011 calendar marked:

Jan. 10: Employees who work for tips should report their December tips of $20 or greater to their employer. Note – as this is a monthly event, I’ll not repeat it eleven more times. If the 10th is a Saturday or Sunday, the report is due on the Monday the day or two after.

Jan. 18: Fourth quarter estimated taxes are due. This applies to those who either don’t have taxes withheld through employer withholding or have not held enough through the year. You may have withheld enough to pay tax on your ordinary income, but a big gain in the stock market might put you into tax penalty territory, this was your chance to avoid that.

Jan. 31: If you missed the Jan 18th date for final tax payment of 2010, by filing your return today, you can avoid penalties for underpayment. Also by this date, businesses must send notices of any payments made during the year, items such as rent, royalties, interest, retirement plan distributions, etc.

Feb. 15: Anyone who claimed “exempt” on their W4 submitted to their employer last year must submit a current W4 to continue the exemption or claim a normal level of withholding. For Businesses, a number of other 1099 items are due to the recipients today, 1099-B, 1099-S, and 1099-Misc all due today.

March 15: Corporate tax returns are due today. Lucky you, you get an extra month.

April 18: Just because the 15th is the date we recall, doesn’t mean it’s the actually due date every year for your return. This year the 15th is a DC holiday. In 2011, Washington, D.C., will celebrate Emancipation Day on April 15, so the due date for most of the country is April 18. I say ‘most’ because this is Patriots Day in Massachusetts so any taxpayers sending their return this way get an extra day. First quarter estimated taxes are also due  today.

June 15: If you are a US citizen working outside the US or Puerto Rico your return is due today. Second quarter estimated taxes are also due today.

September 15: Third quarter estimates taxes are due today. Businesses that filed for a six month extension from March 15  have to file now.

October 17: Individuals who requested an automatic extension have to file today. This date is especially important for those who converted from a traditional to a Roth IRA in 2010. You have the ability to recharacterize by the due date of your return including extension. If that April 18th date approaches and you’re not sure if you might wish to recharacterize any or all of that converted Roth, this extension is the right thing for you.

You can see, even though the IRS is most busy around the classic April tax season, they still keep busy nearly every month of the year.

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