There are some important deadlines you should have on your calendar to ensure you meet your tax obligations. Tax reporting software can help you with this. Some of the important deadlines are automatically programmed into the software, such as the January 15, 2013 deadline, when you are due to pay your estimated fourth quarter tax payment for the year 2012. The software also lets you know that you can wait to pay this amount and avoid a fine if you file a return by January 31, 2013 and pay the correct amount.
Other important filing deadlines that tax filing software can help you with are January 30, 2013. On this date, the IRS will begin accepting tax returns for processing, but the IRS will not immediately process all returns and some will have to wait up to a few months after this term. The following day is the January 31 deadline for employers to submit Form W-2 and companies to submit Form 1099 information to the IRS. Self-employed persons must also file a tax return and pay outstanding amounts on this date in order not to receive a tax fine.
Later in the year, February 15, 2013, is the date when people who claim to be exempt from withholding must hand over a W4 form to the person or organization they work for. Also on this date, banks, investment and insurance companies must send information about the sale of stocks, bonds or mutual funds and property transactions for registration. Shortly after March 1, 2013, farmers and fishermen must pay attention to their tax liability. There are very different obligations for farmers and fishermen where tax filing software can help.
Limited Liability Corporations (LLCs) and other types of businesses that must file Forms 1120, 1120A, and 1120S usually must do so before March 15, 2013. However, it is also possible to get an extension by submitting a Form 7004. For these more complicated types of returns, it is particularly useful to have tax filing software because the compliance obligations related to corporate income tax returns are so complicated that it is necessary to have a pre-structured system for handling the issues that arise. occur with regard to filing a corporate income tax return. One of the major deadlines for the year is April 15, which is the time for individual tax returns to be filed, unless there is an extension request that gives an additional six months to file the returns.
There are a number of deadlines surrounded by complicated rules for extensions, variations and time-based submissions. This is without taking into account the complicated rules around deductions, the taxability of income and the issue of capital gains. This level of complexity requires the use of tax filing software to ensure tax compliance.