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Individual Tax Calendar 2014

Everyone knows that April 15th is Tax Day, but the Internal Revenue Service has other payment and filing deadlines throughout 2014 that small-business owners, the self-employed or others who do things beyond just collecting standard paychecks must meet.

Here's a look at the tax agency's key 2014 deadlines for individuals, plus some details about who must file by April 15th -- and what to do if you can't. -- By Jerry Kronenberg

Key Tax Dates

January 10, 2014

Waiters and others who got $20 or more in tips during December 2013 must report them in writing to their bosses using Form 4070, "Employee's Report of Tips to Employer,"  although that's not mandatory.

 

January 15, 2014

Fourth-quarter 2013 estimated tax payments are due for self-employed people or others who don't pay all liabilities through paycheck withholding. Use Form 1040ES, "Estimated Tax for Individuals." Or, you can skip Form 1040ES and simply file your full 2013 tax return (including any taxes due) by Jan. 31. (Farmers and fisherman have until March 3.)

 

January 31, 2014

Deadline for businesses to give workers and certain borrowers or service providers their 2013 W2, 1098 and 1099 forms as well as for companies and some non-profits to report 2013 gambling/sweepstakes payouts via W-2G statements.

 

February 10, 2014

Waiters and others who got $20 or more in tips during January must report amounts to their bosses. Use of Form 4070, "Employee's Report of Tips to Employer" is optional.

 

February 18, 2014

Workers who claim exemption from income-tax withholding must file an annual Form W4, "Employee's Withholding Allowance Certificate," by this date to avoid withholding for another year. 

This is also the deadline for businesses to provide 1099-B, 1099-S and 1099-MISC forms to certain clients and vendors.

 

March 10, 2014

Waiters and others who got $20 or more in tips during February must report amounts to their bosses. Using Form 4070, "Employee's Report of Tips to Employer." is optional.

April 10, 2014

Waiters and others who got $20 or more in tips during March must report totals to their bosses. Use of Form 4070, "Employee's Report of Tips to Employer." is optional but not required.

April 15, 2014

TAX DAY. Most individuals must file their 2013 tax returns (Form 1040, 1040A, or 1040EZ and pay any remaining money due by midnight to avoid possible penalties. People who employ nannies or other household workers must also generally file a Schedule H if they paid their help $1,000 or more in cash during any 2013 quarter or at least $1,800 during the entire year. 

If you need more time to prepare your return, file a Form 4868, "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return," by midnight.This will extend the deadline to file your return (but not to pay any taxes due) until Oct. 15th.

Additionally, individuals who don't pay taxes through paycheck withholding should make a first-quarter 2014 payment using Form 1040ES, "Estimated Tax for Individuals."

May 12, 2014

Waiters and others who got $20 or more in tips during April must report amounts to their employers. Use of Form 4070, "Employee's Report of Tips to Employer." is optional.

 

June 10, 2014

Wait staff and other workers who received $20 or more in tips during May must report amounts to their bosses. Using Form 4070, "Employee's Report of Tips to Employer" is optional.

 

June 16, 2014

This is Tax Day for U.S. citizens, resident aliens and most military personnel who live and work outside the United States or Puerto Rico.

Expatriate 2013 tax returns are due today, except for armed-forces members and some civilians who are deployed in combat zones or certain military-staging areas. The IRS gives such people additional time to file returns and/or pay any taxes owed (see IRS Publication 3 and these FAQs for details).

Other U.S. expatriates who need additional time to file can submit a Form 4868, "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return," by midnight to extend their filing deadline to Oct. 15.

In addition to being Tax Day for expatriates, this is also the deadline for all taxpayers to make second-quarter 2014 estimated tax payments if you don't have regular paycheck withholding. Use Form 1040ES, "Estimated Tax for Individuals."

 

July 10, 2014

Waiters and others who got $20 or more in tips during June must report amounts to their bosses. Using Form 4070, "Employee's Report of Tips to Employer" is optional.

 

August 11, 2014

Waiters and others who earned $20 or more in tips during July must report totals to their bosses. Form 4070, "Employee's Report of Tips to Employer" is available for optional use.

 

September 15, 2014

Third-quarter 2014 estimated taxes are due if you don't have regular paycheck withholding. Use Form 1040ES, "Estimated Tax for Individuals."

October 10, 2014

Waiters and others who got $20 or more in tips during September must report amounts to their bosses in writing, although using Form 4070, "Employee's Report of Tips to Employer" is optional.

 

October 15, 2014

This is Tax Day for those who got automatic six-month extensions using Form 4868. File your 2013 Form 1040, 1040A, or 1040EZ and pay any taxes, interest and penalties due by midnight to avoid problems with the IRS.

 

November 10, 2014

Waiters and others who got $20 or more in tips during October must report amounts to their employers. Use of Form 4070, "Employee's Report of Tips to Employer" is optional.

 

December 10, 2014

Wait staff and others who got $20 or more in tips during November must disclose amounts in writing to their bosses. Using Form 4070, "Employee's Report of Tips to Employer" is acceptable but not mandatory.

 

Q. Does the IRS need to actually receive my tax return by April 15th to consider it filed on time, or is it sufficient to merely mail or e-file it by then?

A. Uncle Sam counts your return as filed on time as long as it's postmarked or e-filed by midnight April 15th. It doesn't matter when the IRS actually receives your return, although agency spokeswoman Peggy Riley recommends filing as early as possible so as to avoid any 11th-hour glitches.

Q. What happens if I don't submit my return by April 15th?

A. People who end up showing a balance due on their 2013 returns but don't file by midnight April 15, 2014, face possible failure-to-file penalties, failure-to-pay penalties and interest on all amounts due.

If you don't owe any money, you can hypothetically submit your return late without penalty. However, you'll lose your right to any refund due if you don't claim it within three years. In some cases, you can even lose your right to a refund sooner.

Q. What if I don't have the records to finish my return, or otherwise need extra time to complete it?

A. All taxpayers are entitled to automatic six-month federal extensions so long as they file a Form 4868, "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return", by midnight on April 15th using either mail or e-filing.

Form 4868 extends your filing deadline until Oct. 15, 2014, but doesn't actually push back the deadline for paying any taxes due. To avoid penalties and interest, you must estimate how much money (if any) that you ultimately expect to owe and include a payment with your extension request. (You can pay electronically if you e-file.)

Q. What if I don't have the money to pay what I owe?

A. The IRS advises filing your return by April 15th anyway so that you at least avoid failure-to-file penalties. Also include as much of your unpaid liability as possible, so as to minimize interest and failure-to-pay penalties (which the agency will calculate based on your remaining balance).

You can also include either a Form 1127, "Application for Extension of Time for Payment of Tax Due to Undue Hardship," or propose a monthly payment plan using Form 9465-FS, "Installment Agreement Request." Click here for more information.

Q. Does anyone get extra time to file?

A. Yes. U.S. citizens or resident aliens who live outside the United States or Puerto Rico and whose main place of business is overseas qualify for an automatic two-month extension until June 15th without filing any paperwork. So do U.S. military personnel who are stationed overseas.

Additionally, military people and some civilians who are in combat zones or certain combat-support areas on April 15th automatically get 180-day extensions (and sometimes longer) to file their returns and pay any taxes due without penalty.



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