The Internal Revenue Service likes a steady paycheck as much as you and I do. Long before you file your personal or business return, you need to be thinking about due dates for your tax remittances.
We all know Uncle Sam has a hefty appetite for the green stuff and can be a bit grumpy when payments run late. That’s why filing a timely tax return is critical to avoiding late-payment penalties.
Submitting inaccurate information also may result in penalties, which raises your total income tax bill. That’s one reason why every taxpayer should take note of those tax-remittance and filing deadlines.
Here’s a brief rundown on various taxes and their corresponding due dates.
January has already come and gone, but remember next year to remit any estimated tax for the first quarter by January 15th. If you file your taxes prior to January 15th and send in the full amount owing by January 31st, you can avoid late penalties. For personal income tax, the due date for filing your tax return is April 15, 2014.
If you work in the hospitality business and your amazing charm netted you more than $20 in tips, the deadline for reporting those tips for tax year 2013 is Feb. 10, 2014. Keep that in mind for next year and use IRS form 4070 to report that income.
Tax returns can be delayed by circumstances beyond the control of the taxpayer. If you have a record of reporting and paying your taxes on time, and that check really is lost in the mail, you can appeal to the IRS to waive a late-payment penalty.