{"id":13698,"date":"2016-04-22T07:21:10","date_gmt":"2016-04-22T12:21:10","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=13698"},"modified":"2021-03-25T14:31:59","modified_gmt":"2021-03-25T19:31:59","slug":"tax-calendar","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/filing\/tax-calendar\/","title":{"rendered":"Keeping Track of Taxes All Year: A Personal Tax Calendar"},"content":{"rendered":"<p>One great way to maximize tax savings and minimize any tax fees or penalties is to become familiar with important dates and milestones that trigger tax implications. There is a long list of specific dates that have tax significance for some, and often times all, taxpayers. Additionally, there are a variety of events that may take place throughout the year that should indicate a possible tax consequence or savings to a taxpayer. Below you will find a tax calendar of important dates and events that every taxpayer should keep in mind throughout the year that will aid in providing tax savings each year.<\/p>\n<h2>Important Tax Dates<\/h2>\n<h2><strong>January:<\/strong><\/h2>\n<ul>\n<li>1: tax year begins for any calendar year taxpayer\n<ul>\n<li>Includes most individuals, sole proprietors and businesses, unless they have applied for a fiscal year with the IRS<\/li>\n<\/ul>\n<\/li>\n<li>15: Make the 4<sup>th<\/sup> estimated tax payment for the previous tax year\n<ul>\n<li>A taxpayer, such as a self-employed individual, will have estimated payments if they did not pay their income tax for the year through withholding or will not pay enough through withholding<\/li>\n<li>No need to make the 4<sup>th<\/sup> estimated payment by the 15<sup>th<\/sup> if the taxpayer will file their previous year return and pay any tax due by Jan. 31<\/li>\n<\/ul>\n<\/li>\n<li>15: Farmers and Fisherman\n<ul>\n<li>Those making estimated payments must pay their entire tax liability for the previous year by this date<\/li>\n<\/ul>\n<\/li>\n<li>31: W-2s due from employers; Form 1099s due from payers of interest, dividends and other specified types of income<\/li>\n<li>31: If the taxpayer did not make their last estimated payment by Jan. 15, they can file their return by today and pay any tax still due.\n<ul>\n<li>This prevents a penalty for late payment of the final installment<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><strong>February:<\/strong><\/h2>\n<ul>\n<li>15: If a taxpayer was exempt from tax withholding for the previous year, they must file a new Form W-4 to continue the tax exemption for the current year<\/li>\n<\/ul>\n<h2><strong>March<\/strong><\/h2>\n<ul>\n<li>1: Farmers and Fisherman\n<ul>\n<li>Those that do not make estimated payments must file their return and pay their taxes by this date<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><strong>April:<\/strong><\/h2>\n<ul>\n<li>15: Federal and most state individual tax returns are due (Not in 2021, however. The <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/deadlines-and-extensions\/tax-deadlines\/\">tax deadline<\/a> for 2020 taxes is May 17, 2021.)\n<ul>\n<li>Submit Form 4648 to get an automatic extension to file the federal return\n<ul>\n<li>Deadline will move to Oct. 15, depending on holidays and weekends<\/li>\n<li>IRS will charge interest unless the taxpayer makes a payment that\u2019s close to their tax liability \u2013 this payment can be made with <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/refunds-and-payments\/irs-form-4868\/\">Form 4868<\/a><\/li>\n<\/ul>\n<\/li>\n<li>15: last day to set up an IRA or make IRA contributions for the previous year, even if the taxpayer has received an extension<\/li>\n<li>15: If the taxpayer will make estimated tax payments for the current year, the first payment is due April 15.<\/li>\n<li>15: Farmers and Fisherman\n<ul>\n<li>Those that made all estimated payments for the previous by Jan. 15, must file their return by this date<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><strong>June:<\/strong><\/h2>\n<ul>\n<li>15: Taxpayers that work and live outside the U.S. and Puerto Rico must file their Form 1040s and pay any tax, interest and penalties due\n<ul>\n<li>These taxpayer may file Form 4868 to obtain a four-month extension\n<ul>\n<li>Members of the armed forces in a combat zone may be able to further extend their filing deadline<\/li>\n<\/ul>\n<\/li>\n<li>15: Taxpayers making estimated tax payments must make their second estimated payment for the current year.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><strong>September:<\/strong><\/h2>\n<ul>\n<li>15: Taxpayers making estimated payments must make their third estimated payment for the current year<\/li>\n<\/ul>\n<h2><strong>October:<\/strong><\/h2>\n<ul>\n<li>1: deadline for establishing a SIMPLE IRA<\/li>\n<li>15 or there about: If taxpayer filed Form 4868 to extend their deadline, their return and any tax, interest or penalties are due<\/li>\n<li>15: the Last day for re-characterizing an IRA contribution for the year if the taxpayer filed their return on time<\/li>\n<li>15: The last day for making many elections the IRS required the taxpayer to make by the due date of their previous year return if they filed their return on time<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h2>Seasonal Milestones to Think About<\/h2>\n<p><em><strong>\u00a0<\/strong>Beginning of Year<\/em><\/p>\n<ul>\n<li>Itemized deductions\n<ul>\n<li>If in years past you claimed the standard deduction, consider itemizing deductions to reduce your taxes. Do this by bundling your deductions in the current tax year\n<ul>\n<li>Make an early or extra mortgage payment during the year<\/li>\n<li>Increase charitable deductions for the year<\/li>\n<li>Look at medical expenses that can be planned and bunch your medical expenses all within the year. Think about braces of a dependent if you know other factors (such as surgery, or having a baby) will occur making it likely you will hit your deductible this year<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><em>Year End<\/em><\/p>\n<ul>\n<li>Charitable contributions\n<ul>\n<li>Make all charitable contributions, either cash or tangible property, before the end of the year to take advantage of the charitable contribution deduction<\/li>\n<\/ul>\n<\/li>\n<li>Stock sale planning\n<ul>\n<li>If you are going to have a large capital gain for the year, consider selling off some securities that could generate a loss and minimize your capital gains for the year<\/li>\n<\/ul>\n<\/li>\n<li>Retirement\n<ul>\n<li>Contributions to a retirement plan can reduce taxable income\n<ul>\n<li>Must be made to a 401(k) or 403(b) by Dec. 31<\/li>\n<li>Must be made to an IRA or other qualified plan by tax day of the following year<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Tax Implicating Events to Think About Throughout the Year<\/h2>\n<ul>\n<li>Moving expenses\n<ul>\n<li>If the move was related to a job, be sure to keep a log of expenses and retain any receipts in order to be able to deduct any eligible moving expenses.<\/li>\n<\/ul>\n<\/li>\n<li>Business travel\n<ul>\n<li>If the taxpayer\u2019s employer does not use an accountable plan, be sure to keep receipts and other necessary materials in order to be able to take a deduction for travel expenses.<\/li>\n<\/ul>\n<\/li>\n<li>Children\u2019s summer camp\n<ul>\n<li>If you have children that attend a summer camp, it can qualify your for the child or dependent care tax credit if it meets the requirements<\/li>\n<\/ul>\n<\/li>\n<li>Tip earners\n<ul>\n<li>By the 10<sup>th<\/sup> of each month, a taxpayer must report the amount of tips of $20 or more made in the previous month\n<ul>\n<li>Report must be made to the taxpayer\u2019s employer<\/li>\n<li>Tips include cash, checks and credit card tips<\/li>\n<\/ul>\n<\/li>\n<li>If the 10<sup>th<\/sup> falls on a weekend or holiday, the due date is the next business day that isn\u2019t a weekend or holiday<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>One great way to maximize tax savings and minimize any tax fees or penalties is to become familiar with important dates and milestones that trigger tax implications. There is a long list of specific dates that have tax significance for some, and often times all, taxpayers. Additionally, there are a variety of events that may [&hellip;]<\/p>\n","protected":false},"author":418,"featured_media":26522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[125],"tags":[],"class_list":["post-13698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-filing"],"acf":[],"yoast_head":"<title>Your Personal Tax Calendar | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Maximize tax savings and minimize fees and penalties with a personalized tax calendar. 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