Here are some key tax dates for your diary.
10th – Employees need to report to their employer tips earned in March of more than $20
17th – Individuals file forms 1040, 1040A and 1040EZ and pay tax for 2011 calendar year. To get automatic 6 month filing extension file form 4868 by this date.
17th – Individuals pay first estimated tax installment for 2012.
17th – Partnerships file form 1065 and give Sch K-1 to all shareholders by this date. To get automatic 5 month filing extension file form 7004 by this date.
20th – Chandler Sales Tax Return needs to be filed
20th – Arizona Sales Tax Return needs to be filed
It is that time of year again!!!
This year the tax return filing deadline is on April 17, 2012 due to April 15 falling on a weekend and April 16 being a holiday in Washington DC.
Remember if you are not ready to file by the filing deadline then file the automatic 6 month extension so that you do not incur the late filing penalty. If you file the extension the tax is still due by April 17 so try to make as good an estimate as you can and pay the tax by the filing deadline of April 17 to minimize the penalties and interest for late payment of the tax.
For partnerships, if you fail to file the automatic extension the penalty for late filing of the form 1065 starts at $195 per month times the number of partners. Plus there is a $100 penalty for each failure to timely issue Schedule K-1 to each partner. These penalties can add up significantly if there is any delay in filing the form 1065.
Posted by Mark Smith a tax preparer and accountant with over 28 years tax and accounting experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at email@example.com if you need assistance filing your tax returns by the deadline.
Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.