Here are some key tax dates for your diary.
15th – Individuals pay 2nd estimated tax installment
15th – Individuals outside the US file 1040
30th – Form TD F 90-22.1, FBAR needs to be filed
Even if you did not do or need to do the 1st estimated tax installment review your current year tax affairs to see if you need to start making estimated tax installments. Things to consider are:
- Have your business profits increased significantly in the last couple of months
- Have you made a large capital gain from investments or sold an asset
- Has there been a significant change in your situation that reduces your deductions or exemptions
For individuals outside the US if you will not be able to file by the June 15th deadline make sure you file an extension by that date. For 1040 filers that will extend your filing deadline to October 15th and for 1040NR filers to December 15th.
If you own foreign financial assets such as bank accounts, brokerage accounts or defined contribution pension funds which in total exceeded $10,000 at any time in 2011 then you need to file the FBAR. Although not compulsory this year you can e-file this form as we explained in an earlier post on e-filing the FBAR.
Posted by Mark Smith an accountant and tax preparer with over 28 years accounting and tax experience. He is the owner of Cranmere Accounting and Tax Services LLC. He can be contacted on (480) 363-4808 or by email at firstname.lastname@example.org if you need assistance with any of the above.
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.