There are a number of important deadlines to have on your calendar to ensure you meet your tax obligations. A tax return software can help you with this. Some of the important deadlines that are automatically programmed into the software, such as For example, the deadline of January 15, 2013 is when you must pay your estimated fourth quarter tax payment for 2012. The software will also tell you that you can wait pay that amount and avoid a penalty if you submit your return and pay the correct amount by January 31, 2013.
Other important filing deadlines that tax return software can help you with are January 30, 2013. This is the date on which the IRS begins accepting tax returns for processing, but the IRS will not process all returns immediately and some may have to delay up to a few months after this deadline. The day after, the January 31 deadline is for employers to file Form W-2s and businesses to file Form 1099 information with the IRS. Self-employed people must also file their tax return on this date and pay outstanding amounts in order not to pay a tax penalty.
Later in the year, on February 15, 2013, there is the date by which individuals claiming exemption from withholding must provide a W4 form to the person or entity they work for. Also on this day, banks, investment and insurance companies must submit information about sales of stocks, bonds or mutual funds and real estate transactions for registration. Shortly after March 1, 2013, farmers and fishermen will have to pay attention to their tax obligations. There are very different obligations for farmers and fishermen that tax return software can help with.
Limited Liability Corporations (LLCs) and other types of corporations that are required to file Forms 1120, 1120A, and 1120S typically have until March 15, 2013 to do so. However, it is also possible to obtain an extension by filing a Form 7004. Tax return software is particularly useful for these more complicated types of returns, as the compliance duties surrounding corporate tax returns are so complicated that a pre-structured system to handle those that arise Issues require filing a corporate income tax return. One of the most important dates of the year is April 15th. This is when individual tax returns must be filed unless an extension request is made, which allows an additional six months for filing the returns.
There are a number of deadlines surrounded by complicated rules for renewals, amendments, and time-sensitive filings. Quite apart from the complicated rules surrounding deductions, the assessment of income and the question of capital gains. This level of complexity requires the use of tax filing software to ensure tax compliance.