We're roaring into the last full month of tax-filing season like a lion
with tax tips to turn the tax collector into a lamb.March 3:
Farmers and fishermen who didn't make their final estimated tax
payment by Jan. 15 must file Form 1040 and pay any tax due.March 6:
If you'll owe the IRS this filing season and would like to pay your tax bill electronically, consider using the agency's Electronic Federal Tax Payment System, or EFTPS
. To use EFTPS you need to register, so get the process started now.March 10:
Does your job include tips
If so and you received $20 in tips in February, use Form 4070
to report them today to your employer. March 17:
It's St. Patrick's Day! But don't trust lucky charms to get you through a tax audit
. Be prepared by, among other things, making sure you have documentation for all your tax claims and hiring a tax pro with audit defense experience to guide you through the process.
Business filers, however, do get a bit lucky this year. The deadline for S Corps to file form 1120S
and pay any due tax is today instead of March15 because that date this year fell on Saturday.March 20:
Spring has sprung! That means spring cleaning that could pay off on your 2014 return. Get rid of all your unnecessary household items
and clothes that no longer fit by donating them to your favorite nonprofit. You can claim their value as a charitable deduction
If you celebrated your 70½ birthday last year (and who doesn't have parties for half birthdays?) and didn't take money out of your tax-deferred retirement accounts by the end of 2013, you must make a specified withdrawal by April 1. No joke. These required minimum distributions, or RMDs
, are Uncle Sam's way of finally getting his cut from your traditional IRA, workplace 401(k) or self-employed retirement plan.March 31:
Are you about ready to file? Remember Free File
The IRS partnership with more than a dozen tax software manufacturers is open for taxpayers whose adjusted gross income is $58,000 or less not only for the rapidly approaching April 15 deadline, but also through the Oct. 15 filing extension deadline.
Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You also can view the full year's important business tax dates in IRS Pub. 509.