When we originally sat down to write this article we wanted to include the important often forgotten tax deadlines that appear later in the year, not just around tax season. We began writing out all the important things to remember when it comes to taxes month to month. Add these to your calendar, plan appropriately and prepare accordingly.
Summer tends to be very slow for important tax days. If you receive tips for your job, individuals need to report them monthly, in this case, by the 10th.
September has a few notable days for states like New Mexico (wild fire victims) and Oklahoma (tornado victims), but Colorado only has the monthly tip reporting and 3rd quarter estimated tax payments (Form 1040-ES). This is the last time we will mention monthly tip reporting because it would get rather repetitive.
On October 17th, if you filed for an extension in 2021, its time to file your taxes and pay the IRS what it is due. Moreover, if an extension was filed and you are self-employed, now is the time to contribute to solo 401(k)s or simplified employee pension plan for 2021.
Nothing notable in November, enjoy your Thanksgiving without the stress of the IRS.
This is your last chance to lower your tax bill! Any tax saving strategies we mentioned in our previous blog posts can be followed to keep you in good working order with the IRS. By December 31st, ensure you've made contributions to any employer-sponsored retirement plan for 2022 which include: 401(k), 403(b), 457 or federal thrift savings plans. Additionally, if you are 73 and older, this date marks the required minimum distribution for Individuals.
The start of a new year and plenty of important dates to remember in January. This is the month where self-employed individuals must pay half of deferred 2021 Social Security taxes if applicable. This month also marks the estimated tax payment for 4th Quarter of 2022. By the end of January the IRS begins accepting and processing 2022 tax returns. If you are a farmer in Colorado Janurary 18th is when you need to file your estimated tax for 2022 (Form 1040-ES).
On February 15th, make sure you file form W-4 to reclaim exemption from withholding for 2023. Other than that, you are smooth sailing into March.
Don't forget to report your tips!
Tuesday, April 18th <--- THIS IS TAX DAY. If you find yourself closing in on this date and have not filed for an extension, please do so because it can buy you 6 months of buffer. This six-month extension with the IRS, is also due on April 18. If you employ a nanny, maid, gardener or other household worker, you also have until April 18 to file Schedule H and pay their employment taxes. There are some special deadlines in April for retirees and anyone saving for retirement, too. If you turned 72 in 2022, you must take your first required minimum distribution (RMD) from your traditional IRAs and 401(k) plans by April 1. April 18 is also the last day that you can contribute to an IRA or health savings account (HSA) for 2022 In addition, except for those who request an extension to file their 2021 tax return, April 18 is the due date for (1) self-employed people to contribute to a solo 401(k) or a simplified employee pension (SEP) plan for 2021, or (2) withdrawing excess IRA contributions made in 2021.
Take a breather.
Military personnel and other taxpayers who are serving or living outside the U.S. have until June 15 to file their 2021 tax return. If they want a four-month filing extension, they must submit an application by June 15.
Summer is always slow. Report your tips otherwise you're safe, no need to worry about important dates.