Tax Tips

Keep up with important tax dates, from estimated tax payments to extension filing deadlines.

2008
Sept. 15	Make the third payment of your 2008 estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.
Oct. 2	Deadline for establishing a simple IRA.
Oct. 15	If you filed Form 4868 extending the due date of your return, file your 2007 tax return by Oct. 15 and pay any tax, interest or penalties due. Last day for recharacterizing an IRA contribution for 2007 if you filed your 2007 return on time. Last day for making many elections that ordinarily were required to be made by the due date of the 2007 return if you filed your 2007 return on time.
2009
Jan. 1	Start of tax season.
Jan. 15	Make the fourth payment of your 2007 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. You won't need to make this payment if you file your 2007 return and pay any tax due by Jan. 31, 2008.
Jan. 31	If you didn’t pay your last installment of estimated tax by Jan. 15, you may choose (but are not required) to file your 2007 income tax return (Form 1040) by Jan. 31. Filing your return and paying any tax due by Jan. 31 prevents any penalty for late payment of the last installment. If you can’t file and pay your tax by Jan. 31, file and pay your tax by April 15. W-2s are due from your employer. Forms 1099 are due from payers of interest, dividends and other specified types of income.
Feb. 15	If you were exempt from income tax withholding for 2007, you must file a new Form W-4 to continue your exemption for 2008.
April 15	Tax returns are due. Get an automatic 6-month extension to file your return. You can submit Form 4868, Application for Automatic Extension of Time To File. This form must be postmarked on or before April 15. With the extension, your new deadline for filing your return will be Oct. 15. Last day to set up an IRA or make 2007 IRA contributions even if you get an extension. Make the first payment of your 2008 estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.
June 15	If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the U.S. and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. If you’re a member of the armed forces serving in a combat zone you may be able to further extend the filing deadline. Make the second payment of your 2008 estimated tax if you aren’t paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES.

Tip Earners
By the 10th day of each month, tip earners who received $20 or more in cash tips (including check and credit cards) during the previous month should report the amount to their employers using Form 4070 contained in publication 1244. If the 10th falls on a weekend or holiday, the due date is the next business day that is not a weekend or a holiday.

Farmers & Fishermen
If at least 2/3 of your total gross income comes from farming or fishing, you should make an estimated tax payment using Form 1040-ES on or before Jan. 15. You then have until April 15 to file your income tax return. If you farm or fish with at least 2/3 of your total gross income coming from these activities and choose to make no estimated tax payments, you'll need to file your return and pay your taxes on or before March 1 to avoid a penalty for underpayment of estimated tax.

If you miss the March 1 filing deadline due to severe weather or resulting power outages, you may request a waiver of any estimated tax penalties. You don't have to be in any particular state or Presidentially declared disaster area to receive the tax relief. To request the waiver, complete Form 2210-F - Underpayment of Estimated Tax by Farmers and Fishermen and file it with your tax return.

Others Paying Estimated Taxes
Estimated tax payments (Form 1040-ES) are generally due April 15, June 15 and Sept. 15 of the tax year, and Jan. 15 after the tax year ends. If the 15th falls on a weekend or holiday, the due date is the next business day. See Publication 505 - Tax Withholding and Estimated Tax for more information.