Today is the deadline to file IRS forms 1040 for personal income taxes, or an extension*. The IRS extended the deadline to April 18th (instead of the 17th) due to system issues that arose on the 17th. So, if you worried that you missed the initial deadline to file, don't worry - its not too late. You have until midnight tonight, April 18, to submit your taxes without penalty.
*Please remember that filing an extension to file is not an extension to pay. You must pay all estimated taxes owed by the filing deadline to avoid failure to pay penalties.
Business owners, don't forget that your 1st Quarter 2015 941 Return is due at the end of this month. Make sure to have this filed and paid on time in order to avoid getting behind in this new year!
If you are a monthly depositor, don't forget that your next payroll tax deposit is due January 15, 2015. This should be your last deposit due before your 941 Employee Withholding Tax Return is due on January 31, 2015.
If you aren't sure what kind of deposit schedule you should be on, you can review the IRS' publication titled "The ABC's of FTD's". This publication is full of information on determining what kind of deposit schedule you should be on, including how and when to make your tax deposit.
Ensuring you are on the right deposit schedule is imperative for avoiding penalties and interest with the IRS. The taxing authorities will also want to see that you are correctly making deposits before they will allow you to make an arrangement to resolve any back tax balances.
For assistance on making sure you are on the right deposit schedule, feel free to contact us. We can be reached at 720-420-7996.
Amy Lee, EA
Don't forget that your 3rd Quarter 2014 941 Employee Withholding Tax Return is due to be filed today. As long as it is postmarked by today, or filed electronically, you will be filing on time and avoiding late filing penalties.
Amy Lee, EA
Compass Tax Group, LLC