Here is a schedule of 2015 IRS tax filing deadlines for domestic US taxpayers — individuals and entities. If you a US expatriate or are looking for IRS deadlines for foreign entities, look for a separate reference guide which we will have published shortly.
January 15th: Fourth 2014 Estimated Tax Payment
Look into the 2013 tax return files that you received from your CPA, tax preparer or open the preparer’s copy of your self-prepared tax return. If you find 2014 estimated tax payment vouchers there (Forms 1040-ES), take the fourth one and mail it to the IRS with a payment by January 15th. It might reduce a potential estimated tax penalty on your 2014 tax return. Most often, this applies to self-employed individuals. If you find no vouchers and are curious if the penalty might be applicable to you, see if you pre-paid at least 100% of your 2013 income taxes during 2014 or 90% of your projected 2014 tax liability. The lesser of these two would satisfy the requirement.
This deadline does not apply to corporations.
March 16th: Deadline for Filing Corporate Tax Returns
If you own shares in a corporation, please keep in mind this early deadline for filing corporate tax returns. An S Corporation (which is taxed at the shareholder’s level only) should issue you a 2014 Schedule K-1 by this deadline as well. You should use this schedule when preparing your personal tax return. A C Corporation (taxed at both entity and shareholder’s levels) will issue you a Form 1099-DIV, if it paid any dividends during the year to you.
April 15th Deadline for Paying Taxes (Not Necessarily Filing the Return)
There is one important thing to remember about the “Happy Tax Day”: it is the deadline for your tax payments. So if you think of filing for an extension, you still have to at least prepare a rough draft of the return, and calculate the projected amount of your 2014 tax liability. If, after all the withholdings and estimated tax payments you’ve made, your calculation still shows an amount you owe, you’ll have to pay it by April 15th.
If you file for an October 15th extension with no payment attached to it, and then file the return after April 15th, the IRS will charge you the so-called “failure-to-pay” penalty, which can be as much as 25% of your unpaid taxes. The later you pay – the larger is the penalty. If you also fail to file for an extension, and file your return after April 15th, on top of the “failure-to-pay” penalty the IRS will charge you a “failure-to-file” penalty, which also can be as much as 25% of the unpaid taxes (depending on when you file the return).
April 15th Deadline for 2014 IRA Contributions
Even after the year ends, you still have a chance to reduce your 2014 AGI by making IRA contributions by April 15th and deducting them on your 2014 tax return. 2014 limit for contributions is $5,500 ($6,500 if you are age 50 or older).
April 15th Deadline for Filing Partnerships Tax Returns
Please note that the deadline for partnerships’ tax reporting is identical to individuals tax reporting. However, it is not similar when it comes to an extended deadline (see below). Partnerships should issue Schedules K-1 to its shareholders by March 16, 2015. If you received such a schedule, don’t forget to use it when preparing your individual tax return.
April 15th Deadline for Making a First 2015 Estimated Tax Payment
Income tax is a pay-as-you-go tax, and the IRS doesn’t want to wait until April 15th next year to get a share of your income. As mentioned above, estimated tax payments in most cases apply to self-employed individuals. W-2 workers make estimated tax payments by virtue of withholdings from their paychecks. Might also be applicable to W-2 workers having additional sources of income. Deadline also applies to corporations.
June 16th: Deadline for Making a Second 2015 Estimated Tax Payment
If applicable. Deadline also applies to corporations.
June 30th: Deadline for Reporting Ownership of Foreign Bank Accounts
Although this deadline does not apply to everyone, it’s probably the one that is missed most often. If you had any foreign bank accounts during 2014, and their balance was more than $10,000 at any time during the year, there is a special online form that you would need to file with the Department of the Treasury called the FBAR (Foreign Bank Account Reporting Form 114). Your Schedule B of the federal tax return should also reflect the requirement to file the FBAR. (Starting with your 2016 FBAR, your due date is the date your retrun is due, inclusive of extensions).
September 15th: Extended Deadline for Corporate and Partnerships Returns
Please note, that the extended fling deadline for both corporations and partnerships is the same, although their original filing deadlines are identical (see above).
September 15th: Deadline for Making a Third 2015 Estimated Tax Payment
If applicable. Please note the January 15, 2016 deadline for making a fourth estimated tax payment. Deadline also applies to corporations.
October 15th: Extended Deadline for Filing Individual Tax Returns (Not Paying Taxes)
If you properly applied for an extension before April 15th, you have time until October 15th to file a tax return. Again, this is a deadline for filing a return, not paying taxes. If you are extending the April 15th deadline, and can’t compute the rough estimate of your 2014 tax liability, pay as much as possible, but, of course, not more than you reasonably think you might owe. This will significantly reduce your chances of getting the aforementioned “failure-to-pay” penalty.
December 15th: Deadline for Making a Fourth Estimated Tax Payment for Corporations
And would you believe that the cycle will repeat itself in 2016? Crazy, I know.
