April will be here before you know it and that means tax season is in full swing. Most importantly, Americans will have three extra days this year to file their taxes thanks to Emancipation Day being celebrated on April 15th. Returns for most individuals will be due on April 18th (see below). Businesses and individuals have several important factors to consider when filing their tax returns with the state and federal government. Only your trusted attorney or tax specialist can advise you properly when making decisions on how to to file. One of the most important things to keep in mind is the deadline for filing your specific return.
March 15, 2016: Deadline for Corporations or S-Corporations to file their return or an extension
If you are responsible for the filing of the return for your corporation, the deadline of March 15th is an important one. Failing to file the proper return or extension can result in fines, late fees, or audits. Importantly, it is imperative that you pay the estimated sum that you owe for that tax year at the same time that you file an extension. Failing to pay the estimated sum will result in interest being charged for the time between filing your extension and the payment of your actual taxes.
April 18, 2016: Deadline for filing Personal or Partnership Tax Returns or Extensions; Deadline for First Installment of Estimated 2016 Quarterly Tax Payments (Also applies to Kansas and Colorado State Returns and Extensions)
If you file the tax returns for your household, that return must be submitted no later than April 18th. This applies equally to returns and extensions. As mentioned above, if you file an extension, you must pay the estimated tax that you owe to avoid any late fees or interest charged on the amount between the deadline and when you actually submit your return.
April 18th is also the due date for your first estimated tax payments for the first 2016 quarter. Many small business owners, the self-employed, and independent contractors fall into the category of individuals and businesses that are required to file quarterly with the I.R.S. Failing to adhere to the quarterly payment plan can result in fines and/or interest being charged on the owed amount.
April 25, 2016: Deadline for re-submitting a rejected return or extension originally filed by the April 18th deadline (Also applies to Kansas and Colorado State Returns)
Having your return or extension that you filed rejected is not necessarily the end of the world. Often times these are simply overlooked errors or omissions and easily fixed. However, it may be necessary for you to contact your attorney or tax professional to go over the cited reasons for rejection to make sure you accurately correct those errors. It is worth noting, that although the last day to re-submit a rejected return is October 20, 2016, re-submitting after the April 25th deadline will incur interest on any taxes that you owe.
If you have any questions about your tax return, please do not hesitate to call The Law Office of Nathaniel Gilbert, and speak with an attorney that can answer your questions, or help to plan how to avoid certain liabilities in future years. We'll check back in with more important dates for May and June!