Tax Calendar

Tax planning is an activity that is best pursued year-round. You can use the following list of activities and dates to help you better carry out your planning on a regular and ongoing basis. The dates below are the same each year unless the date falls on a weekend or holiday, in which case the due date is the following business day.

First Quarter

  • If you work for tips and earn more than $20 in tips during the month, report tips to your employer by the 10th of each month for the following month on form 4070.
  • Complete Form W-4 and adjust withholding if needed.
  • Pay fourth-quarter estimated tax voucher for the preceding tax year by January 15.
  • Evaluate before-tax contributions to retirement plans.
  • Evaluate voluntary after-tax contributions to retirement plans.
  • Apply for a Social Security number for any child who does not have one.
  • Make quarterly defined benefit Keogh contribution for preceding year by January 15.
  • If you claimed exemption from withholding last year, you must file a new W-4 form with your employer to claim the exemption for this year.

Second Quarter

  • Comply with minimum distribution rules for qualified plans by April 1 if you attained age 70½ in previous year.
  • File individual tax return (or an application for an extension of time to file) by April 15.
  • Pay first-quarter estimated tax, using the correct voucher, by April 15.
  • Make previous-year IRA contribution by April 15.
  • Make previous-year Keogh plan contribution by April 15 (unless you applied for an extension of time to file your tax return).
  • Make quarterly defined benefit Keogh contribution for the current year by April 15.
  • Pay second-quarter estimated tax voucher by June 15.

Third Quarter

  • Make quarterly defined benefit Keogh contribution for the current year by July 15.
  • File Form 5500 Annual Report of Employee Benefit Plan by July 31, if applicable.
  • If you applied for an extension of time to file your preceding year's tax return, file the return or an additional extension request by August 15.
  • Pay third-quarter estimated tax voucher by September 15.

Fourth Quarter

  • If you got an extension of time to file later than August 15, you must file by October 15.
  • Make your quarterly defined benefit Keogh contribution for the current year by October 15.
  • Begin your year-end planning:.
  • Evaluate the applicability of the AMT and other taxes.
  • Adjust withholding, if necessary.
  • Evaluate year-end capital transactions.
  • Establish a separate Keogh plan for self-employment income.
  • Comply with minimum distribution rules for qualified plans.

Throughout the Year

  • Evaluate your tax and financial strategy for receiving discretionary and mandatory retirement plan distributions.
  • Reevaluate your uses of debt.
  • Consider making gifts to children or other family members up to the annual gift tax exclusion of $12,000 per gift per donee per year.
  • Evaluate passive loss exposure and potential investment shifts.
  • If you have excess cash flow, consider how to invest those funds.
  • Optimize mix of interest expense items.
  • Consider making charitable contributions of property, instead of (or in addition to) giving cash.
  • Consider ways to fund your children's education.
  • Evaluate your mix of portfolio and passive income.
  • Review prior gifts to children under age 14 and their incomes in order to minimize the amount of income that will be taxed at your rate.
  • Review the selection of your second residence and status of your vacation home.

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