DiSabatino CPA Blog

Mike DiSabatino CPA

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Making Sense of the Individual Tax Calendar

What are the Federal Holidays?

 

Keeping all the filing dates straight when it comes to the tax calendar can be a challenge in the best of times. Add some unique Federal Holidays and you often have a mess on your hands. So what do you need to know?

Federal Holidays

The Federal Tax Calendar contains some fairly predicable holidays and one or two that can throw you for a loop. Here are the current observed holidays for federal tax purposes in 2012:

• Jan 2: New Years Day
• Jan 16: Martin Luther King Jr.
• Feb. 20: Washington's Birthday (President's Day)
• April 16: D.C. Emancipation Day
• May 28: Memorial Day
• July 4: Independence Day
• Sept 3: Labor Day
• Oct. 8: Columbus Day
• Nov. 12: Veterans' Day (observed)
• Nov. 22: Thanksgiving Day
• Dec. 25: Christmas Day

What You Should Know

Filing dates can move. The general rule of thumb is that if a tax filing date lands on a Saturday or Sunday, the filing date is moved to the following Monday. Month end reports that are due often can be filed the following Monday when the due date lands on a weekend.

Filing dates can move TWICE. When a tax filing date lands on a weekend AND the following Monday is an observed holiday, then the filing date moves to Tuesday. This has occurred the last two years with the April 15th tax filing date and the Washington D.C. Emancipation Day Holiday.

Favorite dates. The tax calendar tends to favor certain dates during the month. The dates are the 15th and the last day of the month. If you receive tips at your job then also throw in the 10th. Knowing this, you can always do a mental review each month to ensure you are not missing a key filing date.

Major Individual Filing Dates. Please note them on your calendar. Other dates may be important for your particular situation, but this is a good place to start:

January 15: 4th Quarter (prior year) estimated tax payment
April 15: 1040 individual income tax due date;
1st Quarter estimated tax payment
June 15: 2nd Quarter estimated tax payment
September 15: 3rd Quarter estimated tax payment
October 15: 1040 individual tax return due (if filed an extension)
December 31: Retiree minimum required distribution due
10th of each month: Employees who receive tip income (reporting due to employers)

Note: remember to move the filing due date to the following Monday if the date lands on a weekend.

 

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