If you're like most taxpayers, the only date that comes to mind when you're thinking about Torrance tax preparation services is the April 15th date. But there are many other dates you should be aware of in addition to this date, especially if you are a business owner who files and pays taxes.
Each tax year is divided by quarters. The first quarter of a calendar year consists of January, February and March. The second quarter of calendar year consists of April, May and June. The third quarter of a calendar year consists of July, August and September. And the fourth quarter of a calendar year consists of October, November and December. If you use a fiscal year instead of a calendar year, then the three months that make a quarter may be slightly different from you depending where you're fiscal year begins.
Aside from the quarterly break down of any given tax year, here are some important dates to keep in mind as you gather your tax documents and seek out a tax accountant to help you file your taxes:
2011 Tax Calendar for Tax Preparation
January 15 - If you make quarterly tax payments, then your fourth quarterly tax payment is due from the previous year.
January 31 - This is the day you can expect to receive your 1099 and/or W-2 statements and other relevant tax documents.
February 28 - This is when paper 1099 statements are due to the IRS and paper W-2 statements are due to the Social Security Administration.
March 31 - This is when electronic 1099 statements are due to the IRS and electronic W-2 statements are due to the SSA.
April 15 - This is the infamous tax date that everyone knows as this is the day that your taxes are due if you are a calendar year tax payer, which most people are unless they are running a business. If you make quarterly tax payments, this is also when your first tax payment for the current tax year is due.
June 15 - If you are make quarterly tax payments, this is when your second quarterly tax payment is due for the year.
September 15 - If you make quarterly tax payments, this is when your third quarterly tax payment is due for the year.
October 15 - For individual tax payers who were not able to file their tax returns by April 15th and received and extension, extended tax returns are due on this day.
If a due date happens to fall on a weekend of legally recognized holiday, then the due date is moved to the following business day that is not a weekend or legal holiday.
There are several other important dates to note, but that's for business owners. For now, we'll keep it simple with the basics of individual tax returns.
For questions about your taxes, call Mike at 310-894-9244 or you can email him.
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