Everyone Needs A Tax Calendar: Here’s What Should Be On it
Friday, July 15, 2016
We all need a tax calendar, and here are the most important dates all of us should have on it…
If you want to avoid needless tax penalties, kick the stress to the curb, and keep more of what you earn, here are 9 dates you’ll want to add to your schedule now.
1. Income Tax Filing
Missing the state and IRS’ tax filing dates can get really expensive, and they can make it really uncomfortable until you get it right.
2. Tax Prep Day
Waiting until April 15th to file your federal income tax returns normally turns out to be a nightmare. You may be missing documents, or need to search back and find more deductions, or preparers and post offices may just be too busy to serve you. So book a full day to get your taxes done earlier.
3. Prep to Prep
Unless you are hyper-organized all year round there will probably be a lot of paper to gather in order to be able to actually file your taxes properly. You don’t want to pay thousands more than you have to just because you ran out of time to request a form. This should be a day a few weeks or months before filing deadlines.
4. Standard Deduction Deadlines
The end of the year brings all types of distractions, just don’t forget to max out your deductions for the year. Have a countdown and make sure any end of year bonuses are invested wisely for the best tax benefits, and keep all those receipts from your charitable giving during the holidays.
5. IRA Contribution Deadlines
You may have several extra months each year to contribute to retirement accounts and gain extra tax deductions. Make sure you get in all you can and start earning tax deferred or tax free returns.
6. Important Business Tax Dates
If you are self-employed or own a businesses you may have additional tax deadlines based on your business tax year. Don’t forget to make estimated quarterly payments to avoid penalties too.
7. Tax Free Shopping Days
Look out for tax free shopping days as the back to school season starts. Save wherever you can. And if you plan to travel look for tax free shopping ports and zones.
8. Tax Freedom Day
Tax Freedom Day is the day of the year that you have finally worked long enough to pay all of your annual taxes. This will vary depending on where you live and your personal income and taxes. If you live on Long Island that could be significantly later in the year than for others. For many it will be 5 or 6 months into the year. Keeping an eye on this date will also help you get better at focusing on minimizing taxes.
9. Property Tax Bills
Note when your property tax bills come out and are due. Keep bills down, and the system in check by challenging incorrect and inflated bills. If your mortgage company is collecting escrows and is supposed to pay taxes on your behalf make sure they are actually doing it.