2012 Tax Calendar

Elizabeth Rosen
by Elizabeth Rosen, Contributor

 

There are multiple due dates and deadlines that taxpayers must remember during the year. This tax calendar is for the year 2012 — remember that 2011 income tax returns are due in April 2012 — and applies to calendar-year taxpayers (taxpayers who file according to the fiscal year see note below). Make sure you keep up with these important dates to avoid being charged late fees or penalties by the IRS.

NOTE: Fiscal Year Taxpayers
A company’s fiscal year may or may not be the same as the calendar year. This means that depending on when the fiscal year begins, the three months which comprise each quarter may be different (than for calendar-year taxpayers). Keep in mind that the IRS system is based on the calendar year by default, so fiscal-year taxpayers may need to make some adjustments for filing and payments.

FIRST QUARTER

[January, February, March]

January 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (December), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

January 17
Individuals — This is the due date for the 4th installment of your 2011 quarterly estimated tax. This generally applies to business owners, the self-employed, and those who did not pay enough income tax through withholding. It also applies to farmers and fishermen. Send Tax Form 1040-ES with payment to the IRS.

January 31
Individuals — People who did not pay their last installment of estimated tax by January 17th may choose to file their 2011 income tax return (IRS Form 1040) by this date. Note that this is not required and applies to individuals who must make estimated tax payments. However, filing your return and paying any tax due by this date helps you avoid penalties for late payment of the last estimated tax installment. Those who cannot meet this deadline should file and pay by April 17th.

All Businesses — Businesses must report certain payments made during 2011 by providing annual information statements to the recipients. Use the appropriate version of IRS Tax Form 1099 to report payments such as dividends, interest, rent, royalties, and more.

February 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (January), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

February 15
Individuals — If you claimed an exemption from income tax withholding (on IRS Tax Form W-4) last year, you must re-file for that exemption by this date. Submit a new W-4 tax form in order to continue your exemption for another year.

All Businesses — A second due date for businesses to report certain payments made during 2011 by providing annual information statements to the recipients. Use the appropriate version of Form 1099, but note that this deadline applies only to the following types of payments:
    • Proceeds from broker and barter exchange transactions (Tax Form 1099-B)
    • Proceeds from real estate transactions (Tax Form 1099-S)
    • Substitute payments (reported in Box 8 of Tax Form 1099-MISC)
    • Gross proceeds paid to an attorney (reported in Box 14 of Tax Form 1099-MISC)

February 28
All Businesses — Businesses must report certain payments made during 2011 by filing information returns (IRS Tax Form 1099). Types of payments include dividends, interest, rent, and royalties. Remember that different types of payments require different tax forms.

March 1
Farmers and fishermen — This is the due date for your 2011 income tax return. File IRS Tax Form 1040 and pay any tax due by this date.

March 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (February), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

March 15
Corporations — Corporations must file their annual income tax return and pay any tax due by this date. Use IRS Tax Form 1120 (U.S. Corporation Income Tax Return). To request an extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and submit to the IRS. Note that you can only extend your time to file and any tax due must still be paid by this date.

S Corporations — S corporations must file their annual income tax return and pay any tax due by this date. Submit Tax Form 1120-S (U.S. Income Tax Return for an S Corporation) to the IRS, and provide a copy of Schedule K-1 to each shareholder. To request an extension of time to file, use Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) and submit to the IRS. Note that you can only extend your time to file and any tax due must still be paid by this date. Additionally, shareholders must receive Schedule K-1 by this date whether or not the corporation gets an extension through Form 7004.

NOTE: Use Form 2553 (Election by a Small Business Corporation) to choose to be treated as an S corporation for tax purposes.

Partnerships — A copy of Schedule K-1 (Partner’s Share of Income/Loss from an Electing Large Partnership) must be provided to each partner by this date.

SECOND QUARTER

[April, May, June]

April 2
Businesses — Businesses that file electronically must submit their tax forms (1097, 1098, 1099, 3921, 3922, and W-2G) to the IRS by this date.

April 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (March), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

April 17
Individuals — Individuals who are required to submit a federal income tax return must to do by this date. Use the appropriate1040 tax form (1040, 1040A, or 1040EZ) to report your income and pay any tax due. To get a six-month extension, submit IRS Tax Form 4868 (Application of Automatic Extension of Time to File U.S. Individual Income Tax Return) instead. Note that you can only extend your time to file and any tax due must still be paid by this date. [See related article, Filing a Late Return.

This is also the due date for the 1st installment of your 2012 quarterly estimated tax. This generally applies to business owners, the self-employed, and those who did not pay enough income tax through withholding. Send Tax Form 1040-ES with payment to the IRS.

Household Employers — If you paid a household employee $1,700 or more in cash wages during 2011, you need to file Schedule H by this date. You must report any FUTA (federal unemployment tax) if wages exceeded $1,000 in any quarter, as well as income tax withheld from those employees. If you are required to file a federal income tax return (IRS Tax Form 1040), submit Schedule H with your return and report any household employment taxes.

Partnerships — Partnerships must file their annual tax return (IRS Tax Form 1065) and pay any tax due by this date. Make sure to provide a copy of Schedule K-1 to each partner. For an extension of time to file, submit Form 7004 to the IRS.

Corporations — This is the deadline for the first installment of estimated tax for 2012. Corporations must deposit the payment. Use the Form 1120-W worksheet to figure the estimated tax.

May 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (April), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

June 11
Employees who work for tips — If you earned more than $20 in tips during the previous month (May), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

June 15
Individuals — This is the due date for the 2nd installment of your 2012 quarterly estimated tax. This generally applies to business owners, the self-employed, and those who did not pay enough income tax through withholding. Send Tax Form 1040-ES with payment to the IRS.

Individuals who are living and working outside the United States (as well as those on military duty) must file their annual income tax return (Form 1040)and pay any taxes due by this date. A four-month extension of time to file can be obtained by submitting Tax Form 4868.

Corporations — This is the deadline for the second installment of estimated tax for 2012. The payment must be deposited. Corporations may use the Form 1120-W worksheet to figure the estimated tax.

THIRD QUARTER

[July, August, September]

July 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (June), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

August 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (July), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

September 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (August), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

September 17
Individuals — This is the due date for the 3rd installment of your 2012 quarterly estimated tax. This generally applies to business owners, the self-employed, and those who did not pay enough income tax through withholding. Send Tax Form 1040-ES with payment to the IRS.

Corporations — Income tax returns are due for corporations that received a six-month extension of time to file (back in March). Submit IRS Tax Form 1120 (U.S. Corporation Income Tax Return) and pay any tax or penalties due.

This is also the deadline for the third installment of 2012 estimated tax for corporations. The payment must be deposited. Corporations may use the Form 1120-W worksheet to figure the estimated tax.

S Corporations — Income tax returns are due for S corporations that received a six-month extension of time to file (back in March). Submit IRS Tax Form 1120-S (U.S. Income Tax Return for an S Corporation) and pay any tax or penalties due.

Partnerships — Income tax returns are due for partnerships that received a five-month extension of time to file (back in April). Submit IRS Tax Form 1065-B (U.S. Return of Income for Electing Large Partnerships) and pay any tax or penalties due.

FOURTH QUARTER

[October, November, December]

October 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (September), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

October 15
Individuals — If you got a six-month extension of time to file (back in April), you must submit your tax return and pay any tax or penalties due by this date.   

Partnerships — Income tax returns are due for partnerships that received a six-month extension of time to file (back in April). Submit IRS Tax Form 1065-B (U.S. Return of Income for Electing Large Partnerships) and pay any tax or penalties due.

November 13
Employees who work for tips — If you earned more than $20 in tips during the previous month (October), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

December 10
Employees who work for tips — If you earned more than $20 in tips during the previous month (November), you must report them to your employer. Use IRS Tax Form 4070 (Employee’s Report of Tips to Employer).

December 17
Corporations — This is the deadline for the fourth installment of 2012 estimated tax for corporations. The payment must be deposited. Corporations may use the Form 1120-W worksheet to figure the estimated tax.

For more information regarding tax deadlines and due dates, please see IRS Publication 509 (2012 Tax Calendars).