There are a few tax dates known to everyone in Minnesota and elsewhere - one of which is April 15. For those who file quarterly returns, June 15, September 15 and December 15 are notable as well. The Internal Revenue Service frowns upon missing these deadlines.
This year there are a few new dates with tax consequences and others that are just nice to know about. A list of tax deadlines that suffices most needs can be found in IRS Publication 509.
The biggest deadline which is looming at the end of 2012 is the Congressional deadline. If Congress does not act, then the so-called Bush tax cuts will expire on this date. This would include income tax, estate tax and capital gains tax rates. In addition, the two percent payroll tax holiday will also end. For someone making $40,000 per year, this would translate to $67 per month.
E-filing starts a little later next year and begins on January 22. A later e-filing date translates to a later date that those first refunds could start coming in. For those who file early, they could expect their refunds around Valentine's Day rather than Groundhog Day.
For those who qualify for the alternative minimum tax, which is about 60 million people, the wait may be even longer. This means that those filing under this provision may need to wait until March to file. Revisions to the alternative minimum tax is one of the items that Congress should be revising prior to or shortly after the December 31 deadline. This ball is still up in the air.
When taxes are owed, the IRS can add penalties plus interest to the tax amount.
Source: Echo Press, "Smaller paychecks, late filing await taxpayers," Nov. 30, 2012
- At our Minneapolis law firm we represent clients with the full range of tax liability issues with either the IRS or the Minnesota Department of Revenue.