Tax filing deadline is a date by which all businesses and individuals should submit tax returns in the previous tax calendar. This date varies from one country to another but the typical filling date in United States is April 15th. In cases when this deadline falls on a holiday or weekend then the deadline will be in the following business day. Lateness or failure to adhere to the tax filing deadline is punishable with a fine plus interest on overdue taxes. It is important to note that United States residents are subject to federal and local government taxes on capital gains and other sources of income. The Internal Revenue Service (IRS) provides registered tax payers with documents to fill during the tax season; a period which normally run from January to April.
US residents abroad tax deadline
United States is among the few countries that requires its residents working and living abroad to file for income, gift and estate returns. However, US residents abroad get a two month extension deadline on the above stated deadline. Thus penalties for US residents abroad take effect after June 15th.
Amended Tax Returns
This refers to instances where an individual or a business wants to change initial information given to IRS. On filing for amendment one should complete form 1040X and submit it. There is no deadline for tax amendment in instances where it results in you owing the state. On the other hand, if the amendment requires the state to refund extra taxes paid, filling should be within three years from the date of initial tax return.
Also referred to as a tax year, a tax calendar refers to annual period for filling tax forms as provided by the IRS. Tax calendar is similar to accounting period and runs for 12 months from January 1st to December 31st each year. During each tax calendar, IRS highlights the different due dates for different taxpayers categories. Tax calendar has four subdivisions or four quarters each with three months i.e first, second, third and fourth quarter. Individual taxpayers or businesses operating on fiscal year should to adjust their dates when filing tax returns in order to conform with that of IRS tax calendar.
Application for extension of tax filing deadline
If necessary, one may request for an extension of tax filing deadline for up to six months. In such instances, an individual or a business should fill and submit for approval the different forms obtained from IRS website. Special rules however apply for US citizens in abroad and people serving in combat zone. Extension of tax deadline however does not grant an opportunity for extension of time to pay for taxes.
How to file for tax returns
There are different alternatives for filling your federal tax obligation. Two common applied alternatives include doing it yourself. Alternatively, you can seek the help of a Certified Public Accountant offering tax filling services.
Need help in filling tax
If you experience a difficulty or have a problem while handling your tax returns you can visit IRS website for help. There are hundreds of resources available online to instruct you. They guide you on how to tackle different issues that may arise in the process of filing tax returns.