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income tax return
payroll taxes
misconception
bookkeeping
small businesses
When Are Taxes Due For 2012?
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When Are Taxes Due for 2012?

One of my clients asked me today "When are taxes due for 2012?”. I do his bookkeeping so I know his company's taxes are being paid on time but it made me wonder just how many small businesses are paying their taxes late are not paying at all. The IRS sets dates for when all federal tax filings and payments need to be made. Whether it is payroll taxes, federal unemployment taxes, quarterly income tax estimates or any other federal tax. The IRS charges penalty and interest for filing late and making late payments. These can lead to a substantial amount, depending on how late they are made.

Some individuals and businesses do not pay their taxes simply because they do not have the cash to do so. Then because of this, they do not file a return either. This creates a double no no; first they do not file and then do not pay their taxes. Even if you cannot pay your taxes, you should always file your return on time, whether you are an individual or a company. You can work out a payment plan with the IRS but the penalty for failing to file is much harsher then for not paying. It can be up to 100% of what you owe in taxes. The fee for not paying usually is around 5% per month or partial month of the amount you owe but can double if the IRS sends you a letter demanding payment. Both of these can add up at a lot of money.

The IRS sets dates for when tax filings and payments are due. These dates are available on their website. Also, forms and publications are available for individuals and companies to download for their reading. These can be complicated so it is not for the ordinary individual to try to figure out tax rules and regulations. You can find out when taxes are due for the current year.

Most years your federal income tax return is due April 15th unless this day falls on a weekend or on a holiday, than it is pushed back to the next business day. This is also the day that extensions are due if you are filing one. One big misconception that people have is that if you file an extension your tax payment is not due. The tax return extension is only for filing your tax return and thus all your taxes should be paid by this day. You ask, how can you know how much your tax is if you have not finished your tax return. You should do a reasonable estimate and if you come up owning taxes submit that amount. Making a payment will cut down on penalties and interest if you do not pay enough taxes. If your estimate shows you do not owe any taxes than no payment is necessary.


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