I can already tell it’s summer not just by the long lines at the airport and the blazing heat but by the number of vacation pictures being posted on Facebook. Folks have packed up and moved out in search of rest, relaxation, and summer fun.
But before you get too comfortable this summer, check to make sure that you don’t have a few tax deadlines looming. Here’s a quick summary of federal individual income tax deadlines that might apply to you:
June 11, July 10 and August 10
If you’re an employee who works for tips and you received $20 or more in tips during the prior month, you’ll need to report those to your employer by the 10th day of the next month; if that day falls on a Saturday, Sunday or holiday as it does in June, the deadline falls to the next day. The $20 threshold includes cash tips, tips you receive from other employees, and debit and credit card tips. If your employer doesn’t already provide a mechanism for reporting, you can use federal form 4070 (downloads as a pdf) to make the report.
June 15
Estimated payments for the second quarter 2012 estimated tax are due on June 15. You’ll generally make estimated payments if you are self-employed or you are not subject to withholding because of the kind of income you receive during the year. You can figure and pay your estimated payments using federal form 1040-ES (downloads as a pdf).
A good rule of thumb is that if you owed additional tax for 2011, you may have to pay estimated tax for 2012.
You can also determine whether you must pay estimated tax for 2012 if both of the following apply:
- You expect to owe at least $1,000 in tax for 2012, after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your 2012 tax return, or
- 100% of the tax shown on your 2011 tax return.
(Some exceptions apply).
June 15
If you are a U.S. citizen or resident alien living and working outside the United States and Puerto Rico, or if you’re on military duty, you have until June 15 to file your normal federal form 1040 (if you’re in a combat zone, you get even more time). If you need more time, you can request an extension using a federal form 4868 (downloads as a PDF). The extension is good for four months, so your new due date would be October 15.
June 30
If you are a “US person” with an interest in, signature or other authority over, one or more bank, securities, or other financial accounts in any foreign country, you may need to file an
(FBAR). You must file an FBAR if the total value of your foreign accounts at any point in a calendar year exceeds $10,000. A “US person” generally means a citizen or resident of the United States, or a person in and doing business in the United States – it is not limited to individual taxpayers and includes partnerships and corporations.
To file an FBAR, check the appropriate block on your federal form 1040 at Schedule B and then file form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (downloads as a PDF). There are no extensions for FBARs.
It’s worth noting that most of these deadlines are those geared towards individual taxpayers. Corporate other taxpayers (like trusts, estates, or partnerships) may have other deadlines such as payroll reporting and sales tax. Check with your tax professional if you’re not sure what applies to you.
The sooner that you take care of these details, the sooner you can get to the important stuff: kayaking on the river, playing on the beach, reading a good book, enjoying a nice barbecue and listening to the squeals of joy at the sights of the first lightning bugs of the season.
