How Tax Filing Software Can Help You With Filing Deadlines2 min read
There are a number of important deadlines to have in your calendar to ensure that you meet your taxation obligations. Tax filing software can assist you with this. Some of the important deadlines which are automatically programmed into the software such as the deadline of 15 January 2013 which is when you need to pay your fourth quarter estimated tax payment for the year 2012. The software will also let you know that you can wait to pay this amount and avoid getting a penalty if you put in your return and pay the correct amount by January 31, 2013.
Other important deadlines for filing which tax filing software can help you with include January 30, 2013. On this date, the IRS begins accepting tax returns for processing but the IRS will not immediately process all returns and some will have to delay until a few months after this deadline. On the day after there is the January 31 deadline for employers to send Form W-2 and businesses to send Form 1099 information to the IRS. On this date, self employed people also need to file their returns and make payment of outstanding amounts to so as not to incur a tax penalty.
Later in the year, on February 15 2013 there is the date when people who claim they are exempt from withholding need to give a Form W4 to the person or organisation that they work for. Also on this date, banks, investment and insurance companies must send information about sales of stock, bonds or mutual funds and property dealings for recording. Shortly after on March 1 2013 farmers and fishermen need to be mindful of their taxation obligations. There are very different obligations for farmers and fishermen which tax filing software can assist with.
Limited Liability Corporations (LLCs) and other types of corporations which need to file Forms 1120, 1120A and 1120S will usually need to do this by March 15, 2013. However, it is also possible to get an extension by filing a Form 7004. With these more complicated types of returns it is particularly useful to have tax filing software because the compliance obligations in relation to corporate tax returns are so complicated that it is necessary to have a pre-structured system for dealing with the issues that arise in relation to the filing of a corporate tax return. One of the major deadlines for the year is April 15 which is the time when individual tax returns must be filed unless there is an application for an extension which allows an extra six months to file the returns.
There are a number of deadlines which are surrounded by complicated rules for extensions, variations and time based filings. This is without considering the complicated rules surrounding deductions, the assessability of income and the issue of capital gains. This level of complexity necessitates the use of tax filing software to ensure compliance with taxation obligations.