Critical Michigan Tax Deadlines for 2015
Guardado en: Michigan Business, Tax NewsEveryone knows and dreads the yearly April 15 deadline for filing federal and state income taxes. But did you know that there are at least 16 other major tax deadlines spread throughout the year from January 15 to December 31?
Some of these deadlines have already passed. There was the January 15, 2015 deadline for paying estimated tax for the last quarter of 2014. This is usually for those with income that is not subject to withholding tax, such as from business, rental, investments, and capital gains. These can be calculated using the IRS Form 1040-ES. You can also still avoid estimated tax penalty if you file and pay in full by February 2, 2015.
Last January 20,2015 was the date the IRS started processing tax returns for the tax year, whether those filed electronically or on paper. February 2, 2015 was also the deadline for employers and businesses to furnish Forms W-2 and 1099, including non-employee compensation, interest on bank accounts, and dividends.
Below are the rest of the major tax deadlines for 2015.
March 2, 2015
This is the deadline for employers to send Forms 1099 and 1096 to the IRS, if filing on paper. If filing electronically, you’ll have until March 31. If you happen to earn from farming or fishing, this is also the deadline for filing and paying for any balance due on your tax return.
March 16, 2015
This is the deadline for corporate tax returns using the corresponding type of Form 1120. If an extension is needed, this is also the deadline to file Form 7004 for a 6-month extension for businesses using the calendar year. This is also the last chance to file an amended corporate tax return for tax years back to 2011 to claim any pending refunds (3 years maximum). These deadlines actually should fall on March 15, but this happens to fall on a Sunday this year.
April 15, 2015
This is the big one. This is the deadline for filing your individual tax return (Form 1040 or subtypes), or filing for a 6-month extension (Form 4868). Note, however, that even if you file for an extension, you still need to pay your taxes on this date or face penalties.
This date is also the last day to make contributions to IRA, Health Savings Account, or your 401(k). If you file for an extension, you will have until October 15, 2015 to contribute to your SEP-IRA or 401(k). For those making estimated tax payments, this is the deadline for the 1st quarter of 2015. As with corporate tax returns, this is also the deadline for filing an amended tax return for tax years back to 2011 or you will forfeit any refunds you are entitled to for 2011.
This is also the deadline for filing estate or trust income tax returns (Form 1041) or partnership tax returns (Form 1065). Extensions granted for these last only 5 months (Form 7004). Again, this is also the last chance to file for amended tax returns of the same type for refunds from tax year 2011.
May 15, 2015
This is the deadline for filing information returns for tax-exempt organizations (Form 990). Extensions can be requested using Form 8868.
June 1, 2015
This is the deadline for financial institutions to report balances on individual retirement accounts for 2013 (Form 5498).
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This is the deadline for estimated tax payments for the 2nd quarter of 2015. US citizens living abroad also need to file and pay for their individual tax returns by this date, or request for a 4-month extension (Form 4868).
June 30, 2015
If you have over $10,000 held in foreign bank accounts, you may have to file a Foreign Bank Account Report by this date (FinCEN Form 114). Extensions are not allowed.
September 15, 2015
This is the deadline for estimated tax payments for the 3rd quarter of 2015. This is also the extended deadline for corporate, trust, and partnership tax returns.
October 1, 2015
This is the deadline for self-employed and small employers who want to open a SIMPLE-IRA for this year.
October 15, 2015
This is the extended deadline for individual tax returns and for funding SEP-IRA or 401(k), and the last day for electronic filing for 2014 taxes.
December 1, 2015
You may be able to contribute to a Health Savings Account for the year if covered by an eligible policy by this date.
December 31, 2015
This is the last day to make any tax moves for the year or set up a 401(k) if self-employed.
If you need help with any of your 2015 Michigan tax needs Hazzouri Accounting is here to help. You can contact us today at 734-844-1614 or fill out our on-line contact form and someone will be in touch with your shortly. We can help!
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