Author Topic: Tax due dates and deadlines  (Read 1414 times)

CmFtns

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Tax due dates and deadlines
« on: July 17, 2015, 06:26:18 AM »
I'm a bit confused with the deadlines and due dates when filing taxes. Some things say calendar year and some say april 15 and then you can do a tax extension till october 15.

What is the benefit of the extension and how does that work?
What is the date for first and last paycheck that will go into my taxes that I file in 2016?
What is last day for 401k contribution that is deducted from paycheck before it counts for next year's cap?

grantmeaname

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Re: Tax due dates and deadlines
« Reply #1 on: July 17, 2015, 07:47:02 AM »
Your taxes for 2015 are due on April 15, 2016. The extension allows you to do your paperwork later - but if you owe taxes, it doesn't allow you to pay late without paying interest. And if you're due a refund you don't get the refund until you actually file.

The first date of your income that is on your April 15, 2016 return is 1/1/2015, and the last date is 12/31/2015. I believe the last day for 401k contributions is 12/31/15 also. You can contribute to your Traditional or Roth IRA until the filing date/original due date of the return, however - so you can fund 2015's IRA any time from 1/1/2015 until 4/15/2016.

Got it? :P

CmFtns

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Re: Tax due dates and deadlines
« Reply #2 on: July 17, 2015, 08:23:28 AM »
Got it? :P

Thank you muchly, crystal clear

Cathy

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Re: Tax due dates and deadlines
« Reply #3 on: July 21, 2015, 08:25:59 PM »
The due date for filing a tax return actually depends on the tax year. Under the Internal Revenue Code, taxpayers can elect their tax year, within some statutory bounds, as I discussed in a previous post. Most Americans have elected a tax year that runs from January 1 to December 31st, but this is not strictly required. As a result, the due date for a tax return is not the same date for everybody. The general rule is that a taxpayer's return must be filed on or before the 15th day of the fourth month following the close of the taxpayer's tax year, although there are various exceptions: 26 USC 6072.