Tax Planning

  • FBAR Deadline is April 15

    Those who own or control financial or bank accounts that are in a foreign country have some reporting to do, and soon. They have to file an annual Report of Foreign Bank and Financial Accounts—also known as the FBAR—on or before April 15. Taxpayers who miss the April deadline will get an automatic extension, pushing…

  • Farmers, Fishers Face March 1 Tax Deadline

    The Internal Revenue Service doesn’t want the March 1 tax deadline for farmers and fishermen to be “the one that got away.” Those taxpayers have to pay their entire tax bill from their respective businesses by that time if they didn’t make estimated tax payments. The March 1 deadline payment date is a special rule,…

  • IRS Reminds Employers About Wage Statement Deadline

    The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage…

  • IRS Issues Reminder for Estimated Tax Payment Deadline

    Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their tax as their income comes in.…

  • Did COVID-19 Change My State Individual Income Tax Deadline?

    Last Updated: May 8, 2020, at 4:33 p.m. Important: The New Hampshire Interest & Dividend Tax is still due on April 15, 2020. Treasury Secretary Steven Mnuchin announced on Friday, March 20, 2020 that the federal filing deadline was being moved to July 15, 2020 due to the COVID-19 outbreak. Many state departments of revenue…

  • 2022 Standard Mileage Rates Now Available

    The Internal Revenue Service has put a little more cushion into its standard mileage rates, so taxpayers won’t have such a big bite taken out of their pockets by fuel prices. The rates for 2022, which take effect on January 1, will be used to figure the deductible cost of operating a vehicle for business,…

  • IRS: Don’t Forget the Required Minimum Distributions Deadline

    While most Americans have their eyes firmly on the Christmas holidays, many US retirees have another milestone to consider. While the holidays are the emotional favorite, they shouldn’t let the deadline slip by to make Required Minimum Distributions (RMDs) from their retirement plans and individual retirement accounts. That deadline is December 31. RMDs are generally…

  • IRS Issues Extension Deadline Reminder

    This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage. That said, we could all probably use a reminder that if a taxpayer filed an extension back in May, their income tax return is due in…

  • Using the IRS Withholding Estimator

    We’ve all been there before: We got a new job, and on the first day, our new boss puts a Form W-4 on our desk and tells us to fill it out for withholding. It takes a bit of math and what feels like a good helping of guesswork to figure out just how much…

  • Q2 Estimated Taxes Due June 15

    It may seem that we just got through with the 2021 income tax season, but there’s already another tax deadline waiting in the wings. The Internal Revenue Service is reminding taxpayers who pay estimated taxes about their second-quarter installment deadline: June 15. People generally pay estimated taxes when they have income that isn’t normally subject…