Second Quarter Tax Calendar 2012

Yikes, I just had to pay a big tax estimate for 2011 and first quarter 2012. My fault as I did not get tax return info to my tax accountant on time and I should have budgeted ahead so there were no surprises. You would think that as I post these alerts I would be on top of it. I am glad I use Paychex for employee payroll, it helps to make sure that the employee side is properly taken care of even if I can’t keep up with the personal side!

It is almost the end of March, corporations have missed the 2011 tax extension deadline but if you haven’t had time to do your personal taxes for 2011 and need an extension there is still time but you better extend soon! Here are some useful second quarter tax calendar dates:

April 17:  Besides being the last day to file (or extend) your 2011 personal return and pay any tax that is due, 2012 first quarter estimated tax payments for individuals, trusts, and calendar-year corporations are due today. So are 2011 returns for trusts and calendar-year estates, partnerships, and LLCs, plus any final contribution you plan to make to an IRA or Education Savings Account for 2011. SEP and Keogh contributions are also due today if your return is not being extended.

If you need to file a 2011 gift tax return, it also must be filed or extended by this date.

April 30: If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through March 31 exceeds $500.

Most employers must file Form 941 (Employer’s Quarterly Federal Tax Return) to report Medicare, social security, and income taxes withheld in the first quarter of 2012. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until May 10 to file the return.

June 15: Second quarter estimated tax payments for individuals, trusts, and calendar-year corporations are due today.

Source: Tax and Business Alert 2012

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