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Keeping Up With June Tax Deadlines

By Eileen Corbett, JD, LLM | June 12, 2013

As your business heads into summer celebrations and seasonal sales, remember that June also brings with it some customary tax compliance and deadlines. Make sure you’re ahead of the game and that you file and pay on time.

Estimated Taxes

Individuals have to pay their second installment of estimated taxes by Monday, June 17th. Individuals generally have the following due dates for estimated taxes this year:

  • April 15 – first installment
  • June 17 – second installment
  • September 16 – third installment
  • January 15, 2014 – fourth installment

For fiscal year taxpayers, the due dates are generally the fourth, sixth, and ninth months of the fiscal year and the 15ht day of the first month after the end of the year.

Warning

Depending on your situation, you may need to pay more in estimated taxes this year to avoid a penalty. Higher-income entrepreneurs generally face higher tax rates and additional taxes starting in 2013, as compared to 2012. These tax increases include, for example, a 39.6 percent top marginal income tax rate and a 20 percent capital gains rate. They also include a new 0.9 percent Medicare surtax on self-employment income and wages above certain thresholds.

For many corporations, the second installment of corporate estimated taxes is also due Monday, June 17th. Installments of corporate estimated taxes are generally due by the 15th day of the fourth, sixth, ninth, and twelfth months of the tax year. For calendar year corporations, this is

  • April 15 – first installment
  • June 17 – second installment
  • September 16 – third installment
  • December 16 – fourth installment
Think Ahead

Friday, June 14th is an IRS furlough day. The IRS will be closed, including the hotline. Prepare ahead of time to avoid having any last-minute questions go unanswered.

Taxpayers Abroad

June 17th is also the deadline for taxpayers abroad to file Form 1040. U.S. citizens and resident aliens who reside overseas, or are in the military on duty outside the U.S., on their regular return due date are allowed an automatic two-month extension to file their return and pay any amount due without requesting an extension. Since June 15th falls on a Saturday this year, the automatic extended due date is Monday, June 17th for those with a regular return due date of April 15th. A statement must be attached to the return to take advantage of this extension.

Tip

Other important deadlines appear in the free IRS Tax Calendar for Small Businesses and Self-Employed, available online here (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Calendar-for-Small-Businesses-and-Self-Employed-(Publication-1518)). The calendar includes a “subscribe” option to add calendar data to your calendar program, with the calendar data being updated automatically.

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