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5 Dates to Remember When Tax Season Arrives

5 Dates to Remember When Tax Season Arrives

January 19th marks the first official day that that IRS begins to accept paper and electronically submitted tax forms. This means that it’s time to start collecting your forms for submission, whether you decide to file yourself or via a CPA firm.

If you haven’t received your W-2 forms from your employer and various other parties, don’t worry. There’s still plenty of time until the April 18th deadline. Nevertheless, we’ll be discussing the five important dates to remember for 2016’s tax season.

It’s never too early to submit your tax forms. Let us handle the hard work.

February 1st

Companies in the United States have until February 1, 2016 to mail out all W-2 forms to employees. Along with this, companies must also mail out 1099 forms that detail non-employee compensation, dividends, bank statements and retirement distribution. Since the 1st is the official deadline for these forms to be mailed out, you may likely receive them after.

February 16th

Three forms must be mailed by this date: 1099-B, 1099-S and 1099-MISC. These forms detail the sales of stocks, mutual funds, real estate transactions and bonds.

February 29th

This date applies to farmers and fishermen who have balances due on their taxes. They must file individual returns and pay said balances by this date.

April 18th

Tax day has always been April 15th, but for 2016, it’s been extended three days due to Emancipation Day in Washington, D.C. This day marks the deadline to submit all individual tax returns for 2015 or to request a six-month extension. Even if an extension is requested, you’ll still be required to pay your taxes on the 18th as long as it’s done with an extension request.

October 17th

As mentioned before, if you filed an extension request that was approved, October 17th is the deadline to file for 2015.

Don’t Procrastinate

It’s easy to procrastinate on your taxes when several weeks are left before the deadline. Avoid doing this and get your taxes out of the way by contacting the McAllen CPAs of Gonzalez & Arrambide. Get in touch with us as soon as your W-2’s are available.