American companies are required to file Form W-2, the Wage and Tax Statement, with the Internal Revenue Service (IRS) and mailing of the form to employees by January 31.
Once an employee has received all the information required to complete a return, they can file, but the deadline for filing is April 17, 2012, for the calendar tax year ending December 31, 2011. If a taxpayer has a different tax year that the standard calendar year, their return would be due 3 ½ months from the tax year end date.
If this date, or any of the other dates in this article fall on a Saturday or Sunday, the due date is moved to the following Monday. For returns that are mailed, the return must be postmarked by that date.
It is not enough just to drop it in the mailbox on that date, if the mail has already been collected. Some post offices remain open until midnight to accommodate the latest fliers. For those filing electronically, the return must be received by April 16. The IRS charges fines and interest for taxpayers that miss the deadline.
Tax Deadline Extensions
The IRS will grant an automatic six month extension, but the extension request must be received electronically or postmarked by April 17. As the IRS specifies, the extension is only for filing the return, not for paying tax owed.
Taxpayers need to include payment for the estimate of tax that will be owed with the completed return. No payment is necessary if a refund is expected. Use IRS Form 4868 for an extension. The IRS will not confirm the extension, as it is automatic. The return will be due October 15. Taxpayers do not have to wait until October, but can file as soon as the return is complete.
Estimated Tax Payments
Taxpayers are required to estimate their expected tax liability during the year, and make estimated payments quarterly if they expect to owe a large amount at the end of the year. Most employees will have enough deducted to avoid estimated taxes, but self-employed taxpayers, or those with large investment income, may be subject to quarterly payments.
The dates for estimated returns for 2012, which is Form 1040-ES are:
- April 17 (which coincides when the 2011 return is due)
- June 15
- September 17
- January 15, 2013
Getting the Refund Faster
Taxpayers who are due a refund are advised to file as soon as possible, but to make sure all information is received in order to pay the proper tax. Interest, dividends and investment information may come in later than January 31, but still needs to be accurate on the return.
Contributions to IRAs can still be made up until April 17, or until the return is filed. Taxpayers can amend the return after it is filed, if necessary. Telephone Assistance for Individuals is available toll-free at 1-800-829-1040.
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