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Thread: Date taxes due

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    Senior Member Esmerelda's Avatar
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    Default Date taxes due

    When are taxes due on income reported beginning on October 31?
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    God/dess Emily's Avatar
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    Default Re: Date taxes due

    Jan 15th!

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    Veteran Member DJ_WuLf's Avatar
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    Default Re: Date taxes due

    Just to clarify (and don't slam me for nit picking)

    Actually an estimated quarterly (4th Qtr.) payment based on 2003 total income is due Jan 15th. 2004 Taxes are due on Apr 15th along with any penalty for underpayment of the Quarterly Estimates. The 4th Qtr is usually the best time to catch up on any underpayments for the first 3 Qtrs though ... to avoid that nasty penalty.
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    Senior Member Esmerelda's Avatar
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    Default Re: Date taxes due

    I posted because I still hadn't recieved my 2004 1099's. Whatdoyaknow, they were mailed and in my mailbox yesterday. I thought tax forms had to be mailed AT THE LATEST by February 4?
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    Default Re: Date taxes due

    The 4th quarter estimateds were due on last January 15th, but as DJ said the 2004 actual tax return plus any penalties for underpaying the estimateds is due this coming April 15th. Also, when speaking of deadlines, 1099s were supposedly required to be mailed out by employers by last January 31st. However, as your mailbox shows, the 1099 deadline is regularly bent and broken.

    Thus if you made the assumption that any 1099's which don't show up in your mailbox by say Feb 15th (based on the Jan 31st mailout deadline) aren't going to show up later, and file your tax return accordingly, you're taking an extra risk. If for example you worked for a club in 2004 which you assume did not document your earnings, if you didn't receive a 1099 from this club by say Feb 15th, if you therefore didn't "remember" to declare income from that club while filling out your 2004 tax return, and if you file your tax return this week, you're in a world of hurt if a 1099 from that club shows up later this month or in March or April. At that point you'd be forced to file an amended tax return, and your amended versus original tax returns would undoubtedly be the subject of extra IRS scrutiny.

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    God/dess montythegeek's Avatar
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    Default Re: Date taxes due

    Please note penalties are calculated from date the estimated payment was due until the date paid. If you owed based on q4 earnings the penalty and interest is calculated from 1/15--not 4/15. Pay on time or ASAP after to minimize penalty. A month's penalty is a pain but not a killer. 4 months penalty is beginning to get nasty and they calculate based on days so another week is 6/5th of what 5 weeks penatly is. That is a hellacious annualized "interest" the IRS gets of the money.

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