Important Summer Tax Deadlines

Don’t forget about the upcoming summer tax deadlines. Before you have too much fun in the sun, make sure you’ve covered all of your tax bases. Here’s a reminder of a few important federal income tax deadlines that may be applicable to you:

July 10th, August 10th

If you happen to work for tips and you made twenty dollars or more in tips in the previous month, you are required to report those to your employer by the tenth day of the month. If that day falls on a weekend, you have until the following Monday to do so. The twenty dollars includes cash and credit card tips, as well as tip outs from other staff members. For instance, if you’re a barback who receives a cut of the bartenders tips at the end of the night, you must report them if they amount to more than twenty dollars in a month. If your employer doesn’t have a reporting method in place, you can use federal form 4070 claim your tips.

June 15th

If you’re a United States Citizen or resident alien living and working outside the United States and Puerto Rico, or if you are active in the military the IRS gives you until June 15th to file your 1040 form. If you are military personnel stationed in a combat zone, the extension is even longer. If you find that you still need more time, you can file an extension with a 4868 form, which gives you up to four months additional time.

June 30th

If you are a United States Citizen with any assets in foreign financial institutions you may be required to file an FBAR. If these assets exceed ten thousand dollars (combined or individually) it is required for you to do so.

These tax deadlines apply mainly to individuals. If you are a corporation or business, it is important to check with a tax professional in order to keep up to date with any other important tax deadlines. The more thoroughly you take care of tax procedures, the easier your life will be in the long run. Taking simple steps to stay up to date on your taxes will make your summer all the more enjoyable.

If you are facing IRS tax problems, don’t hesitate to contact JG Tax Group today. Our knowledgeable staff can help assist you with any IRS questions or concerns.