Administrator Important Tax Dates for Freelancers
With the Christmas holidays behind us, and the annual celebration in Time’s Square just a day away, now is the time to turn your attention to everyone’s favorite subject…TAXES!
For your reference, I have compiled a list of key tax deadlines for 2009 so that you will be able to file your tax returns and/or extensions in a timely manner.
December 31, 2008:
This is the deadline for making payments which can be deducted on your 2008 tax return. It is also the deadline for establishing a Keogh plan. A Keogh plan is a retirement plan for professionals that are self-employed, or for owners of small, unincorporated businesses and its employees. Generally speaking, self-employed individuals can deduct the entire amount of their yearly Keogh contributions. Although the plan needs to be established by December 31, contributions may be made to the plan up until the tax filing deadline (which is April 15 for most people). For more information, see the following IRS publication regarding Individual Retirement Accounts: http://www.irs.gov/taxtopics/tc451.html. Also, be sure to check with a tax advisor to determine if this plan would work in your particular situation.
January 15, 2009:
Estimated tax payments for the fourth quarter are due by this date using IRS Form 1040-ES. Alternatively, you can file your 2008 taxes by January 31 (February 2 since the 31st falls on a Saturday) along with any payment due in order to skip the 4th quarter estimated payment. Just be aware that issuers of W-2’s, 1099’s and 1098’s have until February 2 to get these in the mail to you, so make sure you have all the forms you should have received before finalizing your return.
February 2, 2009:
W-2, 1099 and 1098 forms need to be issued by this date. Keep this in mind if you need to issue forms to employees, household employees like nannies, or independent contractors.
March 16, 2009:
Deadline for corporations to file 2008 tax returns (both C and S-corps). Six-month extensions may be granted with Form 7004 but you must still pay any tax that is due on this date.
Remember to file Form 2553 by this date if you want to elect S-corporation treatment for 2009.
April 15, 2009:
Individual tax returns for 2008 should be filed by this date. An automatic six-month extension is available if you file Form 4868, but you must still pay any taxes due in order to avoid penalties and interest.
In most states, this is also the due date for state tax returns. Check with your state taxing authority to be sure you meet the local requirements.
Contributions to IRA’s and Roth IRA’s must be made by this date as well.
Estimated tax payments for first quarter of 2009 are due (Form ES).
If you employed a household employee during 2008 and paid wages of $1,600 or more, you will need to file Schedule H with your 1040 and pay any employment taxes by April 15.
June 15, 2009:
Estimated tax payments for second quarter of 2009 are due by this date.
September 15, 2009:
Estimated tax payments for third quarter of 2009 are due.
October 15, 2009:
If you filed an extension for 2008, you must file your return by this date
December 31, 2009:
Last day to make payments to be deducted on your 2009 tax return.
Being aware of these dates up front may help with your tax planning strategies and somewhat ease the burden of the last-minute rush to get those returns filed by midnight on April 15!
