Most taxpayers are familiar with the annual income tax filing deadline of April 15, but they may not be aware of a few other tax deadlines that occur every summer. These summer tax deadlines typically affect U.S. citizens who live outside the United States, those who receive tips, those who pay estimated taxes and those who have foreign accounts. If these circumstances do not apply to your situation you likely don't have to worry about your taxes until next April.
June 15
This day is a deadline for several specific tax situations. Taxpayers who pay estimated taxes will have to submit their second quarter payment by this day. Usually, you'll only pay estimated taxes if you're self-employed or if you did not pay enough taxes through withholding last year. To submit your estimated tax payment simply complete Form 1040-ES and send in the voucher for the second quarter.
June 15 is also a tax deadline for individuals who live outside of the U.S or its territories. These taxpayers have an additional two months from the general deadline to submit their returns. Members of the U.S. military who are serving abroad will also need to send in their unfiled tax returns by June 15.
June 30
June 30 is the deadline for U.S. taxpayers who have a substantial interest in a foreign account to submit a report of their interest. This report is called a Report of Foreign Bank and Financial Accounts (FBAR) and is completed using Form TD-F 90-22.1. You'll only need to complete this form if you have at least $10,000 in foreign accounts at any time during the tax year. This means that if your account total is $10,000 in January and $5,000 in June you'll still have to submit this form by June 30.
July 10 and August 10
Workers who earn cash tips such as waitstaff, salon workers or delivery persons may have to report the amount of their cash tips to their employers by July 10 and August 10. This rule applies to those who receive $20 or more in cash tips during a calendar month and they must report their total by the 10th day of the following month. For example, a waitress who earns $25 in tips during June will have to report her tips by July 10.
If any of these tax situations apply to you make sure that you're reporting your appropriate forms and totals by your specific deadline. Doing so will keep you in compliance with the IRS, even during the summer.
Workers who earn cash tips such as waitstaff, salon workers or delivery persons may have to report the amount of their cash tips to their employers by July 10 and August 10. This rule applies to those who receive $20 or more in cash tips during a calendar month and they must report their total by the 10th day of the following month. For example, a waitress who earns $25 in tips during June will have to report her tips by July 10.
If any of these tax situations apply to you make sure that you're reporting your appropriate forms and totals by your specific deadline. Doing so will keep you in compliance with the IRS, even during the summer.
