When Is The Tax Return Due In 2015?

(Many of the links in this article redirect to a specific reviewed product. Your purchase of these products through affiliate links helps to generate commission for LiveWell, at no extra cost. Learn more)

Introduction

Filing taxes is an important annual task that individuals and businesses must undertake to fulfill their obligations to the government. It is crucial to understand the specific deadlines and requirements for tax filing to avoid any penalties or complications. In 2015, there were several important dates to know for filing taxes, whether you were an individual taxpayer or a business owner.

Knowing when the tax return is due is essential to ensure that you file your taxes correctly and on time. This article will provide an overview of the important dates and deadlines for filing taxes in 2015, including information for individuals, businesses, and self-employed individuals.

Understanding the tax filing deadlines is especially important in 2015, as missing the deadline can result in penalties or interest charges from the Internal Revenue Service (IRS). By being aware of the deadlines and properly preparing for tax filing, you can avoid unnecessary stress and potential financial repercussions.

So, let’s dive into the important dates for tax filing in 2015 and explore the consequences of missing the tax return deadline. Whether you are an individual taxpayer or a business owner, this article will provide you with the essential information to ensure a smooth tax filing process.

Important Dates for Filing Taxes in 2015

Filing your taxes in a timely manner is crucial to avoid penalties and interest charges. Here are the key dates to remember for filing taxes in 2015:

• January 31, 2015: This is the deadline for employers to provide their employees with their W-2 forms, which report their annual wages and withheld taxes.
• April 15, 2015: This is the traditional tax filing deadline for most individual taxpayers. It is the due date for filing your federal income tax return for the previous year.
• April 15, 2015: If you need more time to file your taxes, you can request an extension on this date. The extension will give you an additional six months to file your tax return, moving the deadline to October 15, 2015.
• April 15, 2015: If you owe taxes for the previous year, this is also the deadline to make your payment to the IRS to avoid any late payment penalties.
• October 15, 2015: If you filed for an extension, this is the final deadline to submit your tax return for the previous year.

It is important to note that these dates are for federal tax returns. State tax filing deadlines may vary, so it is essential to check with your state’s tax authority for specific deadlines.

In addition to these primary dates, there are certain circumstances that may affect your filing deadline. For example, if you lived or worked abroad during the tax year, you may be eligible for an automatic extension to June 15, 2015, or even further extensions in certain cases.

It is crucial to mark these dates on your calendar and start preparing your tax return well in advance to avoid the last-minute rush. By being organized and adhering to the deadlines, you can ensure a smooth tax filing process and avoid unnecessary stress.

How to Determine Your Filing Deadline

Determining your tax filing deadline depends on several factors, including your filing status, type of income, and any extensions you may have requested. Here are the steps to determine your specific filing deadline:

1. Identify your filing status: Your filing status, such as single, married filing jointly, married filing separately, or head of household, will affect your tax obligations and deadline.
2. Evaluate your income type: The source of your income, whether it is from wages, self-employment, investments, or other sources, can impact your filing requirements.
3. Check for any tax credits or deductions: Certain tax credits or deductions may have different deadlines or eligibility requirements, so it is important to be aware of any specific dates related to them.
4. Consider any extensions: If you need more time to file your tax return, you can request an extension by submitting Form 4868 to the IRS. This extension will give you an additional six months to file your return, moving your deadline to October 15, 2015.

Once you have considered these factors, you can determine your specific filing deadline. It is important to note that missing the deadline can result in penalties and interest charges, so it is always advisable to file your taxes on time or request an extension if needed.

Additionally, it is crucial to stay updated with any changes in tax laws or regulations that may affect your filing requirements. The IRS website, tax professionals, or online resources can provide the most up-to-date information regarding tax deadlines and filing requirements.

By following these steps and staying informed, you can ensure that you meet your tax filing obligations and avoid any unnecessary penalties or complications.

Filing Deadline for Individuals

For individual taxpayers, the standard tax filing deadline in 2015 was April 15th. This deadline applied to most taxpayers who file Form 1040, which includes individuals with various income sources, deductions, and credits.

It is important to note that the April 15th deadline remains the same for most tax years, though it may be adjusted if the 15th falls on a weekend or a holiday. In such cases, the filing deadline is extended to the next business day.

If you were not able to file your tax return by the standard April 15th deadline, you could request an extension by filing Form 4868 with the IRS. This extension would grant you an additional six months to file your tax return, moving the deadline to October 15th, 2015.

However, it is essential to understand that an extension to file does not grant an extension to pay any taxes owed. If you owe taxes for the previous year, you are still required to make a payment by the original April 15th deadline to avoid any late payment penalties or interest charges.

Keep in mind that failure to file your tax return or request an extension by the deadline can result in penalties and interest charges imposed by the IRS. It is crucial to stay organized, gather all necessary documents, and start the tax filing process well before the deadline to ensure a smooth and timely filing.

Additionally, it is essential to familiarize yourself with any state-level tax filing deadlines, as they may differ from the federal deadline. State tax authorities will have specific deadlines that may align with the federal deadline or deviate from it. Therefore, it is crucial to check with your state’s tax agency for the exact filing deadline in your state.

By adhering to the filing deadline and fulfilling your tax obligations on time, you can avoid penalties, interest charges, and unnecessary stress, ensuring a successful tax filing experience.

Filing Deadline for Businesses

The filing deadline for businesses in 2015 varied depending on the type of business entity and the designated tax form. Here are the key filing deadlines for different types of businesses:

1. Sole Proprietorship: Business owners operating as sole proprietors are generally required to report their business income and expenses on their personal income tax return (Form 1040). Therefore, the filing deadline for a sole proprietorship follows the individual taxpayer deadline of April 15th, 2015.
2. Partnership: Partnerships are required to file a partnership tax return (Form 1065). In 2015, the filing deadline for partnerships was April 15th.
3. S-Corporation: S-Corporations also have a filing deadline of April 15th. The tax return for S-Corporations is filed using Form 1120S.
4. C-Corporation: For C-Corporations, the filing deadline is typically March 15th. However, in 2015, the deadline was extended to April 15th.

It is important to note that the filing deadlines mentioned above apply to regular calendar year businesses. Some businesses may have fiscal year-end dates that differ from the calendar year, resulting in different filing deadlines. In such cases, it is important to consult with a tax professional or refer to the IRS guidelines to determine the appropriate filing deadline.

Similar to individual taxpayers, businesses also have the option to file for an extension using Form 7004. This extension grants an additional six months to file the tax return, moving the deadline from the original due date to September/October, depending on the business type.

It is crucial for businesses to meet their filing deadlines to avoid penalties, interest charges, and other negative consequences. Missing the deadline can result in significant financial and legal implications, so it is advisable for business owners to stay organized and start the tax preparation process well in advance.

Remember, state-level tax filing requirements and deadlines may differ from the federal deadlines for businesses. It is essential to check with the appropriate state tax authority for the specific filing guidelines and deadlines applicable to your business.

By adhering to the filing deadlines, fulfilling tax obligations, and seeking professional assistance when needed, businesses can ensure a smooth and compliant tax filing process.

Filing Deadline for Self-Employed Individuals

Self-employed individuals have specific filing requirements and deadlines to meet when it comes to their tax obligations. If you are self-employed, here is what you need to know regarding the filing deadline:

The standard tax filing deadline for self-employed individuals in 2015, just like for other individual taxpayers, was April 15th. It is essential to file your tax return by this deadline to avoid penalties and interest charges from the IRS.

As a self-employed individual, you are required to report your business income and expenses on your personal income tax return. Typically, self-employed individuals use Schedule C (Form 1040) to report their business profits or losses.

In addition to the standard filing deadline, self-employed individuals are also responsible for paying their estimated quarterly taxes. These payments are made using Form 1040-ES and are due on the following dates:

• April 15th
• June 15th
• September 15th
• January 15th of the following year

It is important to calculate and make these quarterly estimated tax payments throughout the year to avoid any potential underpayment penalties and to ensure that you are meeting your tax obligations in a timely manner.

If you are unable to file your tax return by the April 15th deadline, you may request an extension by filing Form 4868. This will grant you an additional six months to file your tax return, moving the deadline to October 15th, 2015. However, it is crucial to note that an extension to file does not extend the time to pay any taxes owed. You are still expected to make your tax payment by the original April 15th deadline to avoid any late payment penalties or interest charges.

It is essential for self-employed individuals to stay organized, keep accurate records of their income and expenses, and start the tax preparation process well in advance to meet the filing deadline. Utilizing accounting software or consulting with a tax professional can also help simplify the process and ensure accurate filing.

Remember to consider any state-level tax filing requirements and deadlines that may differ from the federal deadlines. Be sure to check with your state’s tax authority to determine the specific guidelines and deadlines applicable to self-employed individuals.

By understanding and meeting the filing requirements and deadlines for self-employed individuals, you can fulfill your tax obligations without any unnecessary stress or penalties.

Extension Options

If you are unable to file your tax return by the standard deadline, there are options available to request an extension. An extension will give you additional time to file your tax return without incurring any penalties for late filing. Here are the extension options for taxpayers:

Form 4868: The most common method to request an extension is by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form grants you an additional six months to file your tax return, moving the deadline from April 15th to October 15th, 2015. To file for the extension, you must estimate your tax liability and make any required payment by the original filing deadline to avoid potential penalties for late payment.

Electronic Filing: Electronic filing is a quick and convenient method to request an extension. Various tax software and online platforms offer the option to e-file Form 4868. This allows for a faster processing time and confirmation of your extension request.

State Extensions: It is important to note that an extension on your federal tax return does not automatically grant you an extension on your state tax return. Most states require a separate request for an extension, usually using a state-specific form or following their own guidelines.

Extension for Self-Employed Individuals: If you are self-employed and need additional time to file your tax return, you can still use Form 4868 to request an extension. However, it is crucial to remember that the extension only applies to the filing deadline and not to the payment of taxes owed. You are still required to make your estimated tax payment by the original April 15th deadline to avoid penalties or interest charges.

Requesting an extension can provide you with the necessary time to gather all your documentation, ensure accuracy, and avoid any last-minute filing errors. However, it is important to keep in mind that an extension only extends the filing deadline and not the deadline for paying any taxes owed.

Regardless of whether you file for an extension or not, it is always advisable to start the tax preparation process early. By staying organized and proactive, you can minimize any potential stress and ensure a smooth and successful tax filing experience.

Late Filing Penalties

Filing your tax return after the deadline can result in late filing penalties imposed by the Internal Revenue Service (IRS). These penalties are meant to encourage timely filing and ensure compliance with tax laws. Here is an overview of the late filing penalties you may face for filing your taxes late:

Failure-to-File Penalty: The failure-to-file penalty is assessed when you do not file your tax return by the deadline. The penalty is calculated based on the amount of tax owed and is generally 5% of the unpaid tax for each month or part of a month that your return is late. The maximum penalty can reach up to 25% of the unpaid tax. If you file your return more than 60 days after the deadline, the minimum penalty is either $435 or 100% of the unpaid tax, whichever is less.

Failure-to-Pay Penalty: In addition to the failure-to-file penalty, there is also a failure-to-pay penalty for not paying the taxes owed by the filing deadline. The penalty is usually 0.5% of the unpaid tax for each month or part of a month that the tax remains unpaid. The maximum failure-to-pay penalty is 25% of the unpaid tax.

Combined Penalties: If both the failure-to-file and failure-to-pay penalties apply, the total penalty assessed for any month cannot exceed 5% of the unpaid tax amount. However, interest charges will continue to accrue on the unpaid tax until it is fully paid.

It is important to note that if you have a valid reason for filing your tax return late, such as a natural disaster, illness, or other extraordinary circumstances, you may be able to request penalty relief from the IRS. It is advised to contact the IRS directly or consult with a tax professional to explore your options for penalty abatement.

It is crucial to file your taxes as soon as possible to avoid late filing penalties and minimize any potential interest charges. If you are unable to pay the full amount of taxes owed, you should still file your return and explore payment arrangement options with the IRS to avoid additional penalties and ensure compliance.

Remember, state tax authorities may also impose their own late filing penalties, so it is important to be aware of any specific penalties or consequences at the state level and comply with their requirements.

By understanding the potential penalties for filing your taxes late and taking proactive steps to file on time, you can avoid unnecessary financial burdens and maintain a good standing with the IRS.

Conclusion

Filing taxes can be a complex process, but understanding the deadlines and requirements is crucial to avoid penalties and ensure compliance with tax laws. In 2015, individuals, businesses, and self-employed individuals had specific filing deadlines to meet, and extensions were available for those who needed more time.

For individuals, the standard tax filing deadline was April 15th. However, extensions could be requested using Form 4868, providing an additional six months to file. Businesses, including sole proprietors, partnerships, S-corporations, and C-corporations, had varying filing deadlines depending on their entity type, with extensions available for most.

Self-employed individuals had the same deadlines as individuals, but they also had the additional responsibility of making quarterly estimated tax payments throughout the year. Missing deadlines can result in penalties and interest charges, so it is essential to stay organized and file on time or request an extension if needed.

Late filing penalties can be imposed by the IRS, including a failure-to-file penalty and a failure-to-pay penalty. These penalties can be avoided by filing and paying taxes on time. If you have a valid reason for late filing, penalty relief may be available.

In conclusion, understanding the tax filing deadlines and requirements for 2015 is crucial for individuals and businesses. By planning ahead, staying organized, and seeking professional assistance when needed, you can ensure a smooth and successful tax filing process, avoid penalties, and maintain compliance with tax laws.

Remember to check with both federal and state tax authorities for any specific guidelines and deadlines applicable to your situation. By fulfilling your tax obligations in a timely manner, you can minimize stress and enjoy peace of mind while meeting your financial responsibilities.