Tax and financial planning is an activity that is best pursued year-round. You can use the following list of activities and dates to remind you to carry out your planning on a regular basis.
Although the timing of some activities is critical, it is important to review all tax considerations from the perspective of your specific needs and establish an individualized planning calendar.
First Quarter
- Complete Form W-4 and adjust withholding if needed.
- Pay fourth-quarter estimated tax voucher for the preceding tax year by January 15.
- Evaluate before-tax contributions to retirement plans.
- Evaluate voluntary after-tax contributions to retirement plans.
- Apply for a Social Security number for any child who does not have one.
- Make quarterly defined benefit Keogh contribution for preceding year by January 15.
Second Quarter
- Comply with minimum distribution rules for qualified plans by April 1 if you attained age 70½ in previous year.
- File individual tax return (or an application for an extension of time to file) by April 15.
- Pay first-quarter estimated tax, using the correct voucher, by April 15.
- Make previous-year IRA contribution by April 15.
- Make previous-year Keogh plan contribution by April 15 (unless you applied for an extension of time to file your tax return).
- Make quarterly defined benefit Keogh contribution for the current
year by April 15.- Pay second-quarter estimated tax voucher by June 15.
Third Quarter
- Make quarterly defined benefit Keogh contribution for the current year by July 15.
- File Form 5500 Annual Report of Employee Benefit Plan by July 31, if applicable.
- If you applied for an extension of time to file your preceding year's tax return, file the return or an additional extension request by August 15.
- Pay third-quarter estimated tax voucher by September 15.
Fourth Quarter
- If you got an extension of time to file later than August 15, you must file by October 15.
- Make your quarterly defined benefit Keogh contribution for the current year by October 15.
Begin your year-end planning.
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