Greetings from the Tax Man

57-spring-tax End of March is the time for spring blooms, but tax filing gloom. Hope you find the following summary tax schedule useful in your 2013 individual income tax filings and navigating the 2014 tax year ahead.

Wishing you happy (tax) returns! 🙂

Overview of Tax Departments
Canada U.S.A.
Federal Canada Revenue Agency (CRA) Internal Revenue Service (IRS)
Provincial/State Government of British Columbia – Ministry of Finance State of California – Franchise Tax Board (FTB)
Treasury Treasury Board of Canada Secretariat U.S. Department of the Treasury
Summary of Important Personal Income Tax Dates
Date Canada U.S.A.
Jan. 15 For self-employed individuals:
• Form 1040-ES: 4th quarter estimated federal tax payment
• Form 540-ES: 4th quarter estimated state tax payment
Jan. 31 By law, all tax statements must be postmarked by Jan. 31st. By Tax law, W-2 tax information must be postmarked Jan. 31st.
Feb. 28 Deadline for business to mail out tax slips (e.g. T4, T5, etc.) Deadline for business to mail out Forms 1099 and 1096.
Apr. 15 Deadline for Personal Income Tax returns filing and tax owing
• Form 4868 – to request for an automatic extension to provide an extra 6 months to file your return
For self-employed individuals:
• Form 1040-ES: 1st quarter estimated federal tax payment
• Form 540-ES: 1st quarter estimated state tax payment
Apr. 30 Deadline for Personal Income Tax returns filing and tax owing
Jun. 15 For self-employed individuals:
• Form 1040-ES: 2nd quarter estimated federal tax payment
• Form 540-ES: 2nd quarter estimated state tax payment
Jun. 30 Deadline to file Foreign Bank Account Report (FBAR, Form TD F 90.22-1). Report is required if you have over $10,000 (in aggregate) held in foreign bank accounts. Extensions of time to file FBAR are not available.
Sep. 15 For self-employed individuals:
• Form 1040-ES: 3rd quarter estimated federal tax payment
• Form 540-ES: 3rd quarter estimated state tax payment
Oct. 15 Extended due date for Personal Income Tax returns filing and tax owing (including extension penalties and interest)

Please also cross-reference these important government income tax websites:
  •   CRA: Important Due Dates for 2014 (Individuals)
  •   British Columbia Income Taxes

  •   U.S. Department of the Treasury: TD F 90-22.1 Report of Foreign Bank and Financial Accounts
  •   IRS: Report of Foreign Bank and Financial Accounts (FBAR)

  •   IRS: Estimated Taxes
  •   Critical IRS Deadlines in the Year 2014

  •   California FTB: Tax Calculator, Tables and Rates
  •   California FTB: Important Due Dates for 2014

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