Tax Calendar
The following tax information is meant to be a general guide and is not all inclusive. It does not offer specific advice. Please consult a tax professional for tax advice for your particular situation.

Tax planning and preparation is often thought of once or twice a year and dreaded the rest of the time. If time is carved out throughout the year to evaluate and assess your tax requirements and strategy, it can lessen the stress involved with taxes. You can use the following list of items and dates to plan on an ongoing basis.

First Quarter
  • -   Complete your Form W-4 and adjust withholding if needed
  • -   Pay 4th quarter estimated tax voucher for the preceding tax year by January 15
  • -   Evaluate your before-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
  • -   If you attained age 70 in the previous year, comply with minimum distribution rules for qualified plans by April 1
  • -   File individual tax return (or an extension of time to file application) by April 15
  • -   Pay 1st quarter estimated tax, using the correct voucher, by April 15
  • -   Make previous year IRA contribution by April 15
  • -   Make quarterly defined benefit Keogh contribution for the current year by April 15 (unless an extension application was submitted)
  • -   Pay 2nd 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 3rd quarter estimated tax voucher by June 15

Fourth Quarter
  • -   If you received an extension of time to file later than August 15, you must file by
    October 15
  • -   Make quarterly defined benefit Keogh contribution for the current year by October 15
  • -   Begin your year-end planning
  • -   Evaluate the applicability of the AMT (Alternative Minimum Tax) and other taxes
  • -   If necessary, adjust withholding
  • -   Evaluate year-end capital transactions
  • -   Establish a separate Keogh plan for self-employment income
  • -   Comply with minimum distribution rules for qualified plans

Throughout the Year
  • -   Evaluate your tax and financial strategy for receiving discretionary and mandatory retirement plan distributions
  • -   Reevaluate your uses of debt
  • -   Consider making gifts to children or other family members up to the annual gift tax exclusion of $12,000 per recipient per year
  • -   Evaluate passive loss exposure and potential investment shifts
  • -   If you have excess cash flow, consider how to invest those funds
  • -   Optimize mix of interest expense items
  • -   Consider making charitable contributions of property, instead of (or in addition to)
    giving cash
  • -   Consider ways to fund your children's education (529 plans - link to)
  • -   Evaluate your mix of portfolio and passive income
  • -   Review prior gifts to children under age 14 and their incomes in order to minimize the amount of income that will be taxed at your rate
  • -   Review the selection of your second residence and status of your vacation home