Keeping track of individual due dates can be a challenge, but it’s essential for staying compliant with tax regulations and avoiding potential penalties. This article highlights key individual due dates in October, providing a clear overview to help you stay organized and meet your obligations.
Individual Due Dates in October
Here’s a breakdown of important individual due dates to keep in mind for October:
October 2 – Fiduciaries of Estates and Trusts
- File a 2022 calendar year return (Form 1041) if you were granted a 5½-month extension.
- Provide beneficiaries with Schedule K-1 (Form 1041) or a substitute Schedule K-1, if applicable.
October 10 – Reporting Tips to Employers
- Employees who received more than $20 in tips during September must report them to their employer using Form 4070 by October 10.
- Employers withhold FICA taxes and income tax withholding for these tips from regular wages.
- If regular wages are insufficient for withholding, the uncollected amount is reported in box 8 of the employee’s W-2 and must be paid when filing taxes.
October 16 – Multiple Deadlines
- Taxpayers with Foreign Financial Interests: File Form FinCEN 114 if you received a 6-month extension for reporting 2022 foreign financial accounts.
- Individuals: File Form 1040 and pay any tax, interest, and penalties due if you requested a 6-month extension for filing your 2022 income tax return.
- SEP IRA & Keogh Contributions: Make contributions to SEP or Keogh retirement plans for calendar year 2022 if your tax return is on extension through October 16.
Weekends, Holidays, and Disaster Area Extensions
- Due dates falling on weekends or holidays are extended to the next business day.
- Disaster-area extensions may apply; check FEMA and IRS websites for details.
Staying Organized and Informed
By staying informed about individual due dates and planning accordingly, you can ensure you meet your tax obligations and avoid unnecessary stress.
Additional Resources
Remembering Key Individual Due Dates
Keeping track of individual due dates is crucial for tax compliance and financial planning. Utilize resources and tools to stay organized and meet your obligations effectively.
