Robert J. Fedor, Esq., L.L.C.

April 15 is not the only deadline taxpayers need to worry about

Tax season is in full swing. Many taxpayers in Ohio have already filed their state and federal income tax returns. For those who have not, the April 15 deadline is approaching quickly. The tax code is not a body of law easily deciphered, which is why many people seek the assistance of tax professionals to help them file.

True to the complicated nature of the code, April 15 is not the only deadline with which taxpayers need to concern themselves. We will highlight in this post a couple other notable dates.

Do you have a flexible spending account for your employer health plan? You should determine and mark the last day in which your employer will accept claim submissions for reimbursement. Many employers set this date 90 days past the close of the year. For many employees, this would be March 31. Many limitations, exclusions or exceptions often apply, so it is important that you check.

Did you pass the halfway mark between age 70 and 71? Many retirement accounts require you to take your first distribution by April 1. You do not have to take the full amount, just the required minimum. This applies to IRAs, 401(k)s, 403(b)s and 457 plans. Again, there are some exceptions, including if you are still working.

Failing to miss deadlines, especially the April 15 filing deadline, has consequences. If you have missed a filing deadline in the past and have outstanding tax debts, it is crucial you address the problem as soon as possible. Due to the complicated rules and process, consulting a tax attorney is a prudent choice.

Source: SF Gate, “Don’t miss these four fast-approaching tax deadlines,” Kathleen Pender, March 24, 2015

No Comments

Leave a comment
Comment Information