The Individual Matters
At Robison Gary, tax compliance and planning is our forte. Our clients are in a wide range of industries and include individuals, businesses, trusts, estates, and non-profit entities. We strive to guide our clients through the full range of tax planning and preparation, with practical strategies to minimize tax liabilities, maximize cash flow, and stay on track to financial goals. Even though tax laws are continually changing, we make significant investments in tax preparation and research tools so that our service to you will be technically correct and of the highest quality.
Individual Return Timeline
- Mid-January Organizer, Questionnaire and Engagement Letter Received from RG
- January 31: Primary Tax Documents Received (see below)
- February 15: Secondary Tax Documents Received (see below)
- End of February: Tax and Firm Documents Due to RG
- April 15: Tax Deadline - Extensions are Filed and Balances Due
- October 15: Tax Deadline - Individual Tax Returns Due
- November 30: Year-End Tax Planning Numbers Due to RG
Common Documents with Required Due Date
Certain Documents are required to be mailed to your home by this date. These include:
| Form Number | Reporting Information | Due Date |
| 1095-C | Affordable Care Act Reporting | January 31 |
| 1098 | Home Mortgage Interest | January 31 |
| 1098-E | Student Loan Interest | January 31 |
| 1098-T | Tuition, Reimbursement, Scholarships, Grants | January 31 |
| 1098-A | Acquisition or Abandonment of Secured Property | January 31 |
| 1099-C | Cancellation/Forgiveness of Debt Income | January 31 |
| 1099-DIV | Dividends, Capital Gains and Distributions | January 31 |
| 1099-G | Govt Payments – Including Tax Refunds & Unemployment Compensation | January 31 |
| 1099-INT | Interest Income | January 31 |
| 1099-K | Credit Card Payments in Course of Trade or Business | January 31 |
| 1099-LTC | Payments Under a Long Term Care Insurance Contract | January 31 |
| 1099-MISC (Rent) | Rent, Royalties, Prizes, Awards, and Non-Employee Compensation | January 31 |
| 1099-QA | Distributions from ABLE Accounts | January 31 |
| 1099-R | Retirement Plan and Pension Distributions (Including IRA) | January 31 |
| 1099-SA (Distributions) | Distributions from HSA, Archer MSA or Medicare Advantage MSA | January 31 |
| 5498 | FMV Statement or Contributions (including rollovers) to any IRA including a SEP, Simple and Roth IRA | FMV – January 31 Contribution – May 31 |
| SAA-1099 | Social Security Payments | January 31 |
| W-2 | Wages, Including Sick Pay and Benefits | January 31 |
| W-2G | Gambling Winnings | January 31 |
| 1099-B | Sales, Barters and Redemptions of Securities | February 15 |
| 1099-MISC (Attorney Fees) | Attorney’s Fees and Substitute Payments | February 15 |
| 1099-S | Information About Real Estate Sales | February 15 |
| 1042-S | Foreign Source Income Reporting | March 15 |
| 5498-QA | ABLE Account Contributions | March 15 |
| 5498-ESA | Coverdell ESA Contributions | April 30 |
| 5498-SA (Contributions) | HSA, Archer MSA or Medicare Advantage MSA Contributions | May 31 |
Estimated Tax Payments
Estimated Tax Payments are a method of paying tax on income that is not subject to withholding tax. This can include income from self-employment, business earnings, interest, rent, dividends and other sources. The IRS requires estimated tax to be paid quarterly, typically in 4 equal installments. Those due dates are as follows:
- April 15: Estimated Tax Payment due for 1st Quarter of current tax year
- June 15: Estimated Tax Payment due for 2nd Quarter of current tax year
- September 15: Estimated Tax Payment due for 3rd Quarter of current tax year
- January 15: Estimated Tax Payment due for 4th Quarter of current tax year
We most generally include the amount of the 1st Quarter Estimate in with the Tax Extension in April. (So, as a general rule, you will not be making the 1st Quarter Estimated tax payment.) This allows the taxpayer to have a little monetary cushion, just in case you’ve forgotten to tell us about something that resulted in an additional tax consequence. The overage (after the return is finished) will be applied to next year’s tax return. The purpose is to avoid tax penalties.
In April, we will prepare estimated tax vouchers for June and September. We recommend you make these quarterly payments. Then, when your return is finished, we will adjust the final estimate for January if needed.
