IRS Releases 2014 Tax Calendar

It’s nearing that time of year again. The IRS recently has released its 2014 calendar for businesses and individuals in preparation of the upcoming tax-filing season.

Remember that these dates do not apply to everyone. It will not include employment rules or excise deposit rules, nor will it state requirements for trusts, foreign partnerships, estates, gift taxes, corporations, federal estate taxes or exempt organizations.

It is worth saying that you will receive no extra time to file this year because April 15th falls on a Tuesday, so make sure you get your returns in by then. People are fined constantly for missing the due date, making it vital to have yours in as soon as possible.

If you have a business and your file your returns fiscally, make sure you file your returns in before your due date. The IRS does allow some leeway. For instance, if yours falls on a legal holiday or a Saturday or Sunday, your deposit or return can be considered on time if you file it the next day. Of course, legal holidays represent any holidays that D.C. deem legal, so keep that in mind.

Here are some key numbers that are referenced in the new calendar:

  • If your taxable income is under $9,075, your tax is now 10% of your taxable income.
  • If your taxable income is over $9,075, but under $36,900, your tax is $907.50 plus 15% in excess over the $9,075.
  • Over $36,900, but under $89,350, your tax is $5,081.25 plus 25% in excess over the $36,900.
  • Over $89,350, but under $186,350, your tax is $18,193.75 plus 28% in excess over the $89,350.

You can find the complete bracket on the IRS website. For more information about this and other legal matters, check out the IRS website or contact your financial adviser. If you’re dealing with an old tax penalty or still trying to file overdue taxes, be sure you get tax relief help from a tax expert as soon as possible.

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