Key 2015 Tax Dates

  January 15 – Due date for the fourth and final installment of 2014 estimated tax for individuals (unless you file your 2014 return and pay any balance due by February 2).
●  January 20 – Tax season begins.
  February 2 – Employers must furnish 2014 W-2 statements to employees. 1099 information statements must be furnished to payees by payers. (Forms 1099-B and consolidated statements due February 17.)
  February 2 – Employers must file 2014 federal unemployment tax returns and pay any tax due.
  March 2 – Payers must file information returns (such as 1099s) with the IRS. (March 31 is the deadline if filing electronically.)
  March 2 – Employers must send W-2 copies to the Social Security Administration. (March 31 is the deadline if filing electronically.)
  March 2 – Farmers and fishermen who did not make 2014 estimated tax payments must file 2014 tax returns and pay taxes in full.
  March 16 – 2014 calendar-year corporation income tax returns are due.
  April 15 – Individual federal income tax returns for 2014 are due unless you file for an automatic extension. Taxes owed are due regardless of extension.
  April 15 – 2014 federal partnership returns are due.
  April 15 – 2014 annual gift tax returns are due.
  April 15 – Deadline for making your 2014 IRA and education savings account contributions.
  April 15 – First installment of 2015 individual estimated tax is due.
  June 15 – Second installment of 2015 individual estimated tax is due.
  September 15 – Third installment of 2015 individual estimated tax is due.
  October 15 – Deadline for filing your 2014 individual tax return if you filed for an extension of the April 15 deadline.

Retroactive Extensions of Temporary Tax Rules

Before adjourning for 2014, Congress passed the Tax Increase Prevention Act of 2014. Below are federal breaks that are once again available for your 2014 personal and business income tax filers.

  • Bonus depreciation. You can expense 50% of the cost of new property you acquired and placed in service during 2014.
  • Section 179. The immediate expensing limit for new and used property purchased and placed in service during 2014 is $500,000. Your total Section 179 deduction is limited when you purchase $2 million or more of assets during the year.
  • Qualified improvements. You can use a 15-year straight-line depreciation method for improvements to leased buildings, restaurant property, and the interior of retail establishments.
  • Commercial building energy-efficient improvements. If you made improvements to your commercial building that helped reduce utility costs, you can claim a deduction of up to $1.80 per square foot.
  • Residential energy-efficient improvements. Did you buy qualifying storm windows or doors for your home during 2014? The credit of 10% of the cost of improvements is back, up to a lifetime limit of $500.
  • Charitable contributions from IRAs. When you’re age 70-1/2 or older, you could make a 2014 tax-free distribution to a charity from your IRA.
  • State and local sales tax deduction. If you itemize, you can claim a 2014 deduction for these taxes instead of deducting state and local income taxes.
  • Qualified tuition expenses. The law reinstated the above-the-line deduction of up to $4,000 for expenses you paid in 2014 for higher education for yourself or other family members.
  • Teacher classroom expenses. If you’re a teacher and you paid out-of-pocket for books and certain other materials for use in your classroom, you can claim an above-the-line deduction of up to $250 for 2014.