Individual Tax Returns: April 15 (October 15 if extended)

Most Business Returns: March 15 (September 15 if extended)

1st Quarter Estimate: April 15

2nd Quarter Estimate: June 15

3rd Quarter Estimate: September 15

4th Quarter Estimate: January 15 (of the following year)

Note: If the due date falls on a weekend, the due date is the first business day after the due date

Depending on the information being sent, there are different timelines of when you can expect to receive everything you need before filing your taxes.

W-2s: Must be postmarked by January 31st

1099s: Postmarked by January 31st

Brokerage statement (1099-B): Postmarked by February 15th, unless the firm files an extension. Then it must be postmarked by March 15th.

Social security statement: Mailed in January

Retirement distribution (1099-R): Postmarked by January 31

K-1s: Depends on the due date of the return, and whether the business return is extended. Most business returns are due March 15th unless extended. If extended, the due date is September 15th.

Think of tax brackets like buckets. You have to fill one bucket before going to the next one. If you make enough money to move into the next tax bracket, don't worry, not all of your income is taxed at that higher rate. The first dollars you earn each year fill up the lowest tax "bucket" and are taxed at the lowest rate. Once you earn more, you may earn enough where your dollars fill the lowest "bucket" and then "spill" into the next tax bracket, and so forth. Once you hit the next bracket, only each additional dollar you earn is taxed at the higher rate.

An extension is a form sent the the government that lets them know you need more time to file your return. If you file an extension, you get an extra six (6) months to file your return. Note: An extension extends your time to file, but does not extend your time to pay. If you don't owe and/or expect a refund, you don't have to pay a dime when you go on extension. If you think you will owe tax, it's best to pay that amount with your extension to avoid late payment penalties and interest.

There is no penalty or fee for filing an extension. You do not pay more tax due to filing an extension. Most accountants don't want to put clients on extension if they don't have to, but sometimes it is inevitable.

Nope! The IRS doesn't care if you go on extension, as long as you pay any tax due and eventually file your return. Also, it's a good bet your accountant has their own tax returns on extension as well. If your accountant isn't worried about being on extension, then you're probably fine.

"Tax loopholes" is a common phrase thrown around when talking about taxes. There are no "loopholes" in the tax code.

Loopholes often come up when taxes paid by more wealthy individuals are mentioned. The tax code applies equally to everyone, whether you make $100 in a year or $10 million. Some people have more income streams outside of the traditional wages that are reported on a W-2. With different income streams, there can be ways to legally structure those income streams to pay the least amount of taxes. That can take a lot of time, which ultimately costs a lot of money.

Good accountants will always follow the tax law. Some strategies you may hear of that people use to avoid paying taxes are myths and don't actually happen, but sometimes they're flat-out illegal.

It depends. Most of the time there are multiple answers, depending on other information related to your question. If your accountant says "it depends" and then asks some clarifying questions, they're trying to figure out which answer is most applicable to your situation.

Other times it's a response that is ingrained into your accountant's head from years of answering questions. It is also sometimes used as a filler phrase, like "um" or "uh" or "good question".