First Quarter – The first quarter of a calendar year is made up of January, February, and March.
January 15
• 4th Quarter from previous year Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by the January 15 (of current year), tax deadline.
Second Quarter – The second quarter for the calendar year is made up of April, May, and June.
April 15
• Individual Tax Returns Due for current tax year.
If you haven’t applied for an extension, e-file or postmark your individual tax returns by midnight April 15.
Individual Tax Return Extension Form Due for current tax year
Need more time to prepare your tax return? File your request for a tax extension by April 15 to push your tax deadline back to October 15.
1st Quarter Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by April 15.
Last Day to make an IRA Contribution
If you haven’t already funded your retirement account, do so by April 15. That’s the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, you can wait until then to put money into those accounts.
June 15
• 2nd Quarter Estimated Tax Payment Due
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15.
Third Quarter – The third quarter of a calendar year is made up of July, August, and September.
September 15
• 3rd Quarter Estimated Tax Payment Due
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 15.
Fourth Quarter – The fourth quarter of a calendar year is made up of October, November, and December.
October 15
• Extended Individual Tax Returns Due
If you got a filing extension on your tax return, you need to get it completed and postmarked by October 15.
January 15 (following year)
• 4th Quarter Previous Year Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 15.
Record Retention
For individuals:
Good recordkeeping can cut your taxes and make your financial life easier.
How long to keep records is a combination of judgment and state and federal statutes of limitations. Since federal tax returns can generally be audited for up to three years after filing and up to six years if the IRS suspects underreported income. It’s wise to keep tax records at least seven years after a return is filed. Requirements for records kept electronically are the same as for paper records. Generally follow these recommended retention periods for various documents:
| RECORD | RETENTION PERIOD |
| Tax returns (uncomplicated) | 7 years |
| Tax returns (all others) | Permanent |
| W-2s | 7 years |
| 1099s | 7 years |
| Bank deposit slips | 7 years |
| Bank statements | 7 years |
| Cancelled or substitute checks supporting tax deductions | 7 years |
| Charitable contribution records | 7 years |
| Credit card statements | 7 years |
| Dividend reinvestment records | Ownership period + 7 years |
| Divorce documents | Permanent |
| Estate planning documents | Permanent |
| Home purchase and improvement documents | Ownership period + 7 years |
| Home repair receipts | Warranty period for item |
| Insurance policies | Life of policy + 3 years* |
| Investment purchase and sales documents | Ownership period + 7 years |
| IRA annual reports | Permanent |
| IRA nondeductible contributions Form 8606 | Permanent |
| Loans | Term of loan + 7 years |
| Mutual fund annual statements | Ownership period + 7 years |
| Receipts, diaries, logs pertaining to tax return | 7 years |
| Retirement plan annual reports | Permanent |
| Year-end brokerage statements | Ownership period + 7 years |
| *Check with your agent. Liability for prior years can vary |
For businesses:
In business, good record keeping is essential not only for tax reporting purposes but also for the success of the company. The guidelines below give general retention periods for the most common business records. Call us if you’d like more information or assistance with your record retention program.
| ACCOUNTING RECORDS | RETENTION PERIOD |
| Accounts payable | 7 years |
| Accounts receivable | 7 years |
| Audit reports | Permanent |
| Chart of accounts | Permanent |
| Depreciation schedules | Permanent |
| Expense records | 7 years |
| Financial statements (annual) | Permanent |
| Fixed asset purchases | Permanent |
| General ledger | Permanent |
| Inventory records | 7 years(1) |
| Loan payment schedules | 7 years |
| Purchase orders (1 copy) | 7 years |
| Sales records | 7 years |
| Tax returns | Permanent |
| BANK RECORDS | |
| Bank reconciliations | 2 years |
| Bank statements | 7 years |
| Cancelled or substitute checks | 7 years(2) |
| Electronic payment records | 7 years |
| CORPORATE RECORDS | |
| Board minutes | Permanent |
| Business licenses | Permanent |
| Bylaws | Permanent |
| Contracts – major | Permanent |
| Contracts – minor | Life + 4 years |
| Insurance policies | Life + 3 years(3) |
| Leases/mortgages | Permanent |
| Patents/trademarks | Permanent |
| Shareholder records | Permanent |
| Stock registers | Permanent |
| Stock transactions | Permanent |
| EMPLOYEE RECORDS | |
| Benefit plans | Permanent |
| Employee files (ex-employees) | 7 years(4) |
| Employment applications | 3 years |
| Employment taxes | 7 years |
| Payroll records | 7 years |
| Pension/profit sharing plans | Permanent |
| REAL PROPERTY RECORDS | |
| Construction records | Permanent |
| Leasehold improvements | Permanent |
| Lease payment records | Life + 4 years |
| Real estate purchases | Permanent |
