Keeping up with taxes means knowing the deadlines for making payments and filing paperwork with the IRS and your home state. Some tax breaks, like Individual Retirement Arrangements (IRAs), also have deadlines associated with them. Be on time and you'll avoid unnecessary costs and penalties.

When are the deadlines for filing income tax returns

There are two types of deadlines most people will need to become familiar with — tax filing deadlines and retirement contribution deadlines — and not all apply to everyone. In general, filing or payment deadlines are based on the date that you drop your paperwork or check in the mail, not the date that the documents are received by the IRS. But some retirement plan contributions and paperwork deadlines are based on the date the check or mailing is actually received, so check the specifics for each and don't push those too close to the deadline.

Federal income tax returns

The below deadlines apply for federal income tax return filing and most state income tax return filing:

• Deadline for filing federal income tax return or an extension of time to file:
  April 15

• Deadline for filing taxes if you previously file an extension: October 15

Check each year to see if these dates fall on a weekend or holiday. If they do, both deadlines shift to the next business day.

State income tax returns

Check with your home state to see your filing deadlines for state income tax returns. Most, but not all, use the same dates as the IRS each year.

What are the income tax payment deadlines?

Even if you file an extension of time to file, you have to make your tax payments on time. This means paying the IRS any balance due on taxes that year.

Income tax payment deadline

• Deadline for paying any balance due with your tax return: April 15

Check to see if this date falls on a weekend or holiday. If it does, the deadline shifts to the next business day. Your state may also require tax payments on this date.

Quarterly tax payment deadlines

If you do not pay all of your taxes through paycheck withholding, such as when you are self-employed, you may be required to make estimated tax payments quarterly, or four times per year. And if you don't pay enough during the year, you'll need to pay the balance due when you file your return and may have to pay penalties for not paying throughout the year. Pay estimated taxes quarterly to avoid any penalties or fees.

Here are the due dates for sending in your quarterly estimated tax payments:

• First quarter: April 15

• Second quarter: June 15

• Third quarter: September 15

• Fourth quarter: January 15

What are the tax deadlines for retirement and health savings accounts?

If you contribute funds throughout the year to Individual Retirement Arrangements (IRAs), to Health Savings Accounts (HSAs) or to a solo 401(k), you have certain deadlines for opening and contributing funds to these accounts.

Individual Retirement Arrangements (IRAs)

If you contribute funds to an IRA, there are certain tax deadlines you have to meet in order to take your tax benefits.

• Contribute to a Roth IRA or Traditional IRA for the past year: April 15

• Convert a Traditional IRA to a Roth IRA: December 31
  (after that, it is taxed on the next year's tax return)

• Undo a prior-year Roth IRA conversion: October 15
  (special rules can make it later)

Health Savings Accounts (HSAs)

If you contribute funds to an Health Savings Account (HSA), there are certain tax deadlines you have to meet in order to take your tax benefits.

• Deadline to contribute to an HSA for the past year: April 15
  (for prior year)

Sole-proprietor or small business retirement plans

If you contribute funds to a retirement plan set up for sole proprietors or small businesses – typically for those who are small business owners or self-employed — there are certain tax deadlines you have to meet in order to take your tax benefits.

Deadlines

• Set up a solo-401(k) plan: December 31

• Contribute to a solo-401(k) plan: Varies
  (typically same as tax filing deadline)

• Set up and contribute to a SEP-IRA: Same as tax filing deadline
  (includes extensions)

• Deadline to set up a SIMPLE IRA: October 1

• Deadline to fund a SIMPLE IRA: Varies
  (see the IRS website or consult with a tax advisor)

Words to know

Unsure about something you read? Many of the financial terms you came across in this article are defined in our financial glossary. A-Z Glossary

Links we like

Here are a couple online features you might find useful:

• Internal Revenue Service (IRS): www.irs.gov

• IRS Tax calendars: www.irs.gov/publications/p509/ar02.html