Major
Tax Deadlines for October 2002
October 1 - Deadline for self-employeds and small
businesses to establish a SIMPLE retirement plan for 2002.
October 15 - Deadline for filing 2001 individual
tax returns on second extensions.
October 15 - If you converted a regular IRA to a
Roth IRA in 2001 and now want to switch back to a regular IRA, you have until
October 15, 2002, to do so without penalty. (See What's New in Taxes)
October 15 - Deadline for making the "deemed
sale" election on 2001 returns. (See What's New in Taxes)
October 31 - Deadline for making or revoking a 2001
net operating loss election.
NOTE: Businesses are required to make federal
tax deposits on dates determined by various factors that differ from business
to business.
Payroll tax deposits: Employers generally must deposit Form
941 payroll taxes (income tax withheld from employees' pay and both the
employer's and employees' share of social security taxes) on either a monthly
or semiweekly deposit schedule. There are exceptions if you owe $100,000 or
more on any day during a deposit period, or if you owe $2,500 or less for the
calendar quarter.
Monthly depositors are required to deposit payroll taxes
accumulated within a calendar month by the fifteenth of the following month.
Semiweekly depositors generally must deposit payroll taxes on
Wednesdays or Fridays, depending on when wages are paid.
For more information on
tax deadlines that apply to your business, contact our office at (336) 838-4100
or e-mail JFaw@ConcordePlanning.com.
