December, 2002
Major Tax Deadlines For December 2002
What's New in Taxes
New Business
Smart Business
What's New in Financial Strategies
Chuckle of the Month


Major Tax Deadlines For December 2002

December 31 - Last day to set up a Keogh or 401(k) retirement plan for 2002. Deductible contributions for 2002 can be made any time up to the filing deadline for your 2002 return.

December 31 - Deadline for taking required minimum distributions from IRAs and other retirement accounts.

December 31 - Deadline to complete 2002 tax-free gifts of up to $11,000 per recipient.

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.

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