Major Tax Deadlines For
December 2006
December 15 - Fourth estimated tax payment
is due for calendar-year corporations.
December 31 - Last day to set up a Keogh
retirement plan for 2006. Deductible contributions for 2006 can be made any
time up to the filing deadline for your 2006 return. (Last business day may be
Friday, December 29.)
December 31 - Deadline for taking required
minimum distributions from IRAs and other retirement accounts. (Last business
day may be Friday, December 29.)
December 31 - Deadline to complete 2006
tax-free gifts of up to $12,000 per recipient.
December 31 - Deadline for paying expenses
you want to be able to deduct on your 2006 income tax return.
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, if you owe $2,500 or less for the calendar quarter, or if your
estimated annual liability is $1,000 or less.
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 email JFaw@ConcordePlanning.com.
