Major
Tax Deadlines For April 2006
April
3 - Deadline for taking your first required IRA distribution if you
turned 70½ in 2005. Unless you're still working, this deadline also applies to
your other retirement accounts (except for Roth IRAs).
April
17 - Individual income tax returns for 2005 are due.
April
17 - 2005 calendar-year partnership returns are due.
April
17 - 2005 annual gift tax returns are due.
April
17 - Deadline for making 2005 IRA contributions.
April
17 - Deadline for employers to make contributions to certain
retirement plans.
April
17 - First installment of 2006 individual estimated tax is due.
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.
