Major Tax Deadlines For
October 2008
October 15 - Deadline for
filing 2007 individual tax returns on automatic extension of the April 15
filing deadline.
October 15 - If you converted
a regular IRA to a Roth IRA in 2007 and now want to switch back to a regular
IRA, you have until October 15, 2008, to do so without penalty.
October 15 - Deadline for
filing 2007 partnership and limited liability company returns on extension of
the April 15 filing deadline.
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.
DISASTER EXTENSIONS: Several states have suffered from disasters. If
you are in a "covered disaster area," you may qualify for extended
payment or filing dates by the IRS.
For more information on tax
deadlines that apply to you or your business, contact our office at (336)
838-4100 or email JFaw@ConcordePlanning.com.
