Major Tax Deadlines For
December 2008
December 15 - Fourth
estimated tax payment is due for calendar-year corporations.
December 31 - Last day to set
up a Keogh retirement plan for 2008. Deductible contributions for 2008 can be
made any time up to the filing deadline for your 2008 return.
December 31 - Deadline for
taking required minimum distributions from IRAs and other retirement accounts.
December 31 - Deadline to
complete 2008 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 2008 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.
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.
