Major Tax Deadlines For April
2008
April 1 -
Deadline for taking your first required IRA distribution if you turned 70-1/2
in 2007. Unless you're still working, this deadline also applies to your other
retirement accounts (except for Roth IRAs).
April 15 -
Individual income tax returns for 2007 are due.
April 15 - 2007
calendar-year partnership returns are due.
April 15 - 2007
annual gift tax returns are due.
April 15 - 2007
income tax returns for calendar-year trusts and estates are due.
April 15 -
Deadline for making 2007 IRA contributions.
April 15 -
Deadline for employers to make contributions to certain retirement plans.
April 15 - First
installment of 2008 individual estimated tax is due.
April 15 -
Deadline for amending 2004 individual tax returns (unless the 2004 return had a
filing extension).
April 15 -
Deadline for original filing of 2004 individual income tax return to claim a
refund of taxes. Each year some taxpayers have tax refunds due them for prior
years, and unless a return is filed to claim the refund by the three-year
statute of limitations, the refund is lost forever.
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.
