USA TAX CALENDAR

JANUARY

Employers. During this month, prepare copies of W-2s for 2006 and give to employees. The due date is Jan. 31. Make an appointment with your tax advisor.

 Jan. 2

Employers. Stop advance payments of earned income credits to employees who have not submitted Form W-5 for 2007.

 Jan. 15

Personal. Pay fourth quarter and final estimated tax payment for year 2006 with Form 1040-ES. You don't have to make this payment if you file your 2006 return (Form 1040) by Jan. 31, 2007.

Employers. December 2006 monthly payroll tax deposit is due if you're not on a semiweekly deposit schedule.

 Jan. 31

Personal. File year 2006 Form 1040 if you did not make the fourth quarter estimated payment by Jan. 15.

Businesses. Give Form 1099 information statements to recipients of payments you made during 2006 for services. This can include independent contractor compensation, interest on seller financed mortgages, rent, professional services fees, real estate transactions, profit sharing and pension plan distributions. (See IRS publications on other categories of payments that require 1099 to be filed.) Also, submit statements to customers who paid you more than $10,000 in any single cash transaction during 2006. (For details, see instructions for Form 8300, Report of Cash Payments over $1,000.)

Employers. By this date, give all employees their annual W-2 wage withholding forms for 2006. File Form 941 (payroll tax) for the fourth quarter of 2006 and deposit any unpaid taxes. File Form 940 (unemployment tax) for 2006. File Form 945 to declare 2006 withholding tax from non-payroll items, such as pensions and annuities.

FEBRUARY

 Feb. 15

Personal. File new W-4 with your employer to change your withholding or continue the exemption claimed in 2006.

Employers. January payroll tax deposit is due if you're not on a semiweekly deposit schedule.

Also, begin withholding taxes for employees who haven't filed new Forms W-4 to maintain withholding exemptions.

 Feb. 28

Employers. Send the IRS Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of employee Forms W-2 for 2006. Businesses. Send the IRS Forms 1099 and 1096. A separate 1096 is required for each 1099 type.

MARCH

 March 15

C corporations. File a 2006 calendar-year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic six-month extension, file Form 7004 and deposit what you estimate you owe.

S corporations. File your 2006 сalendar-year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-l (Form 11205), Shareholder's Share of Income, Credits, Deductions, etc., or a substitute Schedule K-l. For an automatic six-month extension, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated

as an S corporation beginning with calendar year 2007. If you miss the deadline, the switch won't take effect

until calendar year 2008.

Employers. February 2007 payroll tax deposit is due if you're not on a semiweekly deposit schedule.

APRIL

 April 1

Employers. File Forms 1098, 1099 or W-2G with the IRS if you file electronically. Otherwise, see Feb. 28.

The due date for giving the recipient these forms will still be Jan. 31, regardless of whether you file

electronically. For information about filing Form 1098, 1099 or W-2G electronically, see Publication 1220.

 April 15

Personal. File income tax return for 2006 (Form 1040, 1040A or 1040EZ) and pay any tax due. For an

automatic six-month extension, file Form 4868 and pay projected tax. You can get an extension by phone if

you pay part or all of your estimate of income tax due with a credit card. Then file Form 1040, 1040A or

1040EZ by Oct. 15.

Pay the first installment of your 2007 estimated tax (Form 1040-ES).

If you paid cash wages of $1,500 or more in 2005 to a household employee, file Schedule H with Form

1040 and report any employment taxes or tax withheld.

Last day to make 2006 contributions to a regular or Roth IRA. . Make your Keogh plan or SEP

contribution if you are not requesting a filing extension for your tax return.  

File gift-tax returns (Form 709 or 709-A) for gifts made in 2006 that exceeded $12,000 per recipient. For a

six-month extension, file Form 4868.

Partnerships and limited liability companies. File your 2006 calendar-year return (Form 1065). Provide

each partner with a copy of Schedule K-l (Form 1065), Partner's Share of Income, Credits, Deductions, etc.,

or a substitute Schedule K-l. For an automatic six- month extension, file Form 7004. Then file Form 1065

by July 15. Corporations. Pay the first installment of 2007 estimated income tax. A work sheet (Form 1120-

W) is available to help you estimate your tax for the year.

Employers. March 2007 payroll tax deposit is due if you're not on a semiweekly deposit schedule.

 April 18

You paid your Patriotic Duty. You are free for a while. Almost, because you have to work for the government one more month this year. Make an appointment with your tax and financial advisors. Visit our WEB site.

 April 30

Employers. File Form 941 (payroll tax) for the first quarter of 2007 and deposit any unpaid taxes. Also, deposit unemployment taxes for the first quarter of 2007 if you owe more than $500 in FUTA taxes for the year.

MAY

 May 15

Employers. April 2007 payroll tax deposit is due if you're not on a semiweekly deposit schedule. 

JUNE

 June 17

Personal. If you are a US citizen or resident alien living and working (or on military duty) outside the

United States, send in Form 1040 for 2006 and pay any tax due. To get this extension from the regular April

15 deadline, taxpayers should include a note with their returns stating that their tax home was in a foreign

country on April 15. File Form 4868 to obtain four additional months to file. (Note: Military participants in a

combat zone may be able to extend their deadline further. See Publication 3, Armed Forces' Tax Guide.)

Also, individuals should pay the second installment of 2007 estimated tax with Form 1040-ES.

Corporations. Pay the second installment of 2007 estimated income tax.

Employers. May 2007 payroll tax deposit is due if you're not on a semiweekly deposit schedule.

JULY

 July 15

Employers. June 2007 payroll tax is due if you're not on a semi- weekly deposit schedule.

 July 31

Employers. File Form 941 (payroll tax) for the second quarter of 2007 and deposit any unpaid taxes.

Deposit unemployment taxes for the second quarter of 2007 if you owe more than $500 in FUTA taxes for

the year.

If you maintain an employee benefit plan, such as a pension, profit sharing or stock bonus plan, file Form

5500 or 5500-EZ for calendar- year 2006. If you use a fiscal year as your plan year, file the form by the last

day of the seventh month after the plan year ends.

AUGUST

  Aug. 15

Employers. July 2007 payroll tax is due if you're not on a semi- weekly deposit schedule.

SEPTEMBER

  Sept. 16

Personal. Pay third installment of estimated tax with Form I040EZ.

Corporations. If you received a six-month extension from March 15, send in your 2006 calendar-year income tax return (Form 1120 or 1120-A) and pay any tax due.

Also, pay the third installment of 2007 estimated tax with Form 8109 or electonicaly..

S corporations. If you received a six-month extension from March 15, send in your 2006 calendar-year income tax return (Form 11205) and pay any tax due.

Employers. August 2007 payroll tax is due if you're not on a semiweekly deposit schedule. 

OCTOBER

  Oct. 15

Personal. File Form 1040 and pay tax due if you received a six- month extension from Apr. 15.  

This is also the last day to make Keogh or SEP plan contributions for 2006 if you received an extension to

file your return.

Partnerships and limited liability companies. File your 2006 calendar-year return (Form 1065) if you

received a six-month extension.

Employers. September 2007 payroll tax is due if you're not on a semiweekly deposit schedule.

 Oct. 31 

Employers. File Form 941 (payroll tax) for the third quarter of 2007 and deposit unpaid taxes.

Deposit unemployment tax for the third quarter of 2007 if you owe more than $500 in FUTA taxes for the year.

NOVEMBER

Employers. During November, ask employees whose withholding allowances will change in 2008 to fill

out a new Form W-4. Also, ask each eligible employee who wants to receive advance payments of the

earned income credit during the year 2008 to fill out a Form W-5. A new Form W-5 must be filled out each

year before any payments are made.

  Nov. 15

Employers. October 2007 payroll tax is due if you're not on a semiweekly deposit schedule.

DECEMBER

  Dec. 16

Corporations. Pay the fourth installment of 2007 estimated income tax.

Employers. November 2007 payroll tax is due if you're not on a semiweekly deposit schedule.

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