IRS Tax Due Dates for 2008

As we wind down 2007 it is time to pull out those calendars and get ready for 2008. Here are the big IRS tax deadlines for next year.

Please remember this is only an outline and may not be inclusive of every responsibility for your business.

January

1st - Businesses must halt payments of the earned income credit to employees who did not submit a a W-5 for 2008.

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Businesses must make deposits for withheld income tax, Social Security, and Medicare for December payroll. Individuals must make estimated tax payments for the fourth quarter with form 1040 if they did not pay taxes through payroll withholdings.

31st - Businesses must file unemployment taxes with form 940. Businesses must also file 941s for the fourth quarter withholdings for income tax, Social Security, and Medicare. 945 must also be filed for all non-payroll taxes withheld in 2007 these include pensions, annuities, IRAs and gambling winnings. Every employee in 2007 must be sent a W-2 for 2007. All 1099s for 2007 must also be issued today.

February

11th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Businesses must make deposits for withheld income tax, Social Security, and Medicare for January payroll. Employees who files an exemption on their 2007 W-4 must submit it again in 2008 if the wish to continue the exemption.

28th - 1099s sent out in January must be submitted to the IRS. This deadline is extended to March 31st if filed electronically. Businesses must file W-3s and copies of W-2s for 2007.

March

12th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

17th - Business must make monthly deposit for tax payments in February. Corporations must file a 1120 for calendar year 2007 and pay any due taxes. S corporations must file a 1120s income tax return and a K-1 for each shareholder.

31st - If you are using electronic filing for your 1098s, 1099s or W-2Gs they are due today.

April

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Individuals must file a 1040 and pay any taxes due. Extensions are available with form 4868. If you paid household employees cash wages of more than $1,500 file a schedule H with your tax return. Partnerships must file a 1065 and provide a K-1 to each partner. Corporations must make their first income tax payment. Businesses must make deposits for withheld income tax, Social Security, and Medicare for January payroll.

30th - Employment taxes for the first quarter are due. A deposit on federal unemployment tax is due if it is estimated at more than $500.

May

12th - Form 941 is due for all employers for first quarter Social Security, Medicare, and withheld income tax for the deposit made on March 30th. Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Monthly deposits for Medicare, social security and employee income taxes are due for employers.

June

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

16th - If you are working outside the US or Puerto Rico your 1040s are due today along with payment. Estimated quarterly payments are due for individuals and corporations. Monthly deposits for Medicare, social security and employee income taxes are due for employers.

July

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Monthly deposits for Medicare, social security and employee income taxes are due for employers.

31st - Deposit is due for all employers for second quarter social security, medicare, and withheld income tax. Employment taxes for the second quarter are due. A deposit on federal unemployment tax is due if it is estimated at more than $500. Business with pension, stock bonus plan or profit sharing must file a 5500 for 2007.

August

11th - Form 941 is due for all employers for second quarter Social Security, Medicare, and withheld income tax for the deposit made on July 31st. Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Monthly deposits for Medicare, social security and employee income taxes are due for employers.

September

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Estimated quarterly payments are due for individuals and corporations. If you filed an extension for your business taxes they are due today, applies to corporations and s corporations. Monthly deposits for Medicare, social security and employee income taxes are due for employers.

October

10th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

15th - Individuals who filed and extension must file a 1040 and pay an due amount in full. Partnerships who filed an extension must file an 1065 and pay an due amount. Monthly deposits for Medicare, social security and employee income taxes are due for employers.

31st - Deposit is due for all employers for third quarter social security, medicare, and withheld income tax. Employment taxes for the third quarter are due. A deposit on federal unemployment tax is due if it is estimated at more than $500.

November

11th - Employees who earn tips of $20 or more must report them to their employer with form 4070. Form 941 is due for all employers for third quarter social security, medicare, and withheld income tax for the deposit made on July 31st.

13th - Monthly deposits for Medicare, social security and employee income taxes are due for employers. Monthly deposits for Medicare, social security and employee income taxes are due for employers.

December

9th - Employees who earn tips of $20 or more must report them to their employer with form 4070.

16th - Estimated quarterly payments are due for corporations. Monthly deposits for Medicare, social security and employee income taxes are due for employers.