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Taxes and tax returns are of paramount importance and a person needs what
can be termed as tax discipline. In order of get all tax papers and relevant
details ready and the tax returns, both federal and state filed on time you
need a tax calendar which will become a ready reference source. The IRS in
its efforts to allay fears of tax returns and make tax returns less
complicated has a set of useful guidelines at:
http://www.irs.gov/publications/p509/ar02.html#d0e393 .
For 2006-2007 tax returns filing season here is a ready reference calendar:
Dec 31, 2006 is the last date to make tax payments for the 2006 return.
It is also the last date for a Keogh plan.
Jan 16, 2007 is the due date for the fourth quarter estimated tax
payment, forms 1040-ES. The last date is Jan 31st to make payment and file form
1040. For farmers and fisherman this is the deadline for submitting form 1040ES
and making estimated payments for 2006 in full. Farmers and fishermen must pay
by March 1, 2007 to avoid being charged penalties, if Jan 16th is missed.
Jan 31, 2007 is date for receipt of all W-2 and 1099 forms. And the
date by which a person can pay taxes unpaid on Jan 16, 2007 along with submission
of relevant papers.
Feb 15, 2007 is the date by which form W-4 needs to be filed if any
exemptions from tax withholding for 2006 were allowed.
March 1, 2007 is the date by which farmers and fishermen can make any
delayed tax payments and still avoid penalties.
March 15th, 2007 is important for corporations to file a 2006 calendar
year income tax return. Forms 1120 and 1120_A along with taxes due need to be
submitted and paid. In case any extension on tax payments is required, then Form
7004 will get you a six month extension. S corporations need to file Form 1120S
along with taxes due. All shareholders must be sent a copy of Schedule K-1 of the
form 1120S.S corporation election appliers must file form 2553 if they want to be
granted a S corporation status form tax year 2007. Electing large partnerships need
to send each partner schedule K-1 of Form 1065B.
April 17th 2007 is the due date for tax returns. Since April 15th the
statutory date for filing of tax returns falls on a Sunday in 2007 and is followed
by April 16th being a holiday the IRS has set April 17th as the deadline for filing
of tax returns. If an extension until October 15th, 2007 is required, all relevant
papers along with form 4868 must be filed by April 17th, 2007. Roth IRAs and individual
retirement contributions must be paid and accounts for 2006 opened. On April 17th
the first quarter estimated tax payment for the next financial year, 2007 falls due.
The state tax returns must also be filed on April 17th however be sure to check rules
with the state rules. In case you have any household employees then Schedule H of form
1040 needs to be submitted with your tax return.
June 15, 2007 is the filing deadline for US citizens working or on military
duty outside the US and Puerto Rico. Form 1040 along with payment of due taxes must
be submitted. Also, second-quarter taxes and form 1040ES for 2007 fall due on
June 15th, 2007.
September 17th, 2007 is the date for third-quarter estimated tax payment
and submission of form 1040 ES for 2007.
Oct 15th 2007 is the date for filing the 2007 tax return in case an extension
was applied for and granted.
Dec 31, 2007 is the last date by which any tax dues have to be paid in full
for tax year 2007. It is also the last date for setting up a Keogh plan and paying
the contribution.
Use the calendar to file federal and state tax returns on time and be a model citizen and pay taxes
on time too!
About Author
Barry Allen is a freelance writer for Online Tax
Firm, the premier website to find tax, return tax, tax software, free tax filing, sales tax,
services tax,income tax, property tax and many more.
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