01/17/2007

IMPORTANT 2007 TAX DATES THAT YOU NEED TO KNOW

by Melanie Powers, iQualifyNow

Having to remember the tax dates and deadlines for the year is such a hassle. Has it been stressing you out? Here is a 2007 tax calendar that can help you lessen one of your worries. The tax calendar will guide you the specific dates that you need to report your tax information. With the tax calendar, you don't need to remember the dates yourself and you can avoid unnecessary penalties that can be charged due to late tax payments.

January 2, 2007 -WITHHOLD YOUR CHECK

Always keep your checks together and put them in a folder in a safe place. You will need to compare your checks in 2006 to your W-2. You need to ensure whether your W-2 has the correct withholding amount. In addition, if there are discrepancies, you can find out immediately and take necessary actions.

January 10, 2007—REPORT TIPS AS INCOME

Tips are considered as income and need to be reported if they are over $20. Any amount below that threshold is not necessary to be reported. Fill out Form 4070 before this date.

January 12, 2007—FILING TAX FORMS ONLINE

Filing your electronically tax forms online at the IRS website. This is much more convenient and quicker than the mailing process.

January 15, 2007 - HOLIDAYS

You are expected to pay your quarterly tax payment of tax year 2006 on this date. However, it is Martin Luther's King Day. Because it is a holiday, the due date will be delayed to the next day. This rule also applies to weekends.

January 16, 2007—QUARTERLY TAXES

Your estimated final quarterly tax payment of 2006 is due on this date.

January 31, 2007—DEADLINE FOR TAX FORMS

Employers must give your employees W-2 forms and Form 1099s to independent contractors by this date. Employers should file Form 945 for income tax withheld on nonpayroll items such as earned interest, dividends, gambling winnings, IRAS distributions, annuities, and any other forms of compensations.
Individuals who did not pay the final quarterly tax payment by January 16 need to file income tax return and pay any tax amount due by January 31 to avoid late penalty fees.

February 15, 2007—FILE FORM W-4 FOR TAX WITHHOLDING EXEMPTION

Individuals who file exemption from income tax withholding last year need to file Form W-4 again by this date in order to continue your exemption for the current year.

February 28, 2007—FILE FORM W-2, FORM W-2, and FORM 1099

Employers must file Form W-3, Transmittal of Wage and Tax Statements, and Copy A of all Forms W-2 for 2006. In addition, employers must also file Form 1099 statements for various payments you made during 2006. This deadline applies if you file on paper. If you file electronically, the deadline will be on March 31, 2007.

March 15, 2007—DEADLINES FOR CORPORATIONS TAX RETURNS

Corporations need to file Forms 1120, 1120A, and 1120S by this date. Furthermore, if you want an automatic 6-month extension of time to file, you need Form 7004.

April 16, 2007—DEADLINES FOR INDIVIDUAL & PARNERSHIP TAX RETURNS

Individuals must file Form 1040, 1040A, or 1040EZ by this date. If you want an automatic 6-month extension of time to file, you need Form 4868. Partnership tax returns should be filed using Form 1065. If you want an automatic 6-month extension, you need Form 7004.

Today is also the first quarter estimated tax payment due for 2007.

May 15, 2007—DEADLINE FOR NON-PROFIT ORGANIZATIONS

Non-profit organizations should file information returns using Form 990. If you need a 6-month extension, then you should file Form 8868.

June 15, 2007—DEADLINE FOR US CITIZENS/ALIENS LIVE OUTSIDE U.S.

U.S. citizens and aliens living outside U.S. must file Form 1040. You can request a 4-month extension by filing Form 4868. Also, this is the due date for second quarter estimated tax payment.

September 17, 2007—FINAL DEADLINE FOR CORPORATE TAX RETURNS

Corporation must file Form 1120, 1120A, and 1120S by this date if you request an automatic 6-month extension. If not, the deadline should be March 15, 2007. Today is the due date for third quarter estimated tax payments.

October 16, 2007—FINAL DEADLINE FOR INDIVIDUAL & PARTNERSHIP TAX RETURNS

Individuals must file Form 1040, 1040A, or 1040EZ by this date if you request a 6-month extension. If not, the deadline is April 16, 2007. In addition, partnership also needs to file Form 1065 if you request a 6-month extension.

November 2007—EARNED INCOME CREDIT

Any employee who wants to receive payments of earned income credit in 2008 needs to fill out Form W-5.

December 17, 2007—QUARTERLY ESTIMATED TAX PAYMENT

Today is the due date for the fourth quarter estimated tax payment for 2007.

December 31, 2007—FILING STATUS FOR YEAR 2007

By this date, your marital status will determine your filing status for the year 2007.



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