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