Tax Article -2008 Tax Calendar -- Individuals & Businesses

To help make sure you don’t miss any important 2008 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. This is not an all inclusive list, but rather more for the common filings. Please review it and please feel free to contact us at info@fdcpa.com or call us at 1 (888) 875-9770 if you have any questions about the deadlines or would like assistance in meeting them.

Individuals:

Date  Deadline for
Jan. 15 Paying final installment of 2007 Federal and Massachusetts estimated taxes if not paying income tax through withholding (Form 1040-ES, MA 1-ES).
April 15 Filing 2007 income tax returns (Form 1040, 1040A or 1040EZ, MA 1) or filing automatic six-month extension (Form 4868, M 4868), and paying any tax due (Caution: one can not extend payments if any; only the filers).
  Paying first installment of 2008 Federal and Massachusetts estimated taxes if not paying income tax through withholding (Form 1040-ES, MA 1-ES).
  Setting up new IRA for 2007 or making 2007 contributions to existing IRA (even if extension was filed).
  Filing 2007 gift tax return (Form 709) or filing automatic six-month extension (Form 8892), and paying any gift tax due.
 

Trusts and estates: Filing income tax return for 2007 calendar year (Form 1041, MA 2) or filing automatic six-month extension (Form 7004), and paying any income tax due.

 

Household employers: Filing Schedule H (Form 1040) if wages paid equal $1,500 or more.
June 16 Paying second installment of 2008 Federal and Massachusetts estimated taxes if not paying income tax through withholding (Form 1040-ES).
Sept. 15 Paying third installment of 2008 Federal and Massachusetts estimated taxes if not paying income tax through withholding (Form 1040-ES).
Oct. 15 Filing 2007 income tax return (Form 1040, 1040A or 1040EZ, MA 1) and paying any tax, interest and penalties due if automatic six-month extension was filed.
  Filing 2007 gift tax return (Form 709) and paying any tax, interest and penalties due if automatic six-month extension was filed.
 

Trusts and estates: Filing income tax return for 2007 calendar year (Form 1041, MA 2) and paying any tax, interest and penalties due if automatic six-month extension was filed.

Dec. 31 Paying fourth installment of 2008 estimated Massachusetts taxes if not paying income tax through withholding (Form 1-ES) to receive a deduction for the current year.

 

Businesses:

Jan. 31

Payors: Providing Form 1099 to recipients of any 2007 interest, dividend or reportable miscellaneous income payments.
  Employers: Providing 2007 Form W-2 to employees and reporting income tax withholding and FICA taxes and the state equivalent for fourth quarter 2007 (Form 941) and filing annual return of federal unemployment taxes (Form 940 or 940-EZ) and paying any tax due.
Feb. 29 Payors: Filing Form 1099 for interest, dividends and miscellaneous payments made during 2007.
 

Employers: Filing Form W-2 (Copy A) and transmittal Form W-3 with Social Security Administration and state equivalent. (Electronic filers can defer filing to March 31.)
March 17 Corporations: Filing 2007 income tax return (Form 1120 or 1120-S) or filing automatic six-month extension (Form 7004), and paying any tax due (this assumes a calendar year ended corporation).
 

Calendar-year corporations: Paying first installment of 2008 MA estimated income taxes.
March 31 Employers: Electronically filing Forms 1098, 1099 and W-2G.

April 15

Calendar-year partnerships: Filing income tax return for 2007 (Form 1065) or requesting automatic six-month extension (Form 7004, MA 3).
 

Calendar-year corporations: Paying first installment of 2008 Federal estimated income taxes.
April 30 Employers: Reporting income tax withholding and FICA taxes and the state equivalent for first quarter 2008 (Form 941), and paying any tax due.
May 15

Exempt organizations: Filing 2007 calendar year information returns (Forms 990, 990-EZ, 990-PF and 990-T), and paying any tax due.
June 16               Calendar-year corporations: Paying second installment of 2008 estimated MA and Federal income taxes.
July 31 Employers: Filing calendar-year retirement plan report (Forms 5500 or 5500EZ) or requesting an extension.
 

Employers: Reporting income tax withholding and FICA taxes and the state equivalent for second quarter 2008 (Form 941), and paying any tax due.
Sept. 15       

Calendar-year corporations: Paying third installment of 2008 estimated MA and Federal income taxes.
 

Calendar-year corporations: Filing 2007 income tax return (Form 1120 or 1120-A) and paying any tax, interest and penalties due if automatic six-month extension was filed.

Oct. 15        

Calendar-year partnerships: Filing income tax return for 2007 (Form 1065, MA 3) if automatic six-month extension was filed.

Oct. 31 Employers: Reporting income tax withholding and FICA taxes and the state equivalent for the third quarter 2008 (Form 941), and paying any tax due.
Nov. 1 Massachusetts Abandoned Property
Dec. 15

Calendar-year corporations: Paying fourth installment of 2008 estimated MA and Federal income taxes.
Dec. 31         Employers: Establishing a retirement plan (other than a SEP) for 2008.

Please contact Feeley & Driscoll's Boston Accounting Firm by Email or call us at 1 (888) 875-9770.


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