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Tax Due Dates

If you do not want to remember them by youself, please contact us and we can send you an email a week in advance of the due dates.

 

November 2007
  Employers Income Tax Withholding. Ask employees whose withholding allowances will be different in 2008 to fill out a new Form W-4.
   
  Employers Earned Income Credit. Ask each eligible employee who wants to receive advance payments of earned income credit during the year 2008 to fill out a Form W-5. A new Form W-5 must be filled out each year before payments are made.
   
November 13 Employers Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2007. This due date applies only if you deposited the tax for the quarter in full and on time.
   
November 15 Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.
   
  Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.
   
December 2007
December 10 Employees who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
   
December 17 Corporations. Deposit the fourth installment of estimated income tax for 2007. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
   
January 2008
 
All employers - Give your employees their copies of Form W-2 for 2007 by January 31, 2008. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31st.
   
January 1 Employers - Stop advance payments of the earned income credit for any employee who did not give you a new Form W-5 for 2008.
   
January 10 Employees who work for tips - If you received $20 or more in tips during December, report them to your employer. You can use Form 4070 Employee's Report of Tips to Employer.
   
January 15 Employers - Social Security, Medicare and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2007.
   
  Individuals- Make a payment of your estimated tax for 2007 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2007 estimated tax. However, you do not have to make this payment if you file your 2007 return (Form 1040) and pay any tax due by January 31, 2008.
   
  Employers - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in December 2007.
   
January 31 Employers - Federal unemployment tax. File Form 940 (or 940-EZ) for 2007. If your undeposited tax is $100 or less, you can either pay it with your return or deposit it. If it is more than $100, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 11 to file the return.
   
  Employers - Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2006. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 11 to file the return.
   
  Employers - Nonpayroll taxes. File Form 945 to report income tax withheld for 2007 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 11 to file the return.
   
  Employers - Give your employees their copies of Form W-2 for 2007. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31st.
   
  Individuals - File your income tax return (Form 1040) for 2007 if you did not pay your last installment of estimated tax by January 15. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of last installment.
   
  All Businesses - Give annual information statements to recipients of 1099 payments made during 2007.

 

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Schaumburg, IL 60173
Phone: 630-766-9401
Fax: 630-766-9403