Alloy

Alloy
900 North Kings Highway · Cherry Hill, New Jersey 08034 · 856.667.4100 · 215.563.0276 · Fax: 856.667.3652
165 North White Horse Pike · Hammonton, New Jersey 08037 · 609.561.1555 · Fax: 609.561.8596

What's New

Major Tax Deadlines

For Spring 2008

March 17, 2008 - 2007 income tax returns are due for calendar-year corporations.

March 17, 2008 - Deadline for calendar-year corporations to elect S corporation status for 2008

April 1, 2008 - If you turned 70 1/2 last year, this is the deadline for taking your first required distribution from regular IRAs and, unless you're still working, from other retirement accounts. Distributions are not required for Roth IRAs.

April 15, 2008 - 2007 individual income tax returns are due.

April 15, 2008 - 2007 partnership income tax returns are due.

April 15, 2008 - 2007 annual gift tax returns are due.

April 15, 2008 - Deadline for making 2007 IRA contributions.

April 15, 2008 - Due date for first installment of 2008 individual estimated tax.

June 16, 2008 - Due date for second installment of 2008 individual estimated tax.

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees' pay and both the employer's and employees' share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, or if you owe $2,500 or less for the calendar quarter.

Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to your business, contact our office.

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