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The Online Advisor

April 2005

Major Tax Deadlines



For April 2005

April 1 - Deadline for taking your first required IRA distribution if you turned 70½ in 2004. Unless you're still working, this deadline also applies to your other retirement accounts (except for Roth IRAs).

April 15 - Individual income tax returns for 2004 are due.

April 15 - 2004 calendar-year partnership returns are due.

April 15 - 2004 annual gift tax returns are due.

April 15 - Deadline for making 2004 IRA contributions.

April 15 - Deadline for employers to make contributions to certain retirement plans.

April 15 - First installment of 2005 individual estimated tax is due.

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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