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The Online Advisor

December 2006

Major Tax Deadlines

For December 2006

December 15 - Fourth estimated tax payment is due for calendar-year corporations.

December 31 - Last day to set up a Keogh retirement plan for 2006. Deductible contributions for 2006 can be made any time up to the filing deadline for your 2006 return. (Last business day may be Friday, December 29.)

December 31 - Deadline for taking required minimum distributions from IRAs and other retirement accounts. (Last business day may be Friday, December 29.)

December 31 - Deadline to complete 2006 tax-free gifts of up to $12,000 per recipient.

December 31 - Deadline for paying expenses you want to be able to deduct on your 2006 income tax return.

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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