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The Online Advisor

October 2007

Major Tax Deadlines


October 15 - Deadline for filing 2006 individual tax returns on automatic extension of the April 17 filing deadline.

October 15 - If you converted a regular IRA to a Roth IRA in 2006 and now want to switch back to a regular IRA, you have until October 15, 2007, to do so without penalty.

October 15 - Deadline for filing 2006 partnership and limited liability company returns on extension of the April 17 filing deadline.

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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