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Small Business Tax Stratagies' 2008 Tax Calendar

JANUARY

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in Employment Law,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

Employers. Prepare copies of W-2s for 2007, and give them to your employees by Jan. 31. If an employee agreed to receive his or her W-2 electronically, post it and notify the worker by Jan. 31.

Tuesday, Jan. 1

Employers. Stop advance payments of earned income credit for any employee who did not give you a new Form W-5 for 2008.

Tuesday, Jan. 15

Personal. Pay the fourth-quarter and final estimated-tax payment for the year 2007 with Form 1040-ES. You don’t have to make this payment if you file your 2007 return (Form 1040) and pay any tax due by Jan. 31, 2008.

Employers. December 2007 monthly payroll tax deposit is due if you’re not on a semiweekly deposit schedule.

Thursday, Jan. 31

Personal. File your 2007 income tax return (Form 1040) if you did not make a fourth-quarter estimated payment by Jan. 15.

Businesses. Give Form 1099 information statements to the recipients of certain payments you made for services during 2007. This can include independent contractor compensation, interest on seller financed mortgages, rent, professional services fees, real estate transactions, profit-sharing and pension plan distributions.

Also, submit statements to customers who paid you more than $10,000 in any single cash transaction during 2007. (For details, see instructions for Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.)

Employers. File Form 941 (payroll tax) for the fourth quarter of 2007 and deposit any unpaid taxes. File Form 940 (federal unemployment tax) for 2007. File Form 945 to report income tax withheld for 2007 on all nonpayroll items, such as pensions, annuities and IRAs. File Form 944 for the 2007 tax year if your employment tax liability was $1,000 or less.


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