The 2006-2007 Tax Calendar at a Glance

Taxes and tax returns are of paramount importance and a person needs what can be termed as tax discipline. In order of get all tax papers and relevant details ready and the tax returns, both federal and state filed on time you need a “tax calendar” which will become a ready reference source.

The IRS in its efforts to allay fears of tax returns and make tax returns less complicated has a set of useful guidelines at: http://www.irs.go v/publications/p50 9/ar02.html#d0e393 .

For 2006-2007 tax returns filing season here is a ready reference calendar:

• Dec 31, 2006 is the last date to make tax payments for the 2006 return. It is also the last date for a Keogh plan.

• Jan 16, 2007 is the due date for the fourth quarter estimated tax payment, forms 1040-ES. The last date is Jan 31st to make payment and file form 1040. For farmers and fisherman this is the deadline for submitting form 1040ES and making estimated payments for 2006 in full. Farmers and fishermen must pay by March 1, 2007 to avoid being charged penalties, if Jan 16th is missed.

• Jan 31, 2007 is date for receipt of all W-2 and 1099 forms. And the date by which a person can pay taxes unpaid on Jan 16, 2007 along with submission of relevant papers.

• Feb 15, 2007 is the date by which form W-4 needs to be filed if any exemptions from tax withholding for 2006 were allowed.

• March 1, 2007 is the date by which farmers and fishermen can make any delayed tax payments and still avoid penalties.

• March 15th, 2007 is important for corporations to file a 2006 calendar year income tax return
. Forms 1120 and 1120_A along with taxes due need to be submitted and paid. In case any extension on tax payments is required, then Form 7004 will get you a six month extension. S corporations need to file Form 1120S along with taxes due
. All shareholders must be sent a copy of Schedule K-1 of the form 1120S.S corporation election appliers must file form 2553 if they want to be granted a S corporation status form tax year 2007. Electing large partnerships need to send each partner schedule K-1 of Form 1065B.

• April 17th 2007 is the due date for tax returns. Since April 15th the statutory date for filing of tax returns falls on a Sunday in 2007 and is followed by April 16th being a holiday the IRS has set April 17th as the deadline for filing of tax returns. If an extension until October 15th, 2007 is required, all relevant papers along with form 4868 must be filed by April 17th, 2007. Roth IRAs and individual retirement contributions must be paid and accounts for 2006 opened. On April 17th the first quarter estimated tax payment for the next financial year, 2007 falls due. The state tax returns must also be filed on April 17th however be sure to check rules with the state rules. In case you have any household employees then Schedule H of form 1040 needs to be submitted with your tax return.

• June 15, 2007 is the filing deadline for US citizens working or on military duty outside the US and Puerto Rico. Form 1040 along with payment of due taxes must be submitted. Also, second-quarter taxes and form 1040ES for 2007 fall due on June 15th, 2007.

• September 17th, 2007 is the date for third-quarter estimated tax payment and submission of form 1040 ES for 2007.

• Oct 15th 2007 is the date for filing the 2007 tax return in case an extension was applied for and granted.

• Dec 31, 2007 is the last date by which any tax dues have to be paid in full for tax year
2007. It is also the last date for setting up a Keogh plan and paying the contribution.

Use the calendar to file federal and state tax returns on time and be a model citizen and pay taxes on time too!