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Tax News
First Quarter
January 10

Employees who work for tips and received $20 or more in tips during December must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

January 15

Make a payment of your estimated tax for the last quarter of 2007 if you did not pay enough income tax through withholding (see page 312). Use Form 1040-ES. You don't have to make this payment if you file your 2007 tax return (Form 1040) and pay any tax due by January 31, 2008.

Farmers and fisherman must pay estimated tax for 2007 using Form 1040-ES. You have until April 15 to file your 2007 income tax return on Form 1040. If you don't pay your estimated tax by this date, you must file your 2007 return and pay any tax due by March 3, 2008 to avoid an estimated tax penalty.

January 31

File your income tax return (Form 1040) for 2007 if you didn't pay your last installment of estimated tax by January 15. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment.

All employers: Give copies B, C, and 2 of Form W-2 for 2007 to each employee, including household employees.

All businesses: Give annual information statements to recipients of payments you made during 2007, on the appropriate version of Form 1099 or other information return. Payments that must be included are:

  • compensation for independent contractors
  • dividends and other corporate distributions
  • interest
  • amounts paid in real estate transactions
  • rent
  • royalties
  • amounts paid in broker and barter exchange transactions
  • payments of Indian gaming profits to tribal members
  • payments to attorneys
  • profit-sharing distributions
  • retirement plan distributions
  • original issue discount
  • prizes and awards
  • medical and health care payments
  • debt cancellation
  • cash payments over $10,000

 

February 11

Employees who work for tips and received $20 or more in tips during January must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

February 288

Businesses must file information returns (Form 1099) with the IRS for certain payments you made during 2007, as described under January 31. Use a separate Form 1096 to summarize and transmit the forms for each type of payment.
If you file Forms 1098, 1099 or W-2G electronically (not by magnetic media), your due date for filing them will be extended to March 31, 2008.

February 28

Employers must file copy A of all W-2 forms and one W-3 transmittal form with the Social Security Administration. If you file electronically, your due date is extended to March 31.

March 1

Farmers and fishermen must file their 2007 income tax return (Form 1040) to avoid an underpayment penalty if they owe estimated tax. However, they have until April 15 to file if they paid their 2007 estimated tax by January 15, 2008.

March 10

Employees who work for tips and received $20 or more in tips during February must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

March 31

If you file Forms 1098, 1099, W-2 or W-2G electronically, this is the due date for filing them with the IRS. The due date for giving the payment recipient a copy of the form is still January 31.

Second Quarter April 10

Employees who work for tips and received $20 or more in tips during March must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

April 15

File an income tax return for 2007 (Form 1040EZ, 1040A, or 1040) and pay any tax due. If you want an automatic six-month extension of time to file the return, file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Then file your tax form by October 15.
If you paid cash wages of $1,500 or more in 2007 to a household worker, file Schedule H (Form 1040) with your income tax return and report any employment taxes. Report any federal unemployment FUTA tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2006 or 2007 to household employees. Also report any income tax you withheld for your household employees.
Pay the first installment of estimated tax, using Form 1040-ES.

May 12

Employees who work for tips and received $20 or more in tips during May must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

June 10

Employees who work for tips and received $20 or more in tips during May must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

June 16

Make your second installment of quarterly estimated income tax on Form 1040-ES.
If you are a U.S. citizen or resident alien living, working, or on military duty outside the U.S. or Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due.

Third Quarter
July 10
Employees who work for tips and received $20 or more in tips during June must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.
August 11

Employees who work for tips and received $20 or more in tips during July must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

September 10

Employees who work for tips and received $20 or more in tips during August must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

September 15

Third payment of quarterly 2008 estimated tax is due, on Form 1040-ES.

Fourth Quarter
October 10

Employees who work for tips and received $20 or more in tips during September must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

October 15

File a 2007 income tax return and pay any tax, interest and penalties due if you were given an automatic six-month extension.

November 10

Employees who work for tips and received $20 or more in tips during October must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

December 10

Employees who work for tips and received $20 or more in tips during November must report them to their employers. Form 4070, Employee's Report of Tips to Employer, can be used.

FISCAL YEAR TAXPAYERS

If you are using a fiscal year as your tax accounting period, Form 1040 is due on the 15th day of the fourth month after the end of your tax year. Estimated tax payment are due on the 15th day of the 4th, 6th, and 9th months of your tax year and on the 15th day of the first month after the end of your tax year.


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