This tax calendar covers various due dates of interest to employers. Principally, it covers the following federal taxes:
- Income tax you withhold from your employees' wages or from non-payroll amounts you pay out.
- Social security and Medicare taxes (FICA taxes) you withhold from your employees' wages and the social security and Medicare taxes you must pay as an employer.
- Federal unemployment (FUTA) tax you must pay as an employer.
The calendar lists due dates for filing returns making deposits of these three taxes throughout the year. Use this calendar with Publication 15 (Circular E), which gives the deposit rules. The following is a list and description of the primary employment tax forms you may need.
- Form 940 (or 940-EZ), Employer's Annual Federal Unemployment (FUTA) Tax Return. This form is due 1 month after the calendar year ends. Use it to report the FUTA tax you paid. Most employers can use Form 940-EZ, which is a simplified version of Form 940.
- Form 941, Employer's Quarterly Federal Tax Return. This form is due 1 month after the calendar quarter ends. Use it to report social security and Medicare taxes and withheld income taxes on wages if your employees are not farm workers.
- Form 943, Employer's Annual Federal Tax Return for Agricultural Employees. This form is due 1 month after the calendar year ends. Use it to report social security and Medicare taxes and withheld income taxes on wages if your employees are farm workers.
- Form 945, Annual Return of Withheld Federal Income Tax. This form is due 1 month after the calendar year ends. Use it to report income tax withheld on all non-payroll items. Non-payroll items include the following:
- Backup withholding.
- Withholding on pensions, annuities, IRAs, and gambling winnings.
- Payments of Indian gaming profits to tribal members.
Fiscal-year taxpayers. The dates in this calendar apply whether you use a fiscal year or the calendar year as your tax year. The only exception is the date for filing Forms 5500 and 5500-EZ. These employee benefit plan forms are due by the last day of the seventh month after the plan year ends. See July 31, later. Extended due dates. If you deposit in full and on time the tax you are required to report on Form 940 (or 940-EZ), 941, 943, or 945, you have an additional 10 days to file that form.
The fourth quarter of this calendar year is made of October, November, and December.
Social security, Medicare, and withheld income tax:If the monthly deposit rule applies, deposit the tax for payments in September.
Nonpayroll withholding: If the monthly deposit rule applies, deposit the tax for payments in September.
Social security, Medicare, and withheld income tax: File Form 941 for the third quarter of 2008. Deposit any undeposited tax under the accuracy of deposit rules. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.
Certain small employers: Deposit any undeposited tax if your tax liablitity is $2,500 or more for 2008 but less than $2,500 for the third quarter.
Federal unemployment tax: Deposit the tax owed through September if more than $500.
Income tax withholding: Ask employees whose withholding allowances will be different in 2009 to fill out a new Form W-4 or Form W-4(SP). The 2009 revision of Form W-4 will be available on the IRS website by mid-December.
Earned income credit: Ask each eligible employee who wants to receive advance payments of the earned income credit during the year 2009 to fill out a Form W-5. A new Form W-5 must be filled out each year before any payments are made. The 2009 revision of Form W-5 will be available on the IRS website by mid-December.
Social security, Medicare, and withheld income tax: File Form 941 for the third quarter of 2008. This due date applies only if you deposited the tax for the quarter in full and on time.
Social security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments in October.
Nonpayroll withholding: If the monthly deposit rule applies, deposit the tax for payments in October.
Social security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments in November.
Nonpayroll withholding: If the monthly deposit rule applies, deposit the tax for payments in November.
Tax Tip
For Individuals:
MAXIMIZE EXEMPTIONS
If you support an elderly parent or other relative, you can claim an exemption for that family member if you provide more than 50% of his or her support, and that person’s gross income for the year (not including tax-free Social Security benefits, insurance proceeds, inheritances, or gifts) doesn’t exceed the personal exemption amount. Monitor the support you are providing near the end of the year if you believe you’ll be eligible for an exemption.
For Businesses:
GO GREEN AND SAVE
Make your commercial building more energy efficient. In 2007, businesses can make a special election to expense the costs of making such improvements to commercial buildings.The deduction is limited to $1.80 per square foot. Several requirements apply.
News & Updates
Fox Business News Article on Capital Gains
Nov-26-2008 | Gail Buckner FoxBusiness (submitted by Marina Dine
Please read about tax on capital gains income
Year end planning checklist
Nov-13-2008 | RIA (submitted by Marina Diner)
Please see this important information on how you can save on taxes before the year is over
AMT relief in the 2008 Extenders Act
Oct-23-2008 | RIA (submitted by Marina Diner)
Please see information on the AMT relief enacted on October 3, 2008.
Tax Extenders and AMT Relief Act of 2008
Oct-23-2008 | RIA (submitted by Marina Diner)
Please read about the tax breaks that have been extended with the latest Act.