General Tax Calendar Fourth Quarter

This tax Calendar has the due dates for 2007 that most taxpayers will need. Employers and persons who pay excise taxes should use the Employer's Tax Calendar and the Excise Tax Calendar.

Fiscal-Year taxpayers: If you file income tax return for a fiscal year rather than the calendar year, you must change some of the dates in this calendar. These changes are described under the Fiscal-Year Taxpayers at the end of this calendar.

The fourth quarter of this calendar year is made of October, November, and December.

October 10

Employees who work for tips: If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.

October 15

Individuals: If you have an automatic 6-month extension to file your income tax return for 2007, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.

Partnerships: File a 2007 calendar year return (Form 1065). This due date applies only if you were given an additional 6-month extension. Provide each partner with a copy of Schedule K-1 (Form 1065) or a substitute Schedule K-1.

Electing large partnerships: File a 2007 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 17 for the due date for furnishing Schedules K1 or substitute Schedules K-1 to the partners.

November 10

Employees who work for tips: If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

December 10

Employees who work for tips: If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.

December 15

Corporations: Deposit the fourth installment of estimated income tax for 2008. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Fiscal-Year Taxpayers: If you use a fiscal year (rather than the calendar year) as your tax year, you should change some of the dates in this calendar. Use the following general guidelines to make these changes.

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.