General Tax Calendar Second 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 second quarter of this calendar year is made of April, May, and June.

April 10

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

April 15

Individuals: File a 2007 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6-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, or you can get an extension by phone or over the Internet. Then, file Form 1040, 1040A, or 1040EZ by October 15.

Household employers: If you paid cash wages of $1,500 or more in 2007 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040), file Schedule H with the return and report any household 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.

For more information, see Publication 926.

Individuals: If you are not paying your 2008 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2008 estimated tax. Use Form 1040-ES. For more information, see Publication 505.

Partnerships: File a 2007 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 by October 15.

Electing large partnerships: File a 2007 calendar year return (Form 1065-B). If you want an automatic 6 month extension of time to file the return, file Form 7004. Then, file Form 1065-B by October 15. See March 17 for the due date for furnishing Schedules K-1 or substitute Schedules K-1 to the partners.

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

May 12

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

June 10

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

June 16

Individuals: If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, see April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file.

Then, file Form 1040 by October 15. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline. See Publication 3, Armed Forces' Tax Guide.

Individuals: Make a payment of your 2008 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2008. For more information, see Publication 505.

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

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.