General Tax Calendar Third 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 third quarter of this calendar year is made of July, August, and September.

July 10

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

August 11

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

September 10

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

September 15

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 third installment date for estimated tax in 2008. For more information, see Publication 505.

Corporations: File a 2007 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17.

Corporations: File a 2007 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.

Corporations: Deposit the third installment of estimated income tax for 2008. A worksheet, Form 1120-W, 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.