|
|
|
|
|
Find cost savings for your business
In these tough economic times, businesses that discover innovative ways to trim
costs — while continuing to satisfy customers or clients — have a much better
chance of weathering the storm. Here are a few cost-cutting ideas to consider in
your business.
back to top
|
| Jan. 15, 2009
Fourth quarter estimated tax payment
It’s due on this date, but you may delay making this payment (using form 1040-ES) until
Jan. 31 if you file your 2008 return (Form 1040) and pay any tax due by Jan. 31.
Farmers and fishermen
Make estimated 2008 payments in full using Form 1040-ES. If you do not pay your
estimated tax by Jan. 15, you must file your 2008 return and pay any tax due by March 2,
2009, to avoid an estimated tax penalty.
Feb. 2
W-2, 1098 and 1099 forms
These forms should have arrived. Issuers are required to send them out by Jan. 31, which
is a Saturday. So, the Internal Revenue Service gives them until Feb. 2. If you don’t get
them, contact the issuer.
Tax information you send to others
If you are required to issue Form W-2 or Form 1099 to anyone such as an employee, a
household employee or an independent contractor, mail the forms by this date.
Tax return due
If you missed your fourth quarter estimated tax deadline on Jan. 15, you can still avoid a
penalty if you file your tax return by this date and pay any tax due.
Feb. 15
File new W-4 forms
If you were exempt from income tax withholding for 2008, you must file a new Form W-4 by
today to continue your exemption for 2009.
March 2
Farmers and fishermen
If you did not make estimated tax payments for 2008, you can avoid penalties by filing your
tax return and paying any tax due.
March 16
Corporations
File a 2008 calendar-year income tax return (Form 1120 or 1120-A) and pay any tax due.
You can apply for an automatic six-month extension with Form 7004. If you file for an
extension, you must also make an estimated tax payment.
S corporations
File a 2008 calendar-year tax return (Form 1120S) and pay any tax due. Send each
shareholder a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1. You can
apply for an automatic six-month extension with Form 7004, but you must pay any tax due.
S corporation election
File Form 2553 to choose to be treated as an S corporation beginning with calendar year
2009. If Form 2553 is filed late, S treatment will begin with calendar year 2010.
Electing large partnerships
Provide each partner with a copy of Schedule K-1 (Form 1065-B). This due date is effective
for the first March 15 following the close of the partnership’s tax year and applies even if
the partnership seeks an extension of time.
April 15
Tax return due
Your 2008 income tax return is due, unless you file for an extension until Oct. 15.
File for extension
If you want an automatic extension of time to file your 2008 tax return, file Form 4868.
Filing the form gives you until Oct. 15 to file your return. To avoid a penalty, however, be
sure to pay any tax that was due on April 15.
Individual Retirement Accounts or Roth IRAs
This is the deadline for making contributions to IR As or Roth IR As for tax year 2008.
Estimated tax payment
Your first-quarter estimated tax payment for 2009 is due.
State tax returns
If you are required to file a state tax return, it is probably due -- but check with your state to
be certain. Many states automatically extend the filing time for those who have filed for a
federal extension.
Household employers
If you paid cash wages of $1,500 or more in 2008 to a household employee, file Schedule
H (Form 1040) with your income tax return and report any employment taxes by April 15.
June 15
Filing deadline
If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the
U.S. and Puerto Rico, file Form 1040 and pay any tax, interest and penalties due. You can
file for an extension until Oct. 15.
Estimated taxes due
Your second-quarter estimated tax payment (using Form 1040-ES) for 2009 is due.
Sept. 15
Estimated tax due
Your third-quarter estimated tax payment (using Form 1040-ES) for 2009 is due.
Oct. 15
Income tax return due
Your 2008 income tax return is due if you filed an extension request using Form 4868.
Dec. 31
Deduction deadline
The last date to make payments that can be deducted from your 2009 return.
Keogh plan deadline
The last date to establish a Keogh plan so you can deduct a Keogh plan contribution on
your 2009 return.
Link to PDF of IRS Publication 509
back to top
|
|
|
|
