As we head into the New Year, I thought I’d put together a rundown of key tax-related deadlines for 2007:
January 16th – Final estimated tax payments for 2006 due using Form 1040-ES.
January 31st – If you didn’t pay your final estimated installment by January 16th, file your return by this date to avoid penalties for late payment of your final installment.
February 15th – File a new Form W-4 if you can claim exemption from withholding.
March 1st – Farmers and fishermen need to file their 2006 income tax return (Form 1040) to avoid an underpayment penalty for the last quarter of 2006 if they were supposed to make an estimated payment by January 16th but didn’t.
April 16th – This is the big one:
– 2006 income tax returns due.
– Deadline for 2006 IRA contributions.
– Deadline for automatic six month extensions (file Form 4868, pay tax you think will be due).
– If you’re not filing an extension, make Keogh or SEP-IRA contributions (if applicable).
– Pay the first installment of your 2007 estimated taxes.
– If you made taxable gifts, file gift tax return (Form 709 or 709-A) and pay taxes due.
June 15th – Pay the second installment of your 2007 estimated taxes (if applicable).
July 2nd – File Form TD F 90-22.1 for financial accounts in a foreigh country (if applicable).
September 17th – Pay the third installment of your 2007 estimated taxes (if applicable).
October 15th – 2006 income tax return due and 2006 SEP/Keogh contributions due if you filed for a six month extension.
December 31st – Last day to establish a Keogh plan for 2007.
[Source: Ernst & Young Tax Guide 2007]