Important Tax Dates & Deadlines For 2007

January 1

Start of tax season.   

January 15

Individuals - Make the fourth payment of your 2007 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. You won't need to make this payment if you file your 2007 return and pay any tax due by January 31, 2008.

Individuals - If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2007 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 15.

W-2s are due from your employer. Forms 1099 are due from payers of interest, dividends and other specified types of income.

February 15

If you were exempt from income tax withholding for 2007, you must file a new Form W-4 by today to continue your exemption for 2008.

April 1

Tax filing deadline in two weeks. File today with TAXMAN.

April 15

Tax Returns Due

Get an automatic six-month extension to file your return. You can download Form 4868, Application for Automatic Extension of Time To File. This form must be postmarked on or before today. With the extension, your new deadline for filing your return will be October 15, 2008.

Last day to set up an IRA or make 2007 IRA contributions even if you get an extension.

Individuals - Make the first 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.

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.

If you want additional time to file your return, file Form 4868 to obtain four additional months to file. However, if you are a member of the armed forces serving in a combat zone you may be able to further extend the filing deadline.

Individuals - Make the second 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.

September 15

Individuals - Make the third 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.

October 2

Deadline for establishing a SIMPLE IRA.

If you filed Form 4868 extending the due date of your return, file your 2007 tax return by today and pay any tax, interest and penalties due.

Last day for recharacterizing an IRA contribution for 2007 if you filed your 2007 return on time.

Last day for making many elections that ordinarily were required to be made by the due date of the 2007 return if you filed your 2007 return on time.