Monday, December 08, 2008

Tax Deadlines for 2008

Yep, it's that time of year again to begin getting everything up to date for your accountant and think about tax planning for 2009. I've put together some dates together for you since this is what is going to be top of mind once the New Year hits.

December 31, 2008

  • Last day to pay deductible expenses for the 2008 return. This does not apply to IRA, SEP or Keogh contributions (which can be made after December 31st).
  • Last day to make the minimum required withdrawal of funds from a traditional IRA account and avoid a penalty if you turned age 70 1/2 before 2008.
  • Last day to set up a Keogh retirement account if you plan to make a 2008 contribution

January 15, 2009
  • Q4 2008 federal estimated tax payment is due unless the 2008 return is filed by January 31, 2009. Note: Check your local state for different filing dates.

February 2, 2009
  • This is the deadline for providing 1099s and W-2s to those people you paid in 2008. If you are business or rental property owner that paid $600 or more for services of individuals (other than employees) during the year, you will need to provide 1099s to those workers by this date. "Services" can mean anything from labor and professional fees to rents on property. The normal due date is January 31, but because it falls on a weekend, the due date is the next business day.

March 2, 2009
  • This is the deadline for filing (sending) 1099s and W-2s to the government. The normal due date is February 28, but because it falls on a weekend, the due date is the next business day.

April 1, 2009
  • This is the last day to withdraw funds from your traditional IRA if you turned 70 1/2 in 2008 and haven't taken your 2008 distributions yet. In addition, this is the last day to withdraw funds from a SEP or Keogh plan for individuals who are retired and turned age 70 1/2 in 2008. Failure to take the required distributions can result in substantial penalties.

April 15, 2009
  • Deadline for individuals to file a 2008 federal tax return or request an extension of time to file.
  • Q1 2009 federal estimated tax payment is due
  • First installment of the 2009 defined benefit pension plan contributions are due

Start marking your calendars.

Cheers,
Virtual Cathy

posted by The Office Grapevine at 10:42 AM

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