®

®

At Laciak>cpa, we provide you with a quarterly update on tax information and more. Please review your newsletter and give us a call with any questions you may have. The newsletter provides information on such topics as:

• 2007 depreciation limits have changed.

• No home-schooler deduction for classroom supplies.

• IRS launches audit program.

Tax Deadlines

JANUARY 15 - Due date for the fourth installment of 2007 estimated tax.

JANUARY 31 - Employers must furnish W-2 statements to employees. 1099 information statements must be furnished by banks, brokers, and other payers.

FEBRUARY 28 - Payers must file information returns (such as 1099s) with the IRS. March 31 if filing electronically.

FEBRUARY 29 - Employers must send W-2 copies to the Social Security Administration. March 31 if filing electronically.

MARCH 3 - Farmers and fishermen who did not make 2007 estimated tax payments must file 2007 tax returns and pay taxes in full.

MARCH 17 - Deadline for calendar year corporations to elect S corporation status for 2008.

MARCH 17 - 2007 calendar year corporation income tax returns are due.

APRIL 1 - Deadline for taking your first distribution from regular IRAs if you turned 701/2 in 2007. Unless you’re still working, this deadline also applies to your other retirment accounts (except for Roth IRAs).

APRIL 15 - Deadline for filing 2007 individual returns, gift tax returns and partnership returns.

APRIL 15 - Deadline for making your 2007 IRA contribution.

APRIL 15 - First installment of 2008 individual estimated tax is due.

JUNE 16 - Second installment of 2008 individual estimated tax is due.

JULY 31 - Due date for filing 2007 retirement or employee benefit plan returns (5500 series) for plans on a calendar year.

SEPTEMBER 15 - Due date for third installment of 2008 individual estimated tax.

SEPTEMBER 15 - Deadline for filing 2007 calendar year tax returns for corporations with extensions of the March 17 deadline.

To schedule a tax planning review, call us at our Lake County office in Schererville at (219) 864-7000 or at our Porter County office in Valparaiso at (219) 464-2277.