ANNUAL CALENDAR OF DUE DATES Due Date     Description   JANUARY    10       * Employees receiving tips of $20 or more during December                report them to employer on Form 4070 (tip book)    15       * 941 Deposit for December FICA & FIT liability-monthly                depositors             * 1040-ES, Federal 4th Quarter Income Tax Estimate for prior                 year             * IT-1040-ES, State 4th Quarter Income Tax Estimate for prior                year             * IT-501, Ohio Employer's Withholding for December monthly                filers    23      * UST-1 December Sales Tax Return OR             * UST-1 July-December, 6 month Liability    31       * Form 941 Federal Payroll Report for 4th Quarter             * Form 940-Federal Unemployment Report-Annual             * 940 Deposit-Federal Unemployment Tax, if over $500                unpaid liability * Workers' Compensation Payroll Report, July-December    liability (Optional date is 2/28)             * JFS 66111 State Unemployment Report for 4th Quarter             * IT-501 4th Quarter State Tax Withheld from Employees             * IT-941 Ohio Employer's Annual Reconciliation of Income Tax                Withheld             * 4th Quarter Local Tax Withheld from Employees             * Form W-2 to Employees             * Form 1099 to Recipient             * Form 720 Federal Excise Tax Return             * Municipal 4th Quarter Income Tax Estimate prior year   FEBRUARY   10       * Annual Ohio Commercial Activity Tax (CAT) for those with               $150,000 – $1,000,000Sales OR   4th Quarter 2007 CAT for those over one million in Ohio sales * Employees receiving tips of $20 or more during January    report them to employer on Form 4070 (tip book)    15       * 941 Deposit for January FICA & FIT liability-monthly                depositors             * A new Form W-4 must be obtained from any employee who                claimed “exempt” during the prior year             * IT-501, Ohio Employer's Withholding for January monthly                filers    23       * UST-1 January Sales Tax Return                  28       * Workers' Compensation Payroll Report, July-December                liability               (Delivery date, NOT Postmark date)             * W-3 Federal Transmittal of W-2's             * IT-3 State Transmittal of W-2's * Annual Reconciliation of City Taxes             * 1096-Transmittal of Form 1099   MARCH   10        * Employees receiving tips of $20 or more during February                report them to Employer on form 4070 (tip book)    15       * IT-501, Ohio Employer's Withholding for February monthly                filers * 941 Deposit for February FICA & FIT Liability-monthly   depositors * 1120 Corporate Federal Income Tax Return for Calendar    Year End Taxpayers   OR Form 7004 Extension of Time to File Certain Returns               AND June 30 fiscal year 1120's on extension    23       * UST-1 February Sales Tax   APRIL   10        * Employees receiving tips of $20 or more during March                report them to employer on Form 4070 (tip book)    15       * IT-501, Ohio Employer's Withholding for March-monthly filers * 941 Deposit for March FICA & FIT liability-monthly    depositors             * Form 1040-Federal Individual Tax Return               OR Form 4868 Automatic Extension to file Form 1040             * Form IT-1040-State Individual Tax Return             * Municipal Individual Tax Return             * 1040-ES, Federal 1st Quarter Estimate for current year             * IT-1040-ES, State 1st Quarter Estimate for current year             * Municipal 1st Quarter Estimate for current year             * Form 1065-Federal Partnership Return of Income    23       * UST-1 March Sales Tax Return for monthly filers    30       * Form 941 Federal Payroll Report for 1st Quarter * 940 Deposit-Federal Unemployment Tax, if over $500    unpaid liability             * JFS66111 State Unemployment Report for 1st Quarter             * IT-501 1st Quarter State Tax Withheld             * 1st Quarter Local Tax Withheld             * Form 720-Federal Excise Tax Return     MAY   10        * Employees receiving tips of $20 or more during April report                them to employer on Form 4070 (tip book)    12       *Ohio Commercial Activity Tax 1st Quarter Return filed and               paid electronically (depending on gross income of more than               one million annual Ohio sales)    15       * IT-501, Ohio Employer's Withholding for April-monthly filers             * 941 Deposit for April FICA & FIT liability-monthly                depositors                 23       * UST-1 April Sales Tax Return     JUNE   10        * Employees receiving tips of $20 or more during May report                them to employer on form 4070 (tip book)   15        * IT-501, Ohio Employer's Withholding for May-Monthly Filers             * 941 Deposit for May FICA & FIT Liability-Monthly Depositors             * 1040 ES-2nd Quarter Estimate on Federal Income Tax             * IT-1040 ES-2nd Quarter Estimate on State Income Tax   23        * UST-1 May Sales Tax Return     JULY   10        * Employees receiving tips of $20 or more during June report                them to employer on Form 4070   15        * 941 Deposit for June FICA & FIT liability-monthly depositors             * IT-501, Ohio Employer's Withholding for June-monthly filers   23        * UST-1 June Sales Tax Return                OR UST-1 January-June, 6 month Liability   31        * Form 941 Federal Payroll Report for 2nd Quarter * 940 Deposit-Federal Unemployment Tax, if over $500    unpaid liability         * Workers' Comp. Report of Wages, January-June liability             * JFS-66111 State Unemployment Report for 2nd Quarter             * IT-501 2nd Quarter State Tax Withheld             * 2nd Quarter Local Tax Withheld             * Form 720 Federal Excise Tax Return         * Form 5500, 5500EZ, or 5500-C/R for calendar year end           employers with certain benefit plans             * 2nd Quarter Individual Estimate of City Income Tax     AUGUST   11      *Ohio Commercial Activity Tax Return for quarterly filers               * Employees receiving tips of $20 or more during July             report them to employer on Form 4070    15     * 941 Deposit for July FICA & FIT liability-monthly             depositors           * Form 1040-Federal Individual Tax Return on extension           * Form IT-1040-State Individual Tax Return on extension           * IT-501, Ohio Employer's Withholding for July-monthly             filers    23     * UST-1 July Sales Tax Return    31     * Heavy Vehicle Use Return Form 2290           * Workers' Compensation Payroll Report, January - June              liability, optional filing date (Delivery date, NOT postmark              date)   SEPTEMBER   10      * Employees receiving tips of $20 or more during August report              them to employer on Form 4070    15      * 941 Deposit for August FICA & FIT liability-monthly               depositors             * 1040 ES-3rd Quarter Estimate on Individual Federal Income                Tax             * IT-1040 ES-3rd Quarter Estimate on Individual State Income                Tax             * Corporate Federal & City Income Tax Returns for calendar                year end returns on 6 month extension             * IT-501, Ohio Employer's Withholding for August-monthly filers     23      * UST-1 August Sales Tax Return   OCTOBER   10       * Employees receiving tips of $20 or more during September               report them to employer on form 4070 (tip book)    15       * 941 Deposit for September FICA & FIT liability-monthly                depositors             * IT-501, Ohio Employer's Withholding for September-monthly                filers    23       * UST-1 September Sales Tax Return    31       * Form 941 Federal Payroll Report for 3rd Quarter             * 940 Deposit-Federal Unemployment Tax, if over $500                unpaid liability             * JFS66111 State Unemployment Report for 3rd Quarter             * IT-501 3rd Quarter State Tax Withheld             * 3rd Quarter Local Tax Withheld             * Form 720-Federal Excise Tax Return             * 3rd Quarter Estimated City Tax Payments for Individual                Taxes   NOVEMBER    1        * OUF Forms for reporting unclaimed funds to State of Ohio   10        *Ohio Commercial Activity Tax Return for quarterly filers             * Employees receiving tips of $20 or more during October                report them to employer on form 4070 (tip book)   15        * 941 Deposit for October FICA & FIT liability-monthly                depositors             * IT-501, Ohio Employer's Withholding for October-monthly                filers   23        * UST-1 October Sales Tax Return     DECEMBER   10        * Employees receiving tips of $20 or more during November                report them to employer on Form 4070 (tip book)   15        * IT-501, Ohio Employer's Withholding for November-monthly                filers             * 941 Deposit for November FICA & FIT liability-monthly                depositors   23        * UST-1 November Sales Tax Return   31        * Last day for cash basis taxpayers to pay expenses for                current calendar year                OR Accrual basis Corporations to pay expenses to related                 parties.             * ODJFS Contribution Rate Determination Form due in                Columbus, if applicable

Sales Tax Write-offs for Vehicles and Motor Homes A provision in the recent Stimulus Act provides that qualified motor vehicle taxes are deductible as either an itemized deduction or as a component of the standard deduction.

Reevaluate Shareholder Loans With all the angst about the economy, high gasoline prices, and the lousy real estate environment, you may not have noticed that most interest rates are near historically low levels.

Are You a Business Owner or Hobbyist? Many of us would like to turn our hobby into a regular business. That's fine as long as the business turns a profit. And, it may be fine as well if the business produces a loss and you enjoy the activity; even better if the loss can offset income from your day job.