—Lancaster Fanning, Saturday, February 24,1979
32
for tax filing deadlines
NEWARK, Del. - Ever
since the beginning of the
year, it has been income tax
time for formers. According
to Dr. Don Tilmon,
University of Delaware
Extension farm
management specialist,
formers often must abide by
certain filing deadlines.
Earlier deadlines have
already passed and were
printed on page 98 of the Jan.
13 edition of Lancaster
Farming.
By filing on the correct
dates, one will eliminate
having to pay a penalty and
may lessen die chance of an
audit, says Tilmon. The tax
filing deadlines are for those
who file on a calendar-year
basis, which includes almost
everyone.
The dates that follow are
further explained in the 1978
Farmers Tax Guide. Free
copies are available at
Extension Service offices.
March 1 - Individuals who
qualify as fanners who did
not file a declaration of
estimated tax by January 15
must file their 1978 federal
income tax return. Form
1040, and pay any tax due.
March 15 - Corporations
must file with the Internal
Revenue Service a 1978
Tax program offered
PHILADELPHIA - It’s tax
time again, and the Penn
sylvania Institute of Cer
tified Public Accountants
has a new 15 minute slide
presentation “Plan to
Reduce Your Taxes”
available for use by service
clubs and organizations
interested in learning more
about their tax returns.
The PICPA Speakers
Bureau has experienced
speakers in business and
financial topics available
free of charge throughout
the year for civic clubs and
organizations.
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Dotes announced
income tax return, Form
1120, or an application for
extension. Form 7004, and
pay at least 50 per cent of the
tax still due. Payment is
made to a federal
depositary. Use Form 503.
April 16 - Individuals must
file a federal income tax
return on Form 1040 for 1978,
or an application on Form
4868 for a two-month ex
tension of time and pay the
full amount of the unpaid
tentative tax estimated to be
due.
Partnerships must file a
return for 1978. Use Form
1065.
Corporations must pay 25
percent of their 1979
estimated income tax to a
depositary. Use Form 503.
April 30 - Farmer
employers who are liable for
FUTA taxes must deposit
their actual FUTA tax
liability with a depositary.
No deposit is necessary if the
liability for the quarter does
not exceed $lOO. Use Form
508.
June 15 - Individuals who
filed an application for an
extension of time on or
before April 16 must file
Form 1040 and pay an excess
over the tentative tax paid,
plus interest and penalty, if
any. .
CPAs can speak on a
variety of topics including
family financial planning,
taxes, budgeting, careers in
accounting, how to read
annual reports and estate
planning.
Organizations may
request the slide presen
tations and/or a PICPA
speaker. For more in
formation contact the
Pennsylvania Institute of
CPAs, 1100 Lewis Tower
Building, Philadelphia, Pa.
19102,(215)735-2635.
Gambrills, MD
301-987-4740
301-621-7554(DC)
Corporations must pay
balance of 1978 tax liability."
The second installment of 25
per- cent of the 1979
estimated income tax
liability is due. Payments
are made to a federal
depositary. Use Form 503.
July 31 - Farmer
employers who are liable for
FUTA taxes must deposit
their actual FUTA tax
liability with a depositary.
No deposit is necessary if the
liability for the quarter (plus
undeposited FUTA tax for
first quarter) does not ex
ceed $lOO. Use Form 508.
Employers (including sole
proprietors and part
nerships) who have adopted
pension, annuity, stock
bonus, profit sharing, or
other funded plans of
deferred compensation must
file an annual return with
respect to all such plans on
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or boforp fbe In' - * day of the
scvemu luuata ioA.ou.Lit, the
close of the plan year. Use
Forms 5500, 5500-C, 5500-K,
plus required attachments,
as applicable.
September 17 - Cor
porations must pay to a
depositary the third in
stallment of 25 per cent of
1979 estimated income tax.
Use Form 503.
October 31 - Farmer
employers who are liable for
FUTA taxes must deposit
their actual FUTA tax
liability with a depositary.
No deposit is necessary if the
liability for the quarter (plus
undeposited FUTA tax. for
previous quarters) does not 1
exceed $lOO. Use Form SOS.
December 17 - Cor
porations must pay to a
depositary the fourth in
stallment of 25 per cent of
1979 estimated income tax.
Use Form 503.
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