March 15, 2012

2011 income tax returns must be filed or extended for calendar-year corporations. If the return is not extended, this is also the last day for calendar-year corporations to make 2011 contributions to pension and profit-sharing plans.
If the monthly deposit rule applies, employers must deposit the tax for payments in February for social security, Medicare, withheld income tax, and nonpayroll withholding.

Current Issues

Taxable or Nontaxable Income?

Most of the income we receive is taxable, but certain types of income are only partially taxed or not taxed at all. The following are some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax purposes.