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Amended Tax Returns

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Amended Tax Returns

Amended tax returns Publication 542 - Introductory Material Table of Contents Introduction Useful Items - You may want to see: Photographs of missing children. Amended tax returns  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amended tax returns Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amended tax returns You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Amended tax returns Introduction This publication discusses the general tax laws that apply to ordinary domestic corporations. Amended tax returns It explains the tax law in plain language so it will be easier to understand. Amended tax returns However, the information given does not cover every situation and is not intended to replace the law or change its meaning. Amended tax returns Note. Amended tax returns This publication is not revised on an annual basis. Amended tax returns To find changes that may affect current year returns, see the instructions for your income tax return for the current year; and Changes to Current Forms and Publications at www. Amended tax returns irs. Amended tax returns gov/formspubs. Amended tax returns Comments and suggestions. Amended tax returns   We welcome your comments about this publication and your suggestions for future editions. Amended tax returns   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Amended tax returns NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amended tax returns Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amended tax returns   You can email us at *taxforms@irs. Amended tax returns gov (The asterisk must be included in the address). Amended tax returns Please put “Publications Comment” on the subject line. Amended tax returns You can also send us comments at www. Amended tax returns irs. Amended tax returns gov/formspubs/. Amended tax returns Select “Comment on Tax Forms and Publications” under “Information about. Amended tax returns ” Although we cannot respond individually to each comment, we do appreciate your feedback and will consider your comments as we revise our tax products. Amended tax returns Tax questions. Amended tax returns   If you have a tax question, visit IRS. Amended tax returns gov or call 1-800-829-1040. Amended tax returns We cannot answer tax questions at either of the addresses listed above. Amended tax returns Ordering forms and publications. Amended tax returns   Visit www. Amended tax returns irs. Amended tax returns gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the National Distribution Center at the address shown under How to Get Tax Help, later in this publication. Amended tax returns Additional forms. Amended tax returns   A list of other forms and statements that a corporation may need to file is included at the end of this publication. Amended tax returns Useful Items - You may want to see: Publication 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 535 Business Expenses 538 Accounting Periods and Methods 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 925 Passive Activity and At-Risk Rules 946 How to Depreciate Property Prev  Up  Next   Home   More Online Publications
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The Amended Tax Returns

Amended tax returns 1. Amended tax returns   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Amended tax returns Employee. Amended tax returns Other payee. Amended tax returns Income TaxDo I Have To File an Income Tax Return? How Do I File? IRS e-file (Electronic Filing) When Is My Tax Return Due? How Do I Pay Income Tax? Self-Employment (SE) TaxHow to become insured under social security. Amended tax returns Earning credits in 2013 and 2014. Amended tax returns Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Amended tax returns Penalties. Amended tax returns Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Amended tax returns It also discusses taxpayer identification numbers. Amended tax returns Table 1-1 lists the benefits of filing electronically. Amended tax returns Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Amended tax returns Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Amended tax returns You may want to get Publication 509, Tax Calendars. Amended tax returns It has tax calendars that tell you when to file returns and make tax payments. Amended tax returns Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Amended tax returns S. Amended tax returns Individual Income Tax Return 1040-ES Estimated Tax for Individuals Sch C (Form 1040) Profit or Loss From Business Sch C-EZ (Form 1040) Net Profit From Business Sch SE (Form 1040) Self-Employment Tax See chapter 12 for information about getting publications and forms. Amended tax returns Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Amended tax returns Social security number (SSN). Amended tax returns   Generally, use your SSN as your taxpayer identification number. Amended tax returns You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Amended tax returns   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Amended tax returns This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Amended tax returns It is also available from the SSA website at www. Amended tax returns socialsecurity. Amended tax returns gov. Amended tax returns Individual taxpayer identification number (ITIN). Amended tax returns   The IRS will issue an ITIN if you are a nonresident or resident alien and you do not have and are not eligible to get an SSN. Amended tax returns In general, if you need to obtain an ITIN, you must attach Form W-7, Application for IRS Individual Taxpayer Identification Number, with your signed, original, completed tax return and any other required documentation and mail them to the following address. Amended tax returns  Internal Revenue Service ITIN Operation P. Amended tax returns O. Amended tax returns Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Amended tax returns If you must include another person's SSN on your return and that person does not have and cannot get an SSN, enter that person's ITIN. Amended tax returns The application is also available in Spanish. Amended tax returns The form is available at IRS. Amended tax returns gov or you can call 1-800-829-3676 to order the form. Amended tax returns    An ITIN is for tax use only. Amended tax returns It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Amended tax returns Employer identification number (EIN). Amended tax returns   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Amended tax returns Pay wages to one or more employees. Amended tax returns File pension or excise tax returns. Amended tax returns   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Amended tax returns   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Amended tax returns irs. Amended tax returns gov/businesses/small. Amended tax returns The EIN is issued immediately once the application information is validated. Amended tax returns By telephone at 1-800-829-4933. Amended tax returns By mailing or faxing Form SS-4, Application for Employer Identification Number. Amended tax returns New EIN. Amended tax returns   You may need to get a new EIN if either the form or the ownership of your business changes. Amended tax returns For more information, see Publication 1635, Understanding Your EIN. Amended tax returns When you need identification numbers of other persons. Amended tax returns   In operating your business, you will probably make certain payments you must report on information returns. Amended tax returns These payments are discussed under Information Returns, later in this chapter. Amended tax returns You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Amended tax returns You must include the payee's identification number and your identification number on the returns and statements. Amended tax returns Employee. Amended tax returns   If you have employees, you must get an SSN from each of them. Amended tax returns Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Amended tax returns If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Amended tax returns This may occur if the employee's name was changed due to marriage or divorce. Amended tax returns   Form W-4, Employee's Withholding Allowance Certificate, is completed by each employee so the correct federal income tax can be withheld from their pay. Amended tax returns   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Amended tax returns Other payee. Amended tax returns   If you make payments to someone who is not your employee and you must report the payments on an information return, get that person's SSN. Amended tax returns If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Amended tax returns   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Amended tax returns   A payee who does not provide you with an identification number may be subject to backup withholding. Amended tax returns For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Amended tax returns Income Tax This part explains whether you have to file an income tax return and when you file it. Amended tax returns It also explains how you pay the tax. Amended tax returns Do I Have To File an Income Tax Return? You have to file an income tax return for 2013 if your net earnings from self-employment were $400 or more. Amended tax returns If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions. Amended tax returns How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Amended tax returns Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Amended tax returns Use Schedule C to figure your net profit or loss from your business. Amended tax returns If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Amended tax returns You can use the simpler Schedule C-EZ if you operated only one business as a sole proprietorship, you did not have a net loss, and you meet the other requirements listed in Part I of the schedule. Amended tax returns IRS e-file (Electronic Filing) Please click here for the text description of the image. Amended tax returns E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Amended tax returns Table 1-1 lists the benefits of IRS e-file. Amended tax returns IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Amended tax returns As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Amended tax returns As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Amended tax returns Using e-file does not affect your chances of an IRS examination of your return. Amended tax returns You can file most commonly used business forms using IRS e-file. Amended tax returns For more information, visit IRS. Amended tax returns gov. Amended tax returns Electronic signatures. Amended tax returns   Paperless filing is easier than you think and it's available to most taxpayers who file electronically—including those first-time filers who were 16 or older at the end of 2013. Amended tax returns If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Amended tax returns If you are married filing jointly, you and your spouse will each need to create a PIN and enter these PINs as your electronic signatures. Amended tax returns    To create a PIN, you must know your adjusted gross income (AGI) from your originally filed 2012 income tax return (not from an amended return, Form 1040X, or any math error notice from the IRS). Amended tax returns You will also need to provide your date of birth (DOB). Amended tax returns Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Amended tax returns To do this, check your annual Social Security Statement. Amended tax returns   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Amended tax returns For more details on the Self-Select PIN program, visit IRS. Amended tax returns gov. Amended tax returns State returns. Amended tax returns   In most states, you can file an electronic state return simultaneously with your federal return. Amended tax returns For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Amended tax returns gov. Amended tax returns Refunds. Amended tax returns   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Amended tax returns   With e-file, your refund will be issued in half the time as when filing on paper. Amended tax returns Most refunds are issued within 3 weeks. Amended tax returns If you choose Direct Deposit, you can receive your refund in as few as 10 days. Amended tax returns Offset against debts. Amended tax returns   As with a paper return, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. Amended tax returns You will be notified if the refund you claimed has been offset against your debts. Amended tax returns Refund inquiries. Amended tax returns   You can check the status of your refund if it has been at least 24 hours (4 weeks if you mailed a paper return) from the date you filed your return. Amended tax returns Be sure to have a copy of your tax return available because you will need to know the filing status, the first social security number shown on the return, and the exact whole-dollar amount of the refund. Amended tax returns To check on your refund, do one of the following. Amended tax returns Go to IRS. Amended tax returns gov and click on Where's My Refund. Amended tax returns Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Amended tax returns Call 1-800-829-1954 during the hours shown in your form instructions. Amended tax returns Balance due. Amended tax returns   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Amended tax returns You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Amended tax returns Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Amended tax returns You have two options. Amended tax returns You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Amended tax returns You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Amended tax returns You will be asked to complete Form 8879, IRS e-file Signature Authorization, to authorize the provider to enter your self-selected PIN on your return. Amended tax returns Depending on the provider and the specific services requested, a fee may be charged. Amended tax returns To find an authorized IRS e-file provider near you, go to IRS. Amended tax returns gov or look for an “Authorized IRS e-file Provider” sign. Amended tax returns Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Amended tax returns When you use your personal computer, you can e-file your return from your home any time of the day or night. Amended tax returns Sign your return electronically using a self-selected PIN to complete the process. Amended tax returns There is no signature form to submit or Forms W-2 to send in. Amended tax returns Free Internet filing options. Amended tax returns   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Amended tax returns gov or www. Amended tax returns usa. Amended tax returns gov. Amended tax returns The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Amended tax returns Security and privacy certificate programs will assure tax data is safe and secure. Amended tax returns To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Amended tax returns gov. Amended tax returns   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Amended tax returns You can also download software from the Internet or prepare and file your return completely online by using tax preparation software available on the Internet. Amended tax returns Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Amended tax returns Others offer it for a fee. Amended tax returns Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Amended tax returns Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Amended tax returns The Volunteer Income Tax Assistance (VITA) program is designed to help low-income taxpayers, and the Tax Counseling for the Elderly (TCE) program is designed to assist taxpayers age 60 or older with their tax returns. Amended tax returns Some locations offer free electronic filing. Amended tax returns Table 1-1. Amended tax returns Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Amended tax returns Security • Your privacy and security are assured. Amended tax returns Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Amended tax returns There is nothing to mail. Amended tax returns Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Amended tax returns Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Amended tax returns Free Internet filing options • Use IRS. Amended tax returns gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Amended tax returns Electronic payment options • Convenient, safe, and secure electronic payment options are available. Amended tax returns E-file and pay your taxes in a single step. Amended tax returns Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Amended tax returns Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Amended tax returns When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Amended tax returns If you use a fiscal year (explained in chapter 2), your return is due by the 15th day of the 4th month after the end of your fiscal year. Amended tax returns If you file late, you may have to pay penalties and interest. Amended tax returns If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Amended tax returns S. Amended tax returns Individual Income Tax Return, to request an automatic 6-month extension. Amended tax returns For calendar year taxpayers, this will extend the tax filing due date until October 15. Amended tax returns Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Amended tax returns How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Amended tax returns You must pay it as you earn or receive income during the year. Amended tax returns An employee usually has income tax withheld from his or her pay. Amended tax returns If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Amended tax returns You generally have to make estimated tax payments if you expect to owe taxes, including self-employment tax (discussed later), of $1,000 or more when you file your return. Amended tax returns Use Form 1040-ES to figure and pay the tax. Amended tax returns If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Amended tax returns For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Amended tax returns What are my payment options?   You can pay your estimated tax electronically using various options. Amended tax returns If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Amended tax returns These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Amended tax returns Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Amended tax returns Paying by credit or debit card over the phone or by Internet. Amended tax returns Other options include crediting an overpayment from your 2013 return to your 2014 estimated tax, or mailing a check or money order with a Form 1040-ES payment voucher. Amended tax returns EFTPS    To enroll in EFTPS, go to www. Amended tax returns eftps. Amended tax returns gov or call 1-800-555-4477. Amended tax returns When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Amended tax returns Benefits of EFTPS: The chance of an error in making your payments is reduced. Amended tax returns You receive immediate confirmation of every transaction. Amended tax returns Penalty for underpayment of tax. Amended tax returns   If you did not pay enough income tax and self-employment tax for 2013 by withholding or by making estimated tax payments, you may have to pay a penalty on the amount not paid. Amended tax returns The IRS will figure the penalty for you and send you a bill. Amended tax returns Or you can use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts, to see if you have to pay a penalty and to figure the penalty amount. Amended tax returns For more information, see Publication 505. Amended tax returns Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Amended tax returns It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Amended tax returns If you earned income as a statutory employee, you do not pay SE tax on that income. Amended tax returns Social security coverage. Amended tax returns   Social security benefits are available to self-employed persons just as they are to wage earners. Amended tax returns Your payments of SE tax contribute to your coverage under the social security system. Amended tax returns Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Amended tax returns By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Amended tax returns How to become insured under social security. Amended tax returns   You must be insured under the social security system before you begin receiving social security benefits. Amended tax returns You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Amended tax returns Earning credits in 2013 and 2014. Amended tax returns   For 2013, you received one credit, up to a maximum of four credits, for each $1,160 ($1,200 for 2014) of income subject to social security taxes. Amended tax returns Therefore, for 2013, if you had income (self-employment and wages) of $4,640 that was subject to social security taxes, you receive four credits ($4,640 ÷ $1,160). Amended tax returns   For an explanation of the number of credits you must have to be insured and the benefits available to you and your family under the social security program, consult your nearest Social Security Administration (SSA) office. Amended tax returns    Making false statements to get or to increase social security benefits may subject you to penalties. Amended tax returns The Social Security Administration (SSA) time limit for posting self-employment income. Amended tax returns   Generally, the SSA will give you credit only for self-employment income reported on a tax return filed within 3 years, 3 months, and 15 days after the tax year you earned the income. Amended tax returns If you file your tax return or report a change in your self-employment income after this time limit, the SSA may change its records, but only to remove or reduce the amount. Amended tax returns The SSA will not change its records to increase your self-employment income. Amended tax returns Who must pay self-employment tax. Amended tax returns   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Amended tax returns Your net earnings from self-employment (excluding church employee income) were $400 or more. Amended tax returns You had church employee income of $108. Amended tax returns 28 or more. Amended tax returns The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Amended tax returns SE tax rate. Amended tax returns   For 2013, the SE tax rate on net earnings is 15. Amended tax returns 3% (12. Amended tax returns 4% social security tax plus 2. Amended tax returns 9% Medicare tax). Amended tax returns Maximum earnings subject to SE tax. Amended tax returns   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Amended tax returns 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Amended tax returns   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Amended tax returns 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Amended tax returns   If wages and tips you receive as an employee are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. Amended tax returns 4% social security part of the SE tax on any of your net earnings. Amended tax returns However, you must pay the 2. Amended tax returns 9% Medicare part of the SE tax on all your net earnings. Amended tax returns Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Amended tax returns   More information. Amended tax returns   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Amended tax returns Table 1-2. Amended tax returns Which Forms Must I File? IF you are liable for: THEN use Form: DUE by:1 Income tax 1040 and Schedule C or C-EZ2 15th day of 4th month after end of  tax year. Amended tax returns Self-employment tax Schedule SE File with Form 1040. Amended tax returns Estimated tax 1040-ES 15th day of 4th, 6th, and 9th months of tax year, and 15th day of 1st month after the end of tax year. Amended tax returns Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Amended tax returns     See Publication 15. Amended tax returns Providing information on social security and Medicare taxes and income tax withholding W-2 (to employee)  W-2 and W-3 (to the Social Security Administration) January 313. Amended tax returns   Last day of February (March 31 if filing electronically)3. Amended tax returns Federal unemployment (FUTA) tax 940 January 313. Amended tax returns     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Amended tax returns Filing information returns for payments to nonemployees and transactions with other persons See Information Returns Forms 1099 – to the recipient by January 31 and to the IRS by February 28 (March 31 if filing electronically). Amended tax returns     Other forms – see the General Instructions for Certain Information Returns. Amended tax returns Excise tax See Excise Taxes See the instructions to the forms. Amended tax returns 1 If a due date falls on a Saturday, Sunday, or legal holiday, file by the next day that is not a Saturday, Sunday, or legal holiday. Amended tax returns For more information, see Publication 509, Tax Calendars. Amended tax returns 2 File a separate schedule for each business. Amended tax returns 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Amended tax returns     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Amended tax returns Employment taxes include the following items. Amended tax returns Social security and Medicare taxes. Amended tax returns Federal income tax withholding. Amended tax returns Federal unemployment (FUTA) tax. Amended tax returns For more information, see Publication 15 (Circular E), Employer's Tax Guide. Amended tax returns That publication explains your tax responsibilities as an employer. Amended tax returns To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Amended tax returns That publication has information to help you determine whether an individual is an independent contractor or an employee. Amended tax returns If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Amended tax returns An independent contractor is someone who is self-employed. Amended tax returns You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Amended tax returns Excise Taxes This section identifies some of the excise taxes you may have to pay and the forms you have to file if you do any of the following. Amended tax returns Manufacture or sell certain products. Amended tax returns Operate certain kinds of businesses. Amended tax returns Use various kinds of equipment, facilities, or products. Amended tax returns Receive payment for certain services. Amended tax returns For more information on excise taxes, see Publication 510, Excise Taxes. Amended tax returns Form 720. Amended tax returns   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Amended tax returns Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Amended tax returns Communications and air transportation taxes. Amended tax returns Fuel taxes. Amended tax returns Tax on the first retail sale of heavy trucks, trailers, and tractors. Amended tax returns Manufacturers taxes on the sale or use of a variety of different articles. Amended tax returns Tax on indoor tanning services. Amended tax returns Form 2290. Amended tax returns   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Amended tax returns The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Amended tax returns Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Amended tax returns For more information, see the Instructions for Form 2290. Amended tax returns Depositing excise taxes. Amended tax returns   If you have to file a quarterly excise tax return on Form 720, you may have to deposit your excise taxes before the return is due. Amended tax returns For details on depositing excise taxes, see the Instructions for Form 720. Amended tax returns Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Amended tax returns The IRS compares the payments shown on the information returns with each person's income tax return to see if the payments were included in income. Amended tax returns You must give a copy of each information return you are required to file to the recipient or payer. Amended tax returns In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Amended tax returns For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Amended tax returns Form 1099-MISC. Amended tax returns   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Amended tax returns These payments include the following items. Amended tax returns Payments of $600 or more for services performed for your business by people not treated as your employees, such as fees to subcontractors, attorneys, accountants, or directors. Amended tax returns Rent payments of $600 or more, other than rents paid to real estate agents. Amended tax returns Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Amended tax returns Royalty payments of $10 or more. Amended tax returns Payments to certain crew members by operators of fishing boats. Amended tax returns You also use Form 1099-MISC to report your sales of $5,000 or more of consumer goods to a person for resale anywhere other than in a permanent retail establishment. Amended tax returns Form W-2. Amended tax returns   You must file Form W-2, Wage and Tax Statement, to report payments to your employees, such as wages, tips, and other compensation, withheld income, social security, and Medicare taxes. Amended tax returns You can file Form W-2 online. Amended tax returns For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Amended tax returns Penalties. Amended tax returns   The law provides for the following penalties if you do not file Form 1099-MISC or Form W-2 or do not correctly report the information. Amended tax returns For more information, see the General Instructions for Certain Information Returns. Amended tax returns Failure to file information returns. Amended tax returns This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Amended tax returns Failure to furnish correct payee statements. Amended tax returns This penalty applies if you do not furnish a required statement to a payee by the required date, do not include all required information, or report incorrect information. Amended tax returns Waiver of penalties. Amended tax returns   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Amended tax returns   In addition, there is no penalty for failure to include all required information, or for including incorrect information, on a de minimis (small) number of information returns if you correct the errors by August 1 of the year the returns are due. Amended tax returns (A de minimis number of returns is the greater of 10 or ½ of 1% of the total number of returns you are required to file for the year. Amended tax returns ) Form 8300. Amended tax returns   You must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if you receive more than $10,000 in cash in one transaction, or two or more related business transactions. Amended tax returns Cash includes U. Amended tax returns S. Amended tax returns and foreign coin and currency. Amended tax returns It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Amended tax returns Cash does not include a check drawn on an individual's personal account (personal check). Amended tax returns For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Amended tax returns Penalties. Amended tax returns   There are civil and criminal penalties, including up to 5 years in prison, for not filing Form 8300, filing (or causing the filing of) a false or fraudulent Form 8300, or structuring a transaction to evade reporting requirements. Amended tax returns Table 1-3. Amended tax returns Going Out of Business Checklists (Note. Amended tax returns The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Amended tax returns For more information, see the instructions for the listed forms. Amended tax returns ) IF you are liable for:   THEN you may need to: Income tax □ File Schedule C or C-EZ with your Form 1040 for the year in which you go out of business. Amended tax returns   □ File Form 4797 with your Form 1040 for each year in which you sell or exchange property used in your business or in which the business use of certain section 179 or listed property drops to 50% or less. Amended tax returns   □ File Form 8594 with your Form 1040 if you sold your business. Amended tax returns Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Amended tax returns Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Amended tax returns Note. Amended tax returns Do not forget to check the box and enter the date final wages were paid on line 15 of Form 941 or line 14 of Form 944. Amended tax returns   □ File Form 940 for the calendar year in which final wages were paid. Amended tax returns Note. Amended tax returns Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Amended tax returns Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Amended tax returns Note. Amended tax returns These forms are generally due by the due date of your final Form 941 or Form 944. Amended tax returns   □ File Form W-3 to file Forms W-2. Amended tax returns Note. Amended tax returns These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Amended tax returns   □ Provide Forms 1099-MISC to each person to whom you have paid at least $600 for services (including parts and materials) during the calendar year in which you go out of business. Amended tax returns   □ File Form 1096 to file Forms 1099-MISC. Amended tax returns Prev  Up  Next   Home   More Online Publications