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Amendments

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Amendments

Amendments Publication 915 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Amendments Tax questions. Amendments Useful Items - You may want to see: Reminders Future developments. Amendments  The IRS has created a page on IRS. Amendments gov for information about Publication 915, at www. Amendments irs. Amendments gov/pub915. Amendments Information about any future developments affecting Publication 915 (such as legislation enacted after we release it) will be posted on that page. Amendments Photographs of missing children. Amendments  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Amendments Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Amendments 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. Amendments Introduction This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. Amendments It is prepared through the joint efforts of the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the U. Amendments S. Amendments Railroad Retirement Board (RRB). Amendments Social security benefits include monthly retirement, survivor, and disability benefits. Amendments They do not include supplemental security income (SSI) payments, which are not taxable. Amendments Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. Amendments They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits. Amendments If you received these benefits during 2013, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board, showing the amount. Amendments (If you are a nonresident alien, you should have received Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board. Amendments ) Note. Amendments When the term “benefits” is used in this publication, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits. Amendments What is covered in this publication. Amendments   This publication covers the following topics: Whether any of your benefits are taxable, How much is taxable, How to report taxable benefits, How to treat lump-sum benefit payments, and Deductions related to your benefits, including a deduction or credit you can claim if your repayments are more than your gross benefits. Amendments The Appendix at the end of this publication explains items shown on your Form SSA-1099, SSA-1042S, RRB-1099, or RRB-1042S. Amendments What is not covered in this publication. Amendments   This publication does not cover the tax rules for the following railroad retirement benefits: Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits, Tier 2 benefits, Vested dual benefits, and Supplemental annuity benefits. Amendments For information on these taxable pension benefits, see Publication 575, Pension and Annuity Income. Amendments   This publication also does not cover the tax rules for foreign social security benefits. Amendments These benefits are taxable as annuities, unless they are exempt from U. Amendments S. Amendments tax or treated as a U. Amendments S. Amendments social security benefit under a tax treaty. Amendments Comments and suggestions. Amendments   We welcome your comments about this publication and your suggestions for future editions. Amendments   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Amendments NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Amendments Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Amendments   You can send your comments from www. Amendments irs. Amendments gov/formspubs/. Amendments Click on “More Information” and then on “Comment on Tax Forms and Publications”. Amendments   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Amendments Ordering forms and publications. Amendments   Visit www. Amendments irs. Amendments gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Amendments Internal Revenue Service 1201 N. Amendments Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Amendments   If you have a tax question, check the information available on IRS. Amendments gov or call 1-800-829-1040. Amendments We cannot answer tax questions sent to either of the above addresses. Amendments Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax 575 Pension and Annuity Income 590 Individual Retirement Arrangements (IRAs) Forms (and Instructions) 1040-ES Estimated Tax for Individuals SSA-1099 Social Security Benefit Statement RRB-1099 Payments by the Railroad Retirement Board W-4V Voluntary Withholding Request See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Amendments Prev  Up  Next   Home   More Online Publications
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The Amendments

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