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Free online tax preparation Part Three -   Quarterly Filing Information Table of Contents 12. Free online tax preparation   Filing Form 720Attachments to Form 720. Free online tax preparation Conditions to allowance. Free online tax preparation 13. Free online tax preparation   Payment of TaxesHow To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule 14. Free online tax preparation   Penalties and Interest 15. Free online tax preparation   Examination and Appeal Procedures 16. Free online tax preparation   Rulings Program 17. Free online tax preparation   How To Get Tax Help 18. Free online tax preparation   Appendix Prev  Up  Next   Home   More Online Publications
 
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The Free Online Tax Preparation

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