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Free Tax Extension

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Free Tax Extension

Free tax extension 4. Free tax extension   Retirement Savings Contributions Credit (Saver's Credit) Table of Contents What's New Introduction Full-time student. Free tax extension Adjusted gross income. Free tax extension Distributions received by spouse. Free tax extension Testing period. Free tax extension What's New Modified AGI limit for retirement savings contributions credit increased. Free tax extension  For 2013, you may be able to claim the retirement savings contributions credit if your modified AGI is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Free tax extension Introduction You may be able to take a tax credit if you make eligible contributions (defined later) to a qualified retirement plan, an eligible deferred compensation plan, or an individual retirement arrangement (IRA). Free tax extension You may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). Free tax extension This credit could reduce the federal income tax you pay dollar for dollar. Free tax extension    Can you claim the credit?   If you make eligible contributions to a qualified retirement plan, an eligible deferred compensation plan, or an IRA, you can claim the credit if all of the following apply. Free tax extension You were born before January 2, 1996. Free tax extension You are not a full-time student (explained next). Free tax extension No one else, such as your parent(s), claims an exemption for you on their tax return. Free tax extension Your adjusted gross income (defined below) is not more than: $59,000 if your filing status is married filing jointly, $44,250 if your filing status is head of household, or $29,500 if your filing status is single, married filing separately, or qualifying widow(er). Free tax extension Full-time student. Free tax extension   You are a full-time student if, during some part of each of 5 calendar months (not necessarily consecutive) during the calendar year, you are either: A full-time student at a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or A student taking a full-time, on-farm training course given by either a school that has a regular teaching staff, course of study, and regularly enrolled body of students in attendance, or a state, county, or local government. Free tax extension You are a full-time student if you are enrolled for the number of hours or courses the school considers to be full time. Free tax extension Adjusted gross income. Free tax extension   This is generally the amount on line 38 of your 2013 Form 1040; line 22 of your 2013 Form 1040A; or line 37 of your 2013 Form 1040NR. Free tax extension However, you must add to that amount any exclusion or deduction claimed for the year for: Foreign earned income, Foreign housing costs, Income for bona fide residents of American Samoa, and Income from Puerto Rico. Free tax extension Eligible contributions. Free tax extension   These include: Contributions to a traditional or Roth IRA, Salary reduction contributions (elective deferrals, including amounts designated as after-tax Roth contributions) to: A 401(k) plan (including a SIMPLE 401(k)), A section 403(b) annuity, An eligible deferred compensation plan of a state or local government (a governmental 457 plan), A SIMPLE IRA plan, or A salary reduction SEP, and Contributions to a section 501(c)(18) plan. Free tax extension They also include voluntary after-tax employee contributions to a tax-qualified retirement plan or section 403(b) annuity. Free tax extension For purposes of the credit, an employee contribution will be voluntary as long as it is not required as a condition of employment. Free tax extension Reducing eligible contributions. Free tax extension   Reduce your eligible contributions (but not below zero) by the total distributions you received during the testing period (defined later) from any IRA, plan, or annuity included above under Eligible contributions. Free tax extension Also reduce your eligible contributions by any distribution from a Roth IRA that is not rolled over, even if the distribution is not taxable. Free tax extension   Do not reduce your eligible contributions by any of the following. Free tax extension The portion of any distribution which is not includible in income because it is a trustee-to-trustee transfer or a rollover distribution. Free tax extension Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. Free tax extension Any distribution that is a return of a contribution to an IRA (including a Roth IRA) made during the year for which you claim the credit if: The distribution is made before the due date (including extensions) of your tax return for that year, You do not take a deduction for the contribution, and The distribution includes any income attributable to the contribution. Free tax extension Loans from a qualified employer plan treated as a distribution. Free tax extension Distributions of excess contributions or deferrals (and income attributable to excess contributions and deferrals). Free tax extension Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k). Free tax extension Distributions from an eligible retirement plan that are converted or rolled over to a Roth IRA. Free tax extension Distributions from a military retirement plan. Free tax extension Distributions from an inherited IRA by a nonspousal beneficiary. Free tax extension Distributions received by spouse. Free tax extension   Any distributions your spouse receives are treated as received by you if you file a joint return with your spouse both for the year of the distribution and for the year for which you claim the credit. Free tax extension Testing period. Free tax extension   The testing period consists of the year for which you claim the credit, the period after the end of that year and before the due date (including extensions) for filing your return for that year, and the 2 tax years before that year. Free tax extension Example. Free tax extension You and your spouse filed joint returns in 2011 and 2012, and plan to do so in 2013 and 2014. Free tax extension You received a taxable distribution from a qualified plan in 2011 and a taxable distribution from an eligible deferred compensation plan in 2012. Free tax extension Your spouse received taxable distributions from a Roth IRA in 2013 and tax-free distributions from a Roth IRA in 2014 before April 15. Free tax extension You made eligible contributions to an IRA in 2013 and you otherwise qualify for this credit. Free tax extension You must reduce the amount of your qualifying contributions in 2013 by the total of the distributions you received in 2011, 2012, 2013, and 2014. Free tax extension Maximum eligible contributions. Free tax extension   After your contributions are reduced, the maximum annual contribution on which you can base the credit is $2,000 per person. Free tax extension Effect on other credits. Free tax extension   The amount of this credit will not change the amount of your refundable tax credits. Free tax extension A refundable tax credit, such as the earned income credit or the refundable amount of your child tax credit, is an amount that you would receive as a refund even if you did not otherwise owe any taxes. Free tax extension Maximum credit. Free tax extension   This is a nonrefundable credit. Free tax extension The amount of the credit in any year cannot be more than the amount of tax that you would otherwise pay (not counting any refundable credits) in any year. Free tax extension If your tax liability is reduced to zero because of other nonrefundable credits, such as the credit for child and dependent care expenses, then you will not be entitled to this credit. Free tax extension How to figure and report the credit. Free tax extension   The amount of the credit you can get is based on the contributions you make and your credit rate. Free tax extension Your credit rate can be as low as 10% or as high as 50%. Free tax extension Your credit rate depends on your income and your filing status. Free tax extension See Form 8880 to determine your credit rate. Free tax extension   The maximum contribution taken into account is $2,000 per person. Free tax extension On a joint return, up to $2,000 is taken into account for each spouse. Free tax extension   Figure the credit on Form 8880. Free tax extension Report the credit on line 50 of your Form 1040; line 32 of your Form 1040A; or line 47 of your Form 1040NR and attach Form 8880 to your return. Free tax extension Prev  Up  Next   Home   More Online Publications
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1099-K Reporting Requirements for Payment Settlement Entities

Beginning in January, 2012, payment settlement entities (PSEs) are required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K the following transactions:

  • All payments made in settlement of payment card transactions (e.g., credit card);
  • Payments in settlement of third party network transactions IF:
    -Gross payments to a participating payee exceed $20,000; AND
    -There are more than 200 transactions with the participating payee.

Filing Deadlines & Procedures

Your 1099-Ks are due to merchants by January 31, 2014. Electronically filed 1099-Ks are due to the IRS April 1, 2014 (normally March 31), while paper 1099-Ks are due February 28, 2014.

File your 1099-K electronically through the FIRE (Filing Information Returns Electronically) option. For information, review Publication 1220 (PDF). If you are considering filing on paper, review General Instructions for Certain Information Returns.

Verification Processes

We verify that tax returns are correct and complete using the following processes:

More Information

You can find more about the 1099-K and other information returns at our Third Party Reporting Information Center.

You may also want to see Frequently Asked Question about Backup Withholding

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Page Last Reviewed or Updated: 20-Mar-2014

The Free Tax Extension

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