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Hrblock freereturn Publication 537 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Hrblock freereturn Tax questions. Hrblock freereturn Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 537, such as legislation enacted after it was published, go to www. Hrblock freereturn irs. Hrblock freereturn gov/pub537. Hrblock freereturn Reminder Photographs of missing children. Hrblock freereturn  The Internal Revenue Service (IRS) is a proud partner with the National Center for Missing and Exploited Children. Hrblock freereturn Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Hrblock freereturn 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. Hrblock freereturn Introduction Note. Hrblock freereturn Section references within this publication are to the Internal Revenue Code and regulation references are to the Income Tax Regulations under the Code. Hrblock freereturn An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Hrblock freereturn If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. Hrblock freereturn This method of reporting gain is called the installment method. Hrblock freereturn You cannot use the installment method to report a loss. Hrblock freereturn You can choose to report all of your gain in the year of sale. Hrblock freereturn This publication discusses the general rules that apply to using the installment method. Hrblock freereturn It also discusses more complex rules that apply only when certain conditions exist or certain types of property are sold. Hrblock freereturn If you sell your home or other nonbusiness property under an installment plan, you may need to read only the General Rules . Hrblock freereturn If you sell business or rental property or have a like-kind exchange or other complex situation, also see the appropriate discussion under Other Rules . Hrblock freereturn Comments and suggestions. Hrblock freereturn   We welcome your comments about this publication and your suggestions for future editions. Hrblock freereturn   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Hrblock freereturn NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Hrblock freereturn Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Hrblock freereturn   You can send your comments from www. Hrblock freereturn irs. Hrblock freereturn gov/formspubs/. Hrblock freereturn Click on “More Information” and then on “Comment on Tax Forms and Publications. Hrblock freereturn ”   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. Hrblock freereturn Ordering forms and publications. Hrblock freereturn   Visit www. Hrblock freereturn irs. Hrblock freereturn 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. Hrblock freereturn Internal Revenue Service 1201 N. Hrblock freereturn Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Hrblock freereturn   If you have a tax question, check the information available on IRS. Hrblock freereturn gov or call 1-800-829-1040. Hrblock freereturn We cannot answer tax questions sent to either of the above addresses. Hrblock freereturn Useful Items - You may want to see: Publication 523 Selling Your Home 541 Partnerships 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 4895 Tax Treatment of Property Acquired From a Decedent Dying in 2010 Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income  See How To Get Tax Help near the end of this publication for information about getting publications and forms. Hrblock freereturn Prev  Up  Next   Home   More Online Publications
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Hrblock freereturn 1. Hrblock freereturn   Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Hrblock freereturn Employee. Hrblock freereturn Other payee. Hrblock freereturn 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. Hrblock freereturn Earning credits in 2013 and 2014. Hrblock freereturn Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Hrblock freereturn Penalties. Hrblock freereturn Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Hrblock freereturn It also discusses taxpayer identification numbers. Hrblock freereturn Table 1-1 lists the benefits of filing electronically. Hrblock freereturn Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Hrblock freereturn Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Hrblock freereturn You may want to get Publication 509, Tax Calendars. Hrblock freereturn It has tax calendars that tell you when to file returns and make tax payments. Hrblock freereturn Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Hrblock freereturn S. Hrblock freereturn 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. Hrblock freereturn Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Hrblock freereturn Social security number (SSN). Hrblock freereturn   Generally, use your SSN as your taxpayer identification number. Hrblock freereturn You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Hrblock freereturn   To apply for an SSN, use Form SS-5, Application for a Social Security Card. Hrblock freereturn This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Hrblock freereturn It is also available from the SSA website at www. Hrblock freereturn socialsecurity. Hrblock freereturn gov. Hrblock freereturn Individual taxpayer identification number (ITIN). Hrblock freereturn   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. Hrblock freereturn 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. Hrblock freereturn  Internal Revenue Service ITIN Operation P. Hrblock freereturn O. Hrblock freereturn Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Hrblock freereturn 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. Hrblock freereturn The application is also available in Spanish. Hrblock freereturn The form is available at IRS. Hrblock freereturn gov or you can call 1-800-829-3676 to order the form. Hrblock freereturn    An ITIN is for tax use only. Hrblock freereturn It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Hrblock freereturn Employer identification number (EIN). Hrblock freereturn   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Hrblock freereturn Pay wages to one or more employees. Hrblock freereturn File pension or excise tax returns. Hrblock freereturn   If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Hrblock freereturn   You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Hrblock freereturn irs. Hrblock freereturn gov/businesses/small. Hrblock freereturn The EIN is issued immediately once the application information is validated. Hrblock freereturn By telephone at 1-800-829-4933. Hrblock freereturn By mailing or faxing Form SS-4, Application for Employer Identification Number. Hrblock freereturn New EIN. Hrblock freereturn   You may need to get a new EIN if either the form or the ownership of your business changes. Hrblock freereturn For more information, see Publication 1635, Understanding Your EIN. Hrblock freereturn When you need identification numbers of other persons. Hrblock freereturn   In operating your business, you will probably make certain payments you must report on information returns. Hrblock freereturn These payments are discussed under Information Returns, later in this chapter. Hrblock freereturn You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Hrblock freereturn You must include the payee's identification number and your identification number on the returns and statements. Hrblock freereturn Employee. Hrblock freereturn   If you have employees, you must get an SSN from each of them. Hrblock freereturn Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Hrblock freereturn If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Hrblock freereturn This may occur if the employee's name was changed due to marriage or divorce. Hrblock freereturn   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. Hrblock freereturn   If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Hrblock freereturn Other payee. Hrblock freereturn   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. Hrblock freereturn If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Hrblock freereturn   To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Hrblock freereturn   A payee who does not provide you with an identification number may be subject to backup withholding. Hrblock freereturn For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Hrblock freereturn Income Tax This part explains whether you have to file an income tax return and when you file it. Hrblock freereturn It also explains how you pay the tax. Hrblock freereturn 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. Hrblock freereturn 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. Hrblock freereturn How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Hrblock freereturn Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Hrblock freereturn Use Schedule C to figure your net profit or loss from your business. Hrblock freereturn If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Hrblock freereturn 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. Hrblock freereturn IRS e-file (Electronic Filing) Please click here for the text description of the image. Hrblock freereturn E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Hrblock freereturn Table 1-1 lists the benefits of IRS e-file. Hrblock freereturn IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Hrblock freereturn As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Hrblock freereturn As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Hrblock freereturn Using e-file does not affect your chances of an IRS examination of your return. Hrblock freereturn You can file most commonly used business forms using IRS e-file. Hrblock freereturn For more information, visit IRS. Hrblock freereturn gov. Hrblock freereturn Electronic signatures. Hrblock freereturn   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. Hrblock freereturn If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Hrblock freereturn 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. Hrblock freereturn    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). Hrblock freereturn You will also need to provide your date of birth (DOB). Hrblock freereturn Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Hrblock freereturn To do this, check your annual Social Security Statement. Hrblock freereturn   With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Hrblock freereturn For more details on the Self-Select PIN program, visit IRS. Hrblock freereturn gov. Hrblock freereturn State returns. Hrblock freereturn   In most states, you can file an electronic state return simultaneously with your federal return. Hrblock freereturn For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Hrblock freereturn gov. Hrblock freereturn Refunds. Hrblock freereturn   You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Hrblock freereturn   With e-file, your refund will be issued in half the time as when filing on paper. Hrblock freereturn Most refunds are issued within 3 weeks. Hrblock freereturn If you choose Direct Deposit, you can receive your refund in as few as 10 days. Hrblock freereturn Offset against debts. Hrblock freereturn   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. Hrblock freereturn You will be notified if the refund you claimed has been offset against your debts. Hrblock freereturn Refund inquiries. Hrblock freereturn   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. Hrblock freereturn 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. Hrblock freereturn To check on your refund, do one of the following. Hrblock freereturn Go to IRS. Hrblock freereturn gov and click on Where's My Refund. Hrblock freereturn Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Hrblock freereturn Call 1-800-829-1954 during the hours shown in your form instructions. Hrblock freereturn Balance due. Hrblock freereturn   If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Hrblock freereturn You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Hrblock freereturn Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Hrblock freereturn You have two options. Hrblock freereturn You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Hrblock freereturn You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Hrblock freereturn 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. Hrblock freereturn Depending on the provider and the specific services requested, a fee may be charged. Hrblock freereturn To find an authorized IRS e-file provider near you, go to IRS. Hrblock freereturn gov or look for an “Authorized IRS e-file Provider” sign. Hrblock freereturn Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Hrblock freereturn When you use your personal computer, you can e-file your return from your home any time of the day or night. Hrblock freereturn Sign your return electronically using a self-selected PIN to complete the process. Hrblock freereturn There is no signature form to submit or Forms W-2 to send in. Hrblock freereturn Free Internet filing options. Hrblock freereturn   More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Hrblock freereturn gov or www. Hrblock freereturn usa. Hrblock freereturn gov. Hrblock freereturn The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Hrblock freereturn Security and privacy certificate programs will assure tax data is safe and secure. Hrblock freereturn To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Hrblock freereturn gov. Hrblock freereturn   If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Hrblock freereturn 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. Hrblock freereturn Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Hrblock freereturn Others offer it for a fee. Hrblock freereturn Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Hrblock freereturn Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Hrblock freereturn 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. Hrblock freereturn Some locations offer free electronic filing. Hrblock freereturn Table 1-1. Hrblock freereturn Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Hrblock freereturn Security • Your privacy and security are assured. Hrblock freereturn Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Hrblock freereturn There is nothing to mail. Hrblock freereturn Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Hrblock freereturn Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Hrblock freereturn Free Internet filing options • Use IRS. Hrblock freereturn gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Hrblock freereturn Electronic payment options • Convenient, safe, and secure electronic payment options are available. Hrblock freereturn E-file and pay your taxes in a single step. Hrblock freereturn Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Hrblock freereturn Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Hrblock freereturn When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Hrblock freereturn 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. Hrblock freereturn If you file late, you may have to pay penalties and interest. Hrblock freereturn If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Hrblock freereturn S. Hrblock freereturn Individual Income Tax Return, to request an automatic 6-month extension. Hrblock freereturn For calendar year taxpayers, this will extend the tax filing due date until October 15. Hrblock freereturn Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Hrblock freereturn How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Hrblock freereturn You must pay it as you earn or receive income during the year. Hrblock freereturn An employee usually has income tax withheld from his or her pay. Hrblock freereturn If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Hrblock freereturn 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. Hrblock freereturn Use Form 1040-ES to figure and pay the tax. Hrblock freereturn If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Hrblock freereturn For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Hrblock freereturn What are my payment options?   You can pay your estimated tax electronically using various options. Hrblock freereturn If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Hrblock freereturn These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Hrblock freereturn Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Hrblock freereturn Paying by credit or debit card over the phone or by Internet. Hrblock freereturn 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. Hrblock freereturn EFTPS    To enroll in EFTPS, go to www. Hrblock freereturn eftps. Hrblock freereturn gov or call 1-800-555-4477. Hrblock freereturn When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Hrblock freereturn Benefits of EFTPS: The chance of an error in making your payments is reduced. Hrblock freereturn You receive immediate confirmation of every transaction. Hrblock freereturn Penalty for underpayment of tax. Hrblock freereturn   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. Hrblock freereturn The IRS will figure the penalty for you and send you a bill. Hrblock freereturn 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. Hrblock freereturn For more information, see Publication 505. Hrblock freereturn Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Hrblock freereturn It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Hrblock freereturn If you earned income as a statutory employee, you do not pay SE tax on that income. Hrblock freereturn Social security coverage. Hrblock freereturn   Social security benefits are available to self-employed persons just as they are to wage earners. Hrblock freereturn Your payments of SE tax contribute to your coverage under the social security system. Hrblock freereturn Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Hrblock freereturn By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Hrblock freereturn How to become insured under social security. Hrblock freereturn   You must be insured under the social security system before you begin receiving social security benefits. Hrblock freereturn You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Hrblock freereturn Earning credits in 2013 and 2014. Hrblock freereturn   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. Hrblock freereturn 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). Hrblock freereturn   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. Hrblock freereturn    Making false statements to get or to increase social security benefits may subject you to penalties. Hrblock freereturn The Social Security Administration (SSA) time limit for posting self-employment income. Hrblock freereturn   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. Hrblock freereturn 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. Hrblock freereturn The SSA will not change its records to increase your self-employment income. Hrblock freereturn Who must pay self-employment tax. Hrblock freereturn   You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Hrblock freereturn Your net earnings from self-employment (excluding church employee income) were $400 or more. Hrblock freereturn You had church employee income of $108. Hrblock freereturn 28 or more. Hrblock freereturn The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Hrblock freereturn SE tax rate. Hrblock freereturn   For 2013, the SE tax rate on net earnings is 15. Hrblock freereturn 3% (12. Hrblock freereturn 4% social security tax plus 2. Hrblock freereturn 9% Medicare tax). Hrblock freereturn Maximum earnings subject to SE tax. Hrblock freereturn   Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Hrblock freereturn 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Hrblock freereturn   All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Hrblock freereturn 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Hrblock freereturn   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. Hrblock freereturn 4% social security part of the SE tax on any of your net earnings. Hrblock freereturn However, you must pay the 2. Hrblock freereturn 9% Medicare part of the SE tax on all your net earnings. Hrblock freereturn Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Hrblock freereturn   More information. Hrblock freereturn   For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Hrblock freereturn Table 1-2. Hrblock freereturn 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. Hrblock freereturn Self-employment tax Schedule SE File with Form 1040. Hrblock freereturn 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. Hrblock freereturn Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Hrblock freereturn     See Publication 15. Hrblock freereturn 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. Hrblock freereturn   Last day of February (March 31 if filing electronically)3. Hrblock freereturn Federal unemployment (FUTA) tax 940 January 313. Hrblock freereturn     April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Hrblock freereturn 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). Hrblock freereturn     Other forms – see the General Instructions for Certain Information Returns. Hrblock freereturn Excise tax See Excise Taxes See the instructions to the forms. Hrblock freereturn 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. Hrblock freereturn For more information, see Publication 509, Tax Calendars. Hrblock freereturn 2 File a separate schedule for each business. Hrblock freereturn 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Hrblock freereturn     Employment Taxes If you have employees, you will need to file forms to report employment taxes. Hrblock freereturn Employment taxes include the following items. Hrblock freereturn Social security and Medicare taxes. Hrblock freereturn Federal income tax withholding. Hrblock freereturn Federal unemployment (FUTA) tax. Hrblock freereturn For more information, see Publication 15 (Circular E), Employer's Tax Guide. Hrblock freereturn That publication explains your tax responsibilities as an employer. Hrblock freereturn To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Hrblock freereturn That publication has information to help you determine whether an individual is an independent contractor or an employee. Hrblock freereturn If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Hrblock freereturn An independent contractor is someone who is self-employed. Hrblock freereturn You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Hrblock freereturn 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. Hrblock freereturn Manufacture or sell certain products. Hrblock freereturn Operate certain kinds of businesses. Hrblock freereturn Use various kinds of equipment, facilities, or products. Hrblock freereturn Receive payment for certain services. Hrblock freereturn For more information on excise taxes, see Publication 510, Excise Taxes. Hrblock freereturn Form 720. Hrblock freereturn   The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Hrblock freereturn Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Hrblock freereturn Communications and air transportation taxes. Hrblock freereturn Fuel taxes. Hrblock freereturn Tax on the first retail sale of heavy trucks, trailers, and tractors. Hrblock freereturn Manufacturers taxes on the sale or use of a variety of different articles. Hrblock freereturn Tax on indoor tanning services. Hrblock freereturn Form 2290. Hrblock freereturn   There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Hrblock freereturn The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Hrblock freereturn Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Hrblock freereturn For more information, see the Instructions for Form 2290. Hrblock freereturn Depositing excise taxes. Hrblock freereturn   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. Hrblock freereturn For details on depositing excise taxes, see the Instructions for Form 720. Hrblock freereturn Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Hrblock freereturn 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. Hrblock freereturn You must give a copy of each information return you are required to file to the recipient or payer. Hrblock freereturn In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Hrblock freereturn For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Hrblock freereturn Form 1099-MISC. Hrblock freereturn   Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Hrblock freereturn These payments include the following items. Hrblock freereturn 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. Hrblock freereturn Rent payments of $600 or more, other than rents paid to real estate agents. Hrblock freereturn Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Hrblock freereturn Royalty payments of $10 or more. Hrblock freereturn Payments to certain crew members by operators of fishing boats. Hrblock freereturn 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. Hrblock freereturn Form W-2. Hrblock freereturn   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. Hrblock freereturn You can file Form W-2 online. Hrblock freereturn For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Hrblock freereturn Penalties. Hrblock freereturn   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. Hrblock freereturn For more information, see the General Instructions for Certain Information Returns. Hrblock freereturn Failure to file information returns. Hrblock freereturn This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Hrblock freereturn Failure to furnish correct payee statements. Hrblock freereturn 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. Hrblock freereturn Waiver of penalties. Hrblock freereturn   These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Hrblock freereturn   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. Hrblock freereturn (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. Hrblock freereturn ) Form 8300. Hrblock freereturn   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. Hrblock freereturn Cash includes U. Hrblock freereturn S. Hrblock freereturn and foreign coin and currency. Hrblock freereturn It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Hrblock freereturn Cash does not include a check drawn on an individual's personal account (personal check). Hrblock freereturn For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Hrblock freereturn Penalties. Hrblock freereturn   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. Hrblock freereturn Table 1-3. Hrblock freereturn Going Out of Business Checklists (Note. Hrblock freereturn The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Hrblock freereturn For more information, see the instructions for the listed forms. Hrblock freereturn ) 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. Hrblock freereturn   □ 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. Hrblock freereturn   □ File Form 8594 with your Form 1040 if you sold your business. Hrblock freereturn Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Hrblock freereturn Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Hrblock freereturn Note. Hrblock freereturn 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. Hrblock freereturn   □ File Form 940 for the calendar year in which final wages were paid. Hrblock freereturn Note. Hrblock freereturn Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Hrblock freereturn Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Hrblock freereturn Note. Hrblock freereturn These forms are generally due by the due date of your final Form 941 or Form 944. Hrblock freereturn   □ File Form W-3 to file Forms W-2. Hrblock freereturn Note. Hrblock freereturn These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Hrblock freereturn   □ 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. Hrblock freereturn   □ File Form 1096 to file Forms 1099-MISC. Hrblock freereturn Prev  Up  Next   Home   More Online Publications