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This chapter explains the business taxes you may have to pay and the forms you may have to file. It also discusses taxpayer identification numbers.

Table of Contents:

• Identification Numbers

  New EIN
  Employee
  Other payee
  

• Income Tax

  Do 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) Tax

  How to become insured under social security.
  Earning credits in 2005 and 2006.
  

• Employment Taxes

• Excise Taxes

• Information Returns

  Waiver of penalties.
  Penalties.
  

• Going Out of Business Checklist

 

Table 1-2. 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
Self-employment tax	Schedule SE	File with Form 1040
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
Social security and Medicare taxes and income tax withholding	941	April 30, July 31, October 31, and January 314
	8109 (to make deposits)3	See Publication 15
Providing information on social security and Medicare taxes and income tax withholding	W-2 (to employee)	January 314
	W-2 and W-3 (to the Social Security Administration)	Last day of February (March 31 if filing electronically)4
Federal unemployment (FUTA) tax	940 or 940-EZ	January 314
	8109 (to make deposits)3	April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500
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)
		Other forms - See the General Instructions for Forms 1099, 1098, 5498, and W-2G
Excise tax	See Excise Taxes	See the instructions to the forms

¹ If a due date falls on a Saturday, Sunday, or legal holiday, the due date is the next business day. For more information, see Publication 509, Tax Calendars.
² File a separate schedule for each business.
³ Do not use if you deposit taxes electronically.
⁴ See the form instructions if you go out of business, change the form of your business, or stop paying wages.

You may want to get Publication 509, Tax Calendars. It has tax calendars that tell you when to file returns and make tax payments.

Useful Items - You may want to see:

Publication

• 505 Tax Withholding and Estimated Tax

Form (and Instructions)

• 1040 U.S. 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 IRS Forms and Publications for information about getting publications and forms.

 

Information courtesy of the Internal Revenue Service.