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Irs forms2011 1. Irs forms2011 Filing and Paying Business Taxes Table of Contents Introduction Useful Items - You may want to see: Identification NumbersNew EIN. Irs forms2011 Employee. Irs forms2011 Other payee. Irs forms2011 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. Irs forms2011 Earning credits in 2013 and 2014. Irs forms2011 Employment Taxes Excise Taxes Information ReturnsWaiver of penalties. Irs forms2011 Penalties. Irs forms2011 Introduction This chapter explains the business taxes you may have to pay and the forms you may have to file. Irs forms2011 It also discusses taxpayer identification numbers. Irs forms2011 Table 1-1 lists the benefits of filing electronically. Irs forms2011 Table 1-2 lists the federal taxes you may have to pay, their due dates, and the forms you use to report them. Irs forms2011 Table 1-3 provides checklists that highlight the typical forms and schedules you may need to file if you ever go out of business. Irs forms2011 You may want to get Publication 509, Tax Calendars. Irs forms2011 It has tax calendars that tell you when to file returns and make tax payments. Irs forms2011 Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Irs forms2011 S. Irs forms2011 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. Irs forms2011 Identification Numbers This section explains three types of taxpayer identification numbers, who needs them, when to use them, and how to get them. Irs forms2011 Social security number (SSN). Irs forms2011 Generally, use your SSN as your taxpayer identification number. Irs forms2011 You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules. Irs forms2011 To apply for an SSN, use Form SS-5, Application for a Social Security Card. Irs forms2011 This form is available at Social Security Administration (SSA) offices or by calling 1-800-772-1213. Irs forms2011 It is also available from the SSA website at www. Irs forms2011 socialsecurity. Irs forms2011 gov. Irs forms2011 Individual taxpayer identification number (ITIN). Irs forms2011 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. Irs forms2011 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. Irs forms2011 Internal Revenue Service ITIN Operation P. Irs forms2011 O. Irs forms2011 Box 149342 Austin, TX 78714-9342 The exceptions are covered in detail in the instructions for Form W-7. Irs forms2011 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. Irs forms2011 The application is also available in Spanish. Irs forms2011 The form is available at IRS. Irs forms2011 gov or you can call 1-800-829-3676 to order the form. Irs forms2011 An ITIN is for tax use only. Irs forms2011 It does not entitle the holder to social security benefits or change the holder's employment or immigration status. Irs forms2011 Employer identification number (EIN). Irs forms2011 You must also have an EIN to use as a taxpayer identification number if you do either of the following. Irs forms2011 Pay wages to one or more employees. Irs forms2011 File pension or excise tax returns. Irs forms2011 If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ. Irs forms2011 You can apply for an EIN: Online by clicking on the Employer ID Numbers (EINs) link at www. Irs forms2011 irs. Irs forms2011 gov/businesses/small. Irs forms2011 The EIN is issued immediately once the application information is validated. Irs forms2011 By telephone at 1-800-829-4933. Irs forms2011 By mailing or faxing Form SS-4, Application for Employer Identification Number. Irs forms2011 New EIN. Irs forms2011 You may need to get a new EIN if either the form or the ownership of your business changes. Irs forms2011 For more information, see Publication 1635, Understanding Your EIN. Irs forms2011 When you need identification numbers of other persons. Irs forms2011 In operating your business, you will probably make certain payments you must report on information returns. Irs forms2011 These payments are discussed under Information Returns, later in this chapter. Irs forms2011 You must give the recipient of these payments (the payee) a statement showing the total amount paid during the year. Irs forms2011 You must include the payee's identification number and your identification number on the returns and statements. Irs forms2011 Employee. Irs forms2011 If you have employees, you must get an SSN from each of them. Irs forms2011 Record the name and SSN of each employee exactly as they are shown on the employee's social security card. Irs forms2011 If the employee's name is not correct as shown on the card, the employee should request a new card from the SSA. Irs forms2011 This may occur if the employee's name was changed due to marriage or divorce. Irs forms2011 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. Irs forms2011 If your employee does not have an SSN, he or she should file Form SS-5 with the SSA. Irs forms2011 Other payee. Irs forms2011 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. Irs forms2011 If you must report payments to an organization, such as a corporation or partnership, you must get its EIN. Irs forms2011 To get the payee's SSN or EIN, use Form W-9, Request for Taxpayer Identification Number and Certification. Irs forms2011 A payee who does not provide you with an identification number may be subject to backup withholding. Irs forms2011 For information on backup withholding, see the Form W-9 instructions and the General Instructions for Certain Information Returns. Irs forms2011 Income Tax This part explains whether you have to file an income tax return and when you file it. Irs forms2011 It also explains how you pay the tax. Irs forms2011 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. Irs forms2011 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. Irs forms2011 How Do I File? File your income tax return on Form 1040 and attach Schedule C or Schedule C-EZ. Irs forms2011 Enter the net profit or loss from Schedule C or Schedule C-EZ on page 1 of Form 1040. Irs forms2011 Use Schedule C to figure your net profit or loss from your business. Irs forms2011 If you operated more than one business as a sole proprietorship, you must attach a separate Schedule C for each business. Irs forms2011 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. Irs forms2011 IRS e-file (Electronic Filing) Please click here for the text description of the image. Irs forms2011 E-file logo You may be able to file your tax returns electronically using an IRS e-file option. Irs forms2011 Table 1-1 lists the benefits of IRS e-file. Irs forms2011 IRS e-file uses automation to replace most of the manual steps needed to process paper returns. Irs forms2011 As a result, the processing of e-file returns is faster and more accurate than the processing of paper returns. Irs forms2011 As with a paper return, you are responsible for making sure your return contains accurate information and is filed on time. Irs forms2011 Using e-file does not affect your chances of an IRS examination of your return. Irs forms2011 You can file most commonly used business forms using IRS e-file. Irs forms2011 For more information, visit IRS. Irs forms2011 gov. Irs forms2011 Electronic signatures. Irs forms2011 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. Irs forms2011 If you file electronically using tax preparation software or a tax professional, you will participate in the Self-Select PIN (personal identification number) program. Irs forms2011 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. Irs forms2011 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). Irs forms2011 You will also need to provide your date of birth (DOB). Irs forms2011 Make sure your DOB is accurate and matches the information on record with the Social Security Administration before you e-file. Irs forms2011 To do this, check your annual Social Security Statement. Irs forms2011 With a Self-Select PIN, there is nothing to sign and nothing to mail—not even your Forms W-2. Irs forms2011 For more details on the Self-Select PIN program, visit IRS. Irs forms2011 gov. Irs forms2011 State returns. Irs forms2011 In most states, you can file an electronic state return simultaneously with your federal return. Irs forms2011 For more information, check with your local IRS office, state tax agency, tax professional, or IRS. Irs forms2011 gov. Irs forms2011 Refunds. Irs forms2011 You can have your refund check mailed to you, or you can have your refund deposited directly to your checking or savings account. Irs forms2011 With e-file, your refund will be issued in half the time as when filing on paper. Irs forms2011 Most refunds are issued within 3 weeks. Irs forms2011 If you choose Direct Deposit, you can receive your refund in as few as 10 days. Irs forms2011 Offset against debts. Irs forms2011 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. Irs forms2011 You will be notified if the refund you claimed has been offset against your debts. Irs forms2011 Refund inquiries. Irs forms2011 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. Irs forms2011 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. Irs forms2011 To check on your refund, do one of the following. Irs forms2011 Go to IRS. Irs forms2011 gov and click on Where's My Refund. Irs forms2011 Call 1-800-829-4477 for automated refund information, and follow the recorded instructions. Irs forms2011 Call 1-800-829-1954 during the hours shown in your form instructions. Irs forms2011 Balance due. Irs forms2011 If you owe tax, you must pay it by April 15, 2014, to avoid late-payment penalties and interest. Irs forms2011 You can make your payment electronically by scheduling an electronic funds withdrawal from your checking or savings account or by credit card. Irs forms2011 Using an Authorized IRS e-file Provider Many tax professionals can electronically file paperless returns for their clients. Irs forms2011 You have two options. Irs forms2011 You can prepare your return, take it to an authorized IRS e-file provider, and have the provider transmit it electronically to the IRS. Irs forms2011 You can have an authorized IRS e-file provider prepare your return and transmit it for you electronically. Irs forms2011 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. Irs forms2011 Depending on the provider and the specific services requested, a fee may be charged. Irs forms2011 To find an authorized IRS e-file provider near you, go to IRS. Irs forms2011 gov or look for an “Authorized IRS e-file Provider” sign. Irs forms2011 Using Your Personal Computer A computer with Internet access is all you need to file your tax return using IRS e-file. Irs forms2011 When you use your personal computer, you can e-file your return from your home any time of the day or night. Irs forms2011 Sign your return electronically using a self-selected PIN to complete the process. Irs forms2011 There is no signature form to submit or Forms W-2 to send in. Irs forms2011 Free Internet filing options. Irs forms2011 More taxpayers can now prepare and e-file their individual income tax returns free using commercial tax preparation software accessible through IRS. Irs forms2011 gov or www. Irs forms2011 usa. Irs forms2011 gov. Irs forms2011 The IRS is partnering with the tax software industry to offer free preparation and filing services to a significant number of taxpayers. Irs forms2011 Security and privacy certificate programs will assure tax data is safe and secure. Irs forms2011 To see if you qualify for these services, visit the Return Preparation and Filing Options page at IRS. Irs forms2011 gov. Irs forms2011 If you cannot use the free services, you can buy tax preparation software at various electronics stores or computer and office supply stores. Irs forms2011 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. Irs forms2011 Filing Through Employers and Financial Institutions Some businesses offer free e-file to their employees, members, or customers. Irs forms2011 Others offer it for a fee. Irs forms2011 Ask your employer or financial institution if they offer IRS e-file as an employee, member, or customer benefit. Irs forms2011 Free Help With Your Return Free help in preparing your return is available nationwide from IRS-trained volunteers. Irs forms2011 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. Irs forms2011 Some locations offer free electronic filing. Irs forms2011 Table 1-1. Irs forms2011 Benefits of IRS e-file Accuracy • Your chance of getting an error notice from the IRS is significantly reduced. Irs forms2011 Security • Your privacy and security are assured. Irs forms2011 Electronic signatures • Create your own personal identification number (PIN) and file a completely paperless return through your tax preparation software or tax professional. Irs forms2011 There is nothing to mail. Irs forms2011 Proof of acceptance • You receive an electronic acknowledgment within 48 hours that the IRS has accepted your return for processing. Irs forms2011 Fast refunds • You get your refund faster with Direct Deposit—in as few as 10 days. Irs forms2011 Free Internet filing options • Use IRS. Irs forms2011 gov to access commercial tax preparation and e-file services available at no cost to eligible taxpayers. Irs forms2011 Electronic payment options • Convenient, safe, and secure electronic payment options are available. Irs forms2011 E-file and pay your taxes in a single step. Irs forms2011 Schedule an electronic funds withdrawal from your checking or savings account (up to and including April 15, 2014) or pay by credit card. Irs forms2011 Federal/State filing • Prepare and file your federal and state tax returns together and double the benefits you get from e-file. Irs forms2011 When Is My Tax Return Due? Form 1040 for calendar year 2013 is due by April 15, 2014. Irs forms2011 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. Irs forms2011 If you file late, you may have to pay penalties and interest. Irs forms2011 If you cannot file your return on time, use Form 4868, Application for Automatic Extension of Time To File U. Irs forms2011 S. Irs forms2011 Individual Income Tax Return, to request an automatic 6-month extension. Irs forms2011 For calendar year taxpayers, this will extend the tax filing due date until October 15. Irs forms2011 Filing an extension does not extend the time to pay your taxes, only the time to file the tax return. Irs forms2011 How Do I Pay Income Tax? Federal income tax is a pay-as-you-go tax. Irs forms2011 You must pay it as you earn or receive income during the year. Irs forms2011 An employee usually has income tax withheld from his or her pay. Irs forms2011 If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. Irs forms2011 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. Irs forms2011 Use Form 1040-ES to figure and pay the tax. Irs forms2011 If you do not have to make estimated tax payments, you can pay any tax due when you file your return. Irs forms2011 For more information on estimated tax, see Publication 505, Tax Withholding and Estimated Tax. Irs forms2011 What are my payment options? You can pay your estimated tax electronically using various options. Irs forms2011 If you pay electronically, there is no need to mail in Form 1040-ES payment vouchers. Irs forms2011 These options include: Paying electronically through the Electronic Federal Tax Payment System (EFTPS). Irs forms2011 Paying by authorizing an electronic funds withdrawal when you file Form 1040 electronically. Irs forms2011 Paying by credit or debit card over the phone or by Internet. Irs forms2011 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. Irs forms2011 EFTPS To enroll in EFTPS, go to www. Irs forms2011 eftps. Irs forms2011 gov or call 1-800-555-4477. Irs forms2011 When you request a new EIN and you will have a tax obligation, you are automatically enrolled in EFTPS. Irs forms2011 Benefits of EFTPS: The chance of an error in making your payments is reduced. Irs forms2011 You receive immediate confirmation of every transaction. Irs forms2011 Penalty for underpayment of tax. Irs forms2011 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. Irs forms2011 The IRS will figure the penalty for you and send you a bill. Irs forms2011 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. Irs forms2011 For more information, see Publication 505. Irs forms2011 Self-Employment (SE) Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Irs forms2011 It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. Irs forms2011 If you earned income as a statutory employee, you do not pay SE tax on that income. Irs forms2011 Social security coverage. Irs forms2011 Social security benefits are available to self-employed persons just as they are to wage earners. Irs forms2011 Your payments of SE tax contribute to your coverage under the social security system. Irs forms2011 Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits. Irs forms2011 By not reporting all of your self-employment income, you could cause your social security benefits to be lower when you retire. Irs forms2011 How to become insured under social security. Irs forms2011 You must be insured under the social security system before you begin receiving social security benefits. Irs forms2011 You are insured if you have the required number of credits (also called quarters of coverage), discussed next. Irs forms2011 Earning credits in 2013 and 2014. Irs forms2011 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. Irs forms2011 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). Irs forms2011 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. Irs forms2011 Making false statements to get or to increase social security benefits may subject you to penalties. Irs forms2011 The Social Security Administration (SSA) time limit for posting self-employment income. Irs forms2011 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. Irs forms2011 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. Irs forms2011 The SSA will not change its records to increase your self-employment income. Irs forms2011 Who must pay self-employment tax. Irs forms2011 You must pay SE tax and file Schedule SE (Form 1040) if either of the following applies. Irs forms2011 Your net earnings from self-employment (excluding church employee income) were $400 or more. Irs forms2011 You had church employee income of $108. Irs forms2011 28 or more. Irs forms2011 The SE tax rules apply no matter how old you are and even if you are already receiving social security or Medicare benefits. Irs forms2011 SE tax rate. Irs forms2011 For 2013, the SE tax rate on net earnings is 15. Irs forms2011 3% (12. Irs forms2011 4% social security tax plus 2. Irs forms2011 9% Medicare tax). Irs forms2011 Maximum earnings subject to SE tax. Irs forms2011 Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. Irs forms2011 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. Irs forms2011 All your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. Irs forms2011 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. Irs forms2011 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. Irs forms2011 4% social security part of the SE tax on any of your net earnings. Irs forms2011 However, you must pay the 2. Irs forms2011 9% Medicare part of the SE tax on all your net earnings. Irs forms2011 Deduct one-half of your SE tax as an adjustment to income on line 27 of Form 1040. Irs forms2011 More information. Irs forms2011 For information on methods of calculating SE tax, see Chapter 10, Self-Employment Tax. Irs forms2011 Table 1-2. Irs forms2011 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. Irs forms2011 Self-employment tax Schedule SE File with Form 1040. Irs forms2011 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. Irs forms2011 Social security and Medicare taxes and income tax withholding 941 or 944 April 30, July 31, October 31, and January 313. Irs forms2011 See Publication 15. Irs forms2011 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. Irs forms2011 Last day of February (March 31 if filing electronically)3. Irs forms2011 Federal unemployment (FUTA) tax 940 January 313. Irs forms2011 April 30, July 31, October 31, and January 31, but only if the liability for unpaid tax is more than $500. Irs forms2011 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). Irs forms2011 Other forms – see the General Instructions for Certain Information Returns. Irs forms2011 Excise tax See Excise Taxes See the instructions to the forms. Irs forms2011 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. Irs forms2011 For more information, see Publication 509, Tax Calendars. Irs forms2011 2 File a separate schedule for each business. Irs forms2011 3 See the form instructions if you go out of business, change the form of your business, or stop paying wages. Irs forms2011 Employment Taxes If you have employees, you will need to file forms to report employment taxes. Irs forms2011 Employment taxes include the following items. Irs forms2011 Social security and Medicare taxes. Irs forms2011 Federal income tax withholding. Irs forms2011 Federal unemployment (FUTA) tax. Irs forms2011 For more information, see Publication 15 (Circular E), Employer's Tax Guide. Irs forms2011 That publication explains your tax responsibilities as an employer. Irs forms2011 To help you determine whether the people working for you are your employees, see Publication 15-A, Employer's Supplemental Tax Guide. Irs forms2011 That publication has information to help you determine whether an individual is an independent contractor or an employee. Irs forms2011 If you incorrectly classify an employee as an independent contractor, you may be held liable for employment taxes for that worker plus a penalty. Irs forms2011 An independent contractor is someone who is self-employed. Irs forms2011 You do not generally have to withhold or pay any taxes on payments made to an independent contractor. Irs forms2011 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. Irs forms2011 Manufacture or sell certain products. Irs forms2011 Operate certain kinds of businesses. Irs forms2011 Use various kinds of equipment, facilities, or products. Irs forms2011 Receive payment for certain services. Irs forms2011 For more information on excise taxes, see Publication 510, Excise Taxes. Irs forms2011 Form 720. Irs forms2011 The federal excise taxes reported on Form 720, Quarterly Federal Excise Tax Return, consist of several broad categories of taxes, including the following. Irs forms2011 Environmental taxes on the sale or use of ozone-depleting chemicals and imported products containing or manufactured with these chemicals. Irs forms2011 Communications and air transportation taxes. Irs forms2011 Fuel taxes. Irs forms2011 Tax on the first retail sale of heavy trucks, trailers, and tractors. Irs forms2011 Manufacturers taxes on the sale or use of a variety of different articles. Irs forms2011 Tax on indoor tanning services. Irs forms2011 Form 2290. Irs forms2011 There is a federal excise tax on the use of certain trucks, truck tractors, and buses on public highways. Irs forms2011 The tax applies to vehicles having a taxable gross weight of 55,000 pounds or more. Irs forms2011 Report the tax on Form 2290, Heavy Highway Vehicle Use Tax Return. Irs forms2011 For more information, see the Instructions for Form 2290. Irs forms2011 Depositing excise taxes. Irs forms2011 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. Irs forms2011 For details on depositing excise taxes, see the Instructions for Form 720. Irs forms2011 Information Returns If you make or receive payments in your business, you may have to report them to the IRS on information returns. Irs forms2011 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. Irs forms2011 You must give a copy of each information return you are required to file to the recipient or payer. Irs forms2011 In addition to the forms described below, you may have to use other returns to report certain kinds of payments or transactions. Irs forms2011 For more details on information returns and when you have to file them, see the General Instructions for Certain Information Returns. Irs forms2011 Form 1099-MISC. Irs forms2011 Use Form 1099-MISC, Miscellaneous Income, to report certain payments you make in your business. Irs forms2011 These payments include the following items. Irs forms2011 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. Irs forms2011 Rent payments of $600 or more, other than rents paid to real estate agents. Irs forms2011 Prizes and awards of $600 or more that are not for services, such as winnings on TV or radio shows. Irs forms2011 Royalty payments of $10 or more. Irs forms2011 Payments to certain crew members by operators of fishing boats. Irs forms2011 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. Irs forms2011 Form W-2. Irs forms2011 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. Irs forms2011 You can file Form W-2 online. Irs forms2011 For more information about Form W-2, see the General Instructions for Forms W-2 and W-3. Irs forms2011 Penalties. Irs forms2011 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. Irs forms2011 For more information, see the General Instructions for Certain Information Returns. Irs forms2011 Failure to file information returns. Irs forms2011 This penalty applies if you do not file information returns by the due date, do not include all required information, or report incorrect information. Irs forms2011 Failure to furnish correct payee statements. Irs forms2011 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. Irs forms2011 Waiver of penalties. Irs forms2011 These penalties will not apply if you can show that the failure was due to reasonable cause and not willful neglect. Irs forms2011 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. Irs forms2011 (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. Irs forms2011 ) Form 8300. Irs forms2011 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. Irs forms2011 Cash includes U. Irs forms2011 S. Irs forms2011 and foreign coin and currency. Irs forms2011 It also includes certain monetary instruments such as cashier's and traveler's checks and money orders. Irs forms2011 Cash does not include a check drawn on an individual's personal account (personal check). Irs forms2011 For more information, see Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). Irs forms2011 Penalties. Irs forms2011 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. Irs forms2011 Table 1-3. Irs forms2011 Going Out of Business Checklists (Note. Irs forms2011 The following checklists highlight the typical final forms and schedules you may need to file if you ever go out of business. Irs forms2011 For more information, see the instructions for the listed forms. Irs forms2011 ) 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. Irs forms2011 □ 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. Irs forms2011 □ File Form 8594 with your Form 1040 if you sold your business. Irs forms2011 Self-employment tax □ File Schedule SE with your Form 1040 for the year in which you go out of business. Irs forms2011 Employment taxes □ File Form 941 (or Form 944) for the calendar quarter in which you make final wage payments. Irs forms2011 Note. Irs forms2011 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. Irs forms2011 □ File Form 940 for the calendar year in which final wages were paid. Irs forms2011 Note. Irs forms2011 Do not forget to check box d, Final: Business closed or stopped paying wages, under Type of Return. Irs forms2011 Information returns □ Provide Forms W-2 to your employees for the calendar year in which you make final wage payments. Irs forms2011 Note. Irs forms2011 These forms are generally due by the due date of your final Form 941 or Form 944. Irs forms2011 □ File Form W-3 to file Forms W-2. Irs forms2011 Note. Irs forms2011 These forms are generally due within 1 month after the due date of your final Form 941 or Form 944. Irs forms2011 □ 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. Irs forms2011 □ File Form 1096 to file Forms 1099-MISC. Irs forms2011 Prev Up Next Home More Online Publications
Letter 3030C Frequently Asked Questions (FAQs)
What is the letter telling me?
The letter is providing you an explanation of the tax, penalty and interest still due on your account.
What do I have to do?
Pay the balance due in the letter as soon as possible.
How much time do I have?
The letter provides you the full pay amount to a specified date.
What happens if I don't take any action?
If you do not make arrangements to pay the balance you owe, we can proceed with enforcement action and may file a levy on your wages or bank account or file a lien on your personal property.
Who should I contact?
If you have any questions about this letter, call us at the number printed in the letter. The person who answers the phone will assist you.
What if I don't agree or have already taken corrective action?
If you do not agree with this letter, call us immediately at the number included. We will do our best to help you. If you have called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.
Page Last Reviewed or Updated: 30-Jan-2014
The Irs Forms2011
Irs forms2011 3. Irs forms2011 Adjustments to Income Table of Contents Individual Retirement Arrangement (IRA) Contributions and DeductionsContributions to Kay Bailey Hutchison Spousal IRAs. Irs forms2011 Deductible contribution. Irs forms2011 Nondeductible contribution. Irs forms2011 You may be able to subtract amounts from your total income (Form 1040, line 22 or Form 1040A, line 15) or total effectively connected income (Form 1040NR, line 23) to get your adjusted gross income (Form 1040, line 37; Form 1040A, line 21; or Form 1040NR, line 36). Irs forms2011 Some adjustments to income follow. Irs forms2011 Contributions to your individual retirement arrangement (IRA) (Form 1040, line 32; Form 1040A, line 17; or Form 1040NR, line 32), explained later in this publication. Irs forms2011 Certain moving expenses (Form 1040, line 26; or Form 1040NR, line 26) if you changed job locations or started a new job in 2013. Irs forms2011 See Publication 521, Moving Expenses, or see Form 3903, Moving Expenses, and its instructions. Irs forms2011 Some health insurance costs (Form 1040, line 29 or Form 1040NR, line 29) if you were self-employed and had a net profit for the year, or if you received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Irs forms2011 For more details, see Publication 535, Business Expenses. Irs forms2011 Payments to your self-employed SEP, SIMPLE, or qualified plan (Form 1040, line 28 or Form 1040NR, line 28). Irs forms2011 For more information, including limits on how much you can deduct, see Publication 560, Retirement Plans for Small Business. Irs forms2011 Penalties paid on early withdrawal of savings (Form 1040, line 30 or Form 1040NR, line 30). Irs forms2011 Form 1099-INT, Interest Income, or Form 1099-OID, Original Issue Discount, will show the amount of any penalty you were charged. Irs forms2011 Alimony payments (Form 1040, line 31a). Irs forms2011 For more information, see Publication 504, Divorced or Separated Individuals. Irs forms2011 There are other items you can claim as adjustments to income. Irs forms2011 These adjustments are discussed in your tax return instructions. Irs forms2011 Individual Retirement Arrangement (IRA) Contributions and Deductions This section explains the tax treatment of amounts you pay into traditional IRAs. Irs forms2011 A traditional IRA is any IRA that is not a Roth or SIMPLE IRA. Irs forms2011 Roth and SIMPLE IRAs are defined earlier in the IRA discussion under Retirement Plan Distributions . Irs forms2011 For more detailed information, see Publication 590. Irs forms2011 Contributions. Irs forms2011 An IRA is a personal savings plan that offers you tax advantages to set aside money for your retirement. Irs forms2011 Two advantages of a traditional IRA are: You may be able to deduct some or all of your contributions to it, depending on your circumstances, and Generally, amounts in your IRA, including earnings and gains, are not taxed until distributed. Irs forms2011 Although interest earned from your traditional IRA generally is not taxed in the year earned, it is not tax-exempt interest. Irs forms2011 Do not report this interest on your tax return as tax-exempt interest. Irs forms2011 General limit. Irs forms2011 The most that can be contributed for 2013 to your traditional IRA is the smaller of the following amounts. Irs forms2011 Your taxable compensation for the year, or $5,500 ($6,500 if you were age 50 or older by the end of 2013). Irs forms2011 Contributions to Kay Bailey Hutchison Spousal IRAs. Irs forms2011 In the case of a married couple filing a joint return for 2013, up to $5,500 ($6,500 for each spouse age 50 or older by the end of 2013) can be contributed to IRAs on behalf of each spouse, even if one spouse has little or no compensation. Irs forms2011 For more information on the general limit and the Kay Bailey Hutchison Spousal IRA limit, see How Much Can Be Contributed? in Publication 590. Irs forms2011 Deductible contribution. Irs forms2011 Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained. Irs forms2011 However, if you or your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, you may not be able to deduct all of the contributions. Irs forms2011 Your deduction may be reduced or eliminated, depending on your filing status and the amount of your income. Irs forms2011 For more information, see Limit if Covered by Employer Plan in Publication 590. Irs forms2011 Nondeductible contribution. Irs forms2011 The difference between your total permitted contributions and your IRA deduction, if any, is your nondeductible contribution. Irs forms2011 You must file Form 8606, Nondeductible IRAs, to report nondeductible contributions even if you do not have to file a tax return for the year. Irs forms2011 For 2014, the most that can be contributed to your traditional IRA is $5,500 ($6,500 if you are age 50 or older at the end of 2014). Irs forms2011 Prev Up Next Home More Online Publications