There are electronic filing options available for many of the taxes and forms that small businesses are required to file, such as excise and employment taxes, Forms 1120, 7004, 1041 and various information returns.
An Employer Identification Number (EIN), also known as a federal tax identification number, is used to identify tax reports to the IRS.
The form of business you operate determines what taxes you must pay and how you pay them.
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding and estimated taxes.
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold Federal income tax withholding, social security and Medicare taxes, and Federal Unemployment Tax Act (FUTA) taxes.
The self-employment tax is a social security and Medicare tax for individuals who work for themselves.
Your business may be required to file information returns to report certain types of payments made during the year.
Learn your options for e-filing form 940, 941 943, 944 or 945 for Small Businesses.
Before you decide not to file your tax return on time or not pay all of your taxes when they are due, consider this.
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.
Information to help you resolve the final tax issues of a deceased taxpayer and their estate.