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Free Irs Tax Forms 2011

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Free Irs Tax Forms 2011

Free irs tax forms 2011 1. Free irs tax forms 2011   Definitions You Need To Know Table of Contents Other options. Free irs tax forms 2011 Exception. Free irs tax forms 2011 Certain terms used in this publication are defined below. Free irs tax forms 2011 The same term used in another publication may have a slightly different meaning. Free irs tax forms 2011 Annual additions. Free irs tax forms 2011   Annual additions are the total of all your contributions in a year, employee contributions (not including rollovers), and forfeitures allocated to a participant's account. Free irs tax forms 2011 Annual benefits. Free irs tax forms 2011   Annual benefits are the benefits to be paid yearly in the form of a straight life annuity (with no extra benefits) under a plan to which employees do not contribute and under which no rollover contributions are made. Free irs tax forms 2011 Business. Free irs tax forms 2011   A business is an activity in which a profit motive is present and economic activity is involved. Free irs tax forms 2011 Service as a newspaper carrier under age 18 or as a public official is not a business. Free irs tax forms 2011 Common-law employee. Free irs tax forms 2011   A common-law employee is any individual who, under common law, would have the status of an employee. Free irs tax forms 2011 A leased employee can also be a common-law employee. Free irs tax forms 2011   A common-law employee is a person who performs services for an employer who has the right to control and direct the results of the work and the way in which it is done. Free irs tax forms 2011 For example, the employer: Provides the employee's tools, materials, and workplace, and Can fire the employee. Free irs tax forms 2011   Common-law employees are not self-employed and cannot set up retirement plans for income from their work, even if that income is self-employment income for social security tax purposes. Free irs tax forms 2011 For example, common-law employees who are ministers, members of religious orders, full-time insurance salespeople, and U. Free irs tax forms 2011 S. Free irs tax forms 2011 citizens employed in the United States by foreign governments cannot set up retirement plans for their earnings from those employments, even though their earnings are treated as self-employment income. Free irs tax forms 2011   However, an individual may be a common-law employee and a self-employed person as well. Free irs tax forms 2011 For example, an attorney can be a corporate common-law employee during regular working hours and also practice law in the evening as a self-employed person. Free irs tax forms 2011 In another example, a minister employed by a congregation for a salary is a common-law employee even though the salary is treated as self-employment income for social security tax purposes. Free irs tax forms 2011 However, fees reported on Schedule C (Form 1040), Profit or Loss From Business, for performing marriages, baptisms, and other personal services are self-employment earnings for qualified plan purposes. Free irs tax forms 2011 Compensation. Free irs tax forms 2011   Compensation for plan allocations is the pay a participant received from you for personal services for a year. Free irs tax forms 2011 You can generally define compensation as including all the following payments. Free irs tax forms 2011 Wages and salaries. Free irs tax forms 2011 Fees for professional services. Free irs tax forms 2011 Other amounts received (cash or noncash) for personal services actually rendered by an employee, including, but not limited to, the following items. Free irs tax forms 2011 Commissions and tips. Free irs tax forms 2011 Fringe benefits. Free irs tax forms 2011 Bonuses. Free irs tax forms 2011   For a self-employed individual, compensation means the earned income, discussed later, of that individual. Free irs tax forms 2011   Compensation generally includes amounts deferred in the following employee benefit plans. Free irs tax forms 2011 These amounts are elective deferrals. Free irs tax forms 2011 Qualified cash or deferred arrangement (section 401(k) plan). Free irs tax forms 2011 Salary reduction agreement to contribute to a tax-sheltered annuity (section 403(b) plan), a SIMPLE IRA plan, or a SARSEP. Free irs tax forms 2011 Section 457 nonqualified deferred compensation plan. Free irs tax forms 2011 Section 125 cafeteria plan. Free irs tax forms 2011   However, an employer can choose to exclude elective deferrals under the above plans from the definition of compensation. Free irs tax forms 2011 The limit on elective deferrals is discussed in chapter 2 under Salary Reduction Simplified Employee Pension (SARSEP) and in chapter 4. Free irs tax forms 2011 Other options. Free irs tax forms 2011   In figuring the compensation of a participant, you can treat any of the following amounts as the employee's compensation. Free irs tax forms 2011 The employee's wages as defined for income tax withholding purposes. Free irs tax forms 2011 The employee's wages you report in box 1 of Form W-2, Wage and Tax Statement. Free irs tax forms 2011 The employee's social security wages (including elective deferrals). Free irs tax forms 2011   Compensation generally cannot include either of the following items. Free irs tax forms 2011 Nontaxable reimbursements or other expense allowances. Free irs tax forms 2011 Deferred compensation (other than elective deferrals). Free irs tax forms 2011 SIMPLE plans. Free irs tax forms 2011   A special definition of compensation applies for SIMPLE plans. Free irs tax forms 2011 See chapter 3. Free irs tax forms 2011 Contribution. Free irs tax forms 2011   A contribution is an amount you pay into a plan for all those participating in the plan, including self-employed individuals. Free irs tax forms 2011 Limits apply to how much, under the contribution formula of the plan, can be contributed each year for a participant. Free irs tax forms 2011 Deduction. Free irs tax forms 2011   A deduction is the plan contributions you can subtract from gross income on your federal income tax return. Free irs tax forms 2011 Limits apply to the amount deductible. Free irs tax forms 2011 Earned income. Free irs tax forms 2011   Earned income is net earnings from self-employment, discussed later, from a business in which your services materially helped to produce the income. Free irs tax forms 2011   You can also have earned income from property your personal efforts helped create, such as royalties from your books or inventions. Free irs tax forms 2011 Earned income includes net earnings from selling or otherwise disposing of the property, but it does not include capital gains. Free irs tax forms 2011 It includes income from licensing the use of property other than goodwill. Free irs tax forms 2011   Earned income includes amounts received for services by self-employed members of recognized religious sects opposed to social security benefits who are exempt from self-employment tax. Free irs tax forms 2011   If you have more than one business, but only one has a retirement plan, only the earned income from that business is considered for that plan. Free irs tax forms 2011 Employer. Free irs tax forms 2011   An employer is generally any person for whom an individual performs or did perform any service, of whatever nature, as an employee. Free irs tax forms 2011 A sole proprietor is treated as his or her own employer for retirement plan purposes. Free irs tax forms 2011 However, a partner is not an employer for retirement plan purposes. Free irs tax forms 2011 Instead, the partnership is treated as the employer of each partner. Free irs tax forms 2011 Highly compensated employee. Free irs tax forms 2011   A highly compensated employee is an individual who: Owned more than 5% of the interest in your business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or For the preceding year, received compensation from you of more than $115,000 (if the preceding year is 2012, 2013, or 2014) and, if you so choose, was in the top 20% of employees when ranked by compensation. Free irs tax forms 2011 Leased employee. Free irs tax forms 2011   A leased employee who is not your common-law employee must generally be treated as your employee for retirement plan purposes if he or she does all the following. Free irs tax forms 2011 Provides services to you under an agreement between you and a leasing organization. Free irs tax forms 2011 Has performed services for you (or for you and related persons) substantially full time for at least 1 year. Free irs tax forms 2011 Performs services under your primary direction or control. Free irs tax forms 2011 Exception. Free irs tax forms 2011   A leased employee is not treated as your employee if all the following conditions are met. Free irs tax forms 2011 Leased employees are not more than 20% of your non-highly compensated work force. Free irs tax forms 2011 The employee is covered under the leasing organization's qualified pension plan. Free irs tax forms 2011 The leasing organization's plan is a money purchase pension plan that has all the following provisions. Free irs tax forms 2011 Immediate participation. Free irs tax forms 2011 (This requirement does not apply to any individual whose compensation from the leasing organization in each plan year during the 4-year period ending with the plan year is less than $1,000. Free irs tax forms 2011 ) Full and immediate vesting. Free irs tax forms 2011 A nonintegrated employer contribution rate of at least 10% of compensation for each participant. Free irs tax forms 2011 However, if the leased employee is your common-law employee, that employee will be your employee for all purposes, regardless of any pension plan of the leasing organization. Free irs tax forms 2011 Net earnings from self-employment. Free irs tax forms 2011   For SEP and qualified plans, net earnings from self-employment is your gross income from your trade or business (provided your personal services are a material income-producing factor) minus allowable business deductions. Free irs tax forms 2011 Allowable deductions include contributions to SEP and qualified plans for common-law employees and the deduction allowed for the deductible part of your self-employment tax. Free irs tax forms 2011   Net earnings from self-employment does not include items excluded from gross income (or their related deductions) other than foreign earned income and foreign housing cost amounts. Free irs tax forms 2011   For the deduction limits, earned income is net earnings for personal services actually rendered to the business. Free irs tax forms 2011 You take into account the income tax deduction for the deductible part of self-employment tax and the deduction for contributions to the plan made on your behalf when figuring net earnings. Free irs tax forms 2011   Net earnings include a partner's distributive share of partnership income or loss (other than separately stated items, such as capital gains and losses). Free irs tax forms 2011 It does not include income passed through to shareholders of S corporations. Free irs tax forms 2011 Guaranteed payments to limited partners are net earnings from self-employment if they are paid for services to or for the partnership. Free irs tax forms 2011 Distributions of other income or loss to limited partners are not net earnings from self-employment. Free irs tax forms 2011   For SIMPLE plans, net earnings from self-employment is the amount on line 4 of Short Schedule SE or line 6 of Long Schedule SE (Form 1040), Self-Employment Tax, before subtracting any contributions made to the SIMPLE plan for yourself. Free irs tax forms 2011 Qualified plan. Free irs tax forms 2011   A qualified plan is a retirement plan that offers a tax-favored way to save for retirement. Free irs tax forms 2011 You can deduct contributions made to the plan for your employees. Free irs tax forms 2011 Earnings on these contributions are generally tax free until distributed at retirement. Free irs tax forms 2011 Profit-sharing, money purchase, and defined benefit plans are qualified plans. Free irs tax forms 2011 A 401(k) plan is also a qualified plan. Free irs tax forms 2011 Participant. Free irs tax forms 2011   A participant is an eligible employee who is covered by your retirement plan. Free irs tax forms 2011 See the discussions of the different types of plans for the definition of an employee eligible to participate in each type of plan. Free irs tax forms 2011 Partner. Free irs tax forms 2011   A partner is an individual who shares ownership of an unincorporated trade or business with one or more persons. Free irs tax forms 2011 For retirement plans, a partner is treated as an employee of the partnership. Free irs tax forms 2011 Self-employed individual. Free irs tax forms 2011   An individual in business for himself or herself, and whose business is not incorporated, is self-employed. Free irs tax forms 2011 Sole proprietors and partners are self-employed. Free irs tax forms 2011 Self-employment can include part-time work. Free irs tax forms 2011   Not everyone who has net earnings from self-employment for social security tax purposes is self-employed for qualified plan purposes. Free irs tax forms 2011 See Common-law employee and Net earnings from self-employment , earlier. Free irs tax forms 2011   In addition, certain fishermen may be considered self-employed for setting up a qualified plan. Free irs tax forms 2011 See Publication 595, Capital Construction Fund for Commercial Fishermen, for the special rules used to determine whether fishermen are self-employed. Free irs tax forms 2011 Sole proprietor. Free irs tax forms 2011   A sole proprietor is an individual who owns an unincorporated business by himself or herself, including a single member limited liability company that is treated as a disregarded entity for tax purposes. Free irs tax forms 2011 For retirement plans, a sole proprietor is treated as both an employer and an employee. Free irs tax forms 2011 Prev  Up  Next   Home   More Online Publications
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The Free Irs Tax Forms 2011

Free irs tax forms 2011 13. Free irs tax forms 2011   Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. Free irs tax forms 2011 A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). Free irs tax forms 2011 However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Free irs tax forms 2011 The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Free irs tax forms 2011 The gas guzzler tax is being paid on a one-time filing. Free irs tax forms 2011 The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Free irs tax forms 2011 How To Make Deposits Electronic deposit requirement. Free irs tax forms 2011   You must use electronic funds transfer to make excise tax deposits. Free irs tax forms 2011 Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Free irs tax forms 2011 If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. Free irs tax forms 2011 Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Free irs tax forms 2011   EFTPS is a free service provided by the Department of Treasury. Free irs tax forms 2011 Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Free irs tax forms 2011 To get more information about EFTPS or to enroll in EFTPS, visit www. Free irs tax forms 2011 eftps. Free irs tax forms 2011 gov or call 1-800-555-4477. Free irs tax forms 2011 Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Free irs tax forms 2011    Depositing on time. Free irs tax forms 2011 For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. Free irs tax forms 2011 m. Free irs tax forms 2011 Eastern time). Free irs tax forms 2011 You will automatically be enrolled in EFTPS when you apply for an EIN. Free irs tax forms 2011 You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Free irs tax forms 2011 When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Free irs tax forms 2011 The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. Free irs tax forms 2011 See Alternative method below. Free irs tax forms 2011 If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. Free irs tax forms 2011 Regular method. Free irs tax forms 2011   The deposit of tax for a semimonthly period is due by the 14th day following that period. Free irs tax forms 2011 Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. Free irs tax forms 2011 If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Free irs tax forms 2011 Alternative method (IRS Nos. Free irs tax forms 2011 22, 26, 27, and 28). Free irs tax forms 2011   Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. Free irs tax forms 2011 Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. Free irs tax forms 2011 The deposit of tax is due by the 3rd banking day after the 7th day of that period. Free irs tax forms 2011   For an example of the alternative method, see the Instructions for Form 720. Free irs tax forms 2011 To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. Free irs tax forms 2011 For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. Free irs tax forms 2011 The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). Free irs tax forms 2011 The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. Free irs tax forms 2011 See Uncollected Tax Report in chapter 4. Free irs tax forms 2011 The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. Free irs tax forms 2011 Special rule for deposits of taxes in September. Free irs tax forms 2011   See the Instructions for Form 720 for a special rule on deposits made in September. Free irs tax forms 2011 Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. Free irs tax forms 2011 Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Free irs tax forms 2011 Net tax liability. Free irs tax forms 2011   Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Free irs tax forms 2011 You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Free irs tax forms 2011 If you use this method, you must use it for all semimonthly periods in the calendar quarter. Free irs tax forms 2011 Do not reduce your liability by any amounts from Form 720X. Free irs tax forms 2011 Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Free irs tax forms 2011 Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. Free irs tax forms 2011 67%) of the net tax liability reported for the look-back quarter. Free irs tax forms 2011 For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Free irs tax forms 2011 23%), 10/90 (11. Free irs tax forms 2011 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Free irs tax forms 2011 Also, the total deposit for that semimonthly period must be at least 1/6 (16. Free irs tax forms 2011 67%) of the net tax liability reported for the look-back quarter. Free irs tax forms 2011 Exceptions. Free irs tax forms 2011   The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. Free irs tax forms 2011 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. Free irs tax forms 2011 Requirements to be met. Free irs tax forms 2011   For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. Free irs tax forms 2011    The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Free irs tax forms 2011 Tax rate increases. Free irs tax forms 2011   You must modify the safe harbor rule if there has been an increase in the rate of tax. Free irs tax forms 2011 You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Free irs tax forms 2011 To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Free irs tax forms 2011 Prev  Up  Next   Home   More Online Publications