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Free Tax E File

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Free Tax E File

Free tax e file Tax Changes for Businesses Table of Contents 2001 ChangesNew 5-Year Carryback Rule for Net Operating Losses (NOLs) Electronic Form 1099 Tax Incentives for New York Liberty Zone Other 2001 Changes 2002 ChangesNonaccrual-Experience Method Issuance of Qualified Zone Academy Bonds Depletion Work Opportunity Credit Expanded in New York Liberty Zone Credit For Pension Plan Startup Costs Welfare-to-Work Credit Extended Work Opportunity Credit Extended Electric and Clean-Fuel Vehicles Renewable Electricity Production Credit Later ChangesSpecial Depreciation Allowance Extension of Placed in Service Date Special Liberty Zone Depreciation Allowance for New and Used Property Depreciation of Property Used on Indian Reservations Indian Employment Credit Extended 2001 Changes New 5-Year Carryback Rule for Net Operating Losses (NOLs) If you have an NOL from a tax year ending during 2001 or 2002, you must generally carry back the entire amount of the NOL to the 5 tax years before the NOL year (the carryback period). Free tax e file However, you can still choose to use the previous carryback period. Free tax e file You also can choose not to carry back an NOL and only carry it forward. Free tax e file Individuals, estates, and trusts can file Form 1045, Application for Tentative Refund. Free tax e file Corporations can file Form 1139, Corporation Application for Tentative Refund. Free tax e file The instructions for these forms will be revised to reflect the new law. Free tax e file Electronic Form 1099 For tax years ending after March 9, 2002, most Forms 1099 can be furnished electronically if the recipient consents, according to IRS regulations, to receive it that way. Free tax e file Tax Incentives for New York Liberty Zone New tax benefits are provided for the parts of New York City damaged in the terrorist attacks on September 11, 2001. Free tax e file These benefits apply to the newly created New York Liberty Zone, which is the area located on or south of Canal Street, East Broadway (east of its intersection with Canal Street), or Grand Street (east of its intersection with East Broadway), in the Borough of Manhattan. Free tax e file Tax benefits for the New York Liberty Zone include the following. Free tax e file A special depreciation allowance equal to 30% of the adjusted basis of qualified Liberty Zone property. Free tax e file It is allowed for the year the property is placed in service. Free tax e file No alternative minimum tax depreciation adjustment for qualified Liberty Zone property. Free tax e file Classification of Liberty Zone leasehold improvement property as 5-year property. Free tax e file Authorization of the issuance of tax-exempt New York Liberty bonds to finance the acquisition, construction, reconstruction, and renovation of nonresidential real property, residential rental property, and public utility property in the Liberty Zone. Free tax e file An increased section 179 deduction for certain Liberty Zone property. Free tax e file Extension of the replacement period from 2 years to 5 years for certain property involuntarily converted as a result of the terrorist attacks on September 11, 2001, but only if substantially all of the use of the replacement property is in New York City. Free tax e file For more information about involuntary conversions, see Postponement of Gain in Publication 547, Casualties, Disasters, and Thefts. Free tax e file In addition, for 2002 and 2003, the work opportunity credit is expanded by creating a new targeted group, consisting generally of employees who work in the Liberty Zone or, in certain cases, in New York City outside the Liberty Zone. Free tax e file For more information, see Work Opportunity Credit Expanded in New York Liberty Zone under 2002 Changes, later. Free tax e file For more information about the 30% special depreciation allowance, Liberty Zone leasehold improvement property, or increased section 179 deduction, see New York Liberty Zone Benefits, in chapter 5. Free tax e file In addition, the tax benefits for the Liberty Zone will be covered in a new edition of Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, available later in 2002. Free tax e file Other 2001 Changes Other changes are discussed in the following chapters. Free tax e file Chapter 4 Car Expenses Chapter 5 Depreciation 2002 Changes Nonaccrual-Experience Method Under current law, if you perform services and use an accrual method of accounting, you do not accrue income which, based on experience, you expect to be uncollectible. Free tax e file Beginning in 2002, this rule only applies if you perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, and consulting, or your average annual gross receipts for the 3 prior tax years does not exceed $5,000,000. Free tax e file As under current law, the nonaccrual-experience method will not apply to amounts on which you charge interest or a late payment penalty. Free tax e file For more information, see Nonaccrual-Experience Method in chapter 11 of Publication 535, Business Expenses. Free tax e file Issuance of Qualified Zone Academy Bonds State and local governments issue qualified zone academy bonds to raise funds for the use of qualified zone academies. Free tax e file The amount of bonds that may be issued was limited to $400 million each year for 1998, 1999, 2000, and 2001. Free tax e file This provision has been extended to provide for an additional $400 million of bonds to be issued each year for 2002 and 2003. Free tax e file For more information about qualified zone academy bonds, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax e file Depletion The suspension of the taxable income limit on percentage depletion from the marginal production of oil and natural gas that was scheduled to expire for tax years beginning after 2001 has been extended to tax years beginning before 2004. Free tax e file For more information on marginal production, see section 613A(c) of the Internal Revenue Code. Free tax e file Work Opportunity Credit Expanded in New York Liberty Zone The work opportunity credit is expanded to include a new targeted group consisting generally of employees who perform substantially all their services: In the New York Liberty Zone (defined earlier under Tax Incentives for New York Liberty Zone, under 2001 Changes), or Elsewhere in New York City for a business that relocated from the Liberty Zone due to the destruction or damage of its place of business by the September 11, 2001, terrorist attack. Free tax e file The credit is available to employers for wages paid to new employees and existing employees for work performed during 2002 or 2003. Free tax e file Certain limits apply. Free tax e file For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax e file Credit For Pension Plan Startup Costs The credit for pension plan startup costs is now allowed for plans that become effective after December 31, 2001. Free tax e file Previously, the credit was only allowed for plans established after December 31, 2001. Free tax e file For more information on the credit, see Important Changes for 2002 in Publication 560, Retirement Plans for Small Business. Free tax e file Welfare-to-Work Credit Extended The welfare-to-work credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax e file For more information on the welfare-to-work credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax e file Work Opportunity Credit Extended The work opportunity credit that was scheduled to expire for wages paid to individuals who began working for you after 2001 has been extended to include wages paid to qualified individuals who begin work for you in 2002 or 2003. Free tax e file For more information about the work opportunity credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax e file Electric and Clean-Fuel Vehicles The maximum clean-fuel vehicle deduction and qualified electric vehicle credit were scheduled to be 25% lower for 2002 and both were scheduled to be phased out completely by 2005. Free tax e file The full deduction and credit are now allowed for qualified property placed in service in 2002 and 2003. Free tax e file The phaseout of the deduction and the credit will begin in 2004, and no deduction or credit will be allowed for property placed in service after 2006. Free tax e file For more information about electric and clean-fuel vehicles, see chapter 12 in Publication 535, Business Expenses. Free tax e file Renewable Electricity Production Credit The renewable electricity production credit is extended to include electricity produced by facilities placed in service after 2001 and before 2004. Free tax e file Later Changes Special Depreciation Allowance You can claim the special depreciation allowance (an additional 30% depreciation deduction) for new property that you acquire before September 11, 2004, and place in service for your business generally before January 1, 2005, if you meet the other requirements for qualified property covered in chapter 5. Free tax e file Accordingly, you will generally no longer be able to claim the special depreciation allowance for the qualified property if you acquire it after September 10, 2004, or place it in service for your business after December 31, 2004. Free tax e file However, you will be able to claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for most qualified property if you place it in service in the Liberty Zone after December 31, 2004, and generally before January 1, 2007, provided you meet the other requirements for qualified Liberty Zone property covered in chapter 5. Free tax e file Extension of Placed in Service Date To qualify for the special depreciation allowance, your property must meet certain tests, including the placed in service date test, as well as the other requirements covered in chapter 5 of this publication. Free tax e file To meet the placed in service date test, your property must generally be placed in service for use in your trade or business or for the production of income after September 10, 2001, and before January 1, 2005. Free tax e file However, certain property placed in service before January 1, 2006, may meet this test. Free tax e file Transportation property and property with a recovery period of 10 years or longer meet the test if one of the following applies. Free tax e file The property has an estimated production period of more than 2 years. Free tax e file The property has an estimated production period of more than 1 year and it costs more than $1 million. Free tax e file Transportation property is any tangible personal property used in the trade or business of transporting persons or property. Free tax e file For property that qualifies for the special depreciation allowance solely because of the one-year extension of the placed in service date, only the part of the basis attributable to manufacture, construction, or production before September 11, 2004, is eligible for the special depreciation allowance. Free tax e file Special Liberty Zone Depreciation Allowance for New and Used Property You can claim the special Liberty Zone depreciation allowance (an additional 30% depreciation deduction) for used property that you acquire after September 10, 2001, if the property meets the requirements listed under Qualified Liberty Zone Property in chapter 5 of this publication. Free tax e file You will be able to claim the allowance for both new and used property that you acquire after September 10, 2004, provided the property meets the other requirements for qualified Liberty Zone property. Free tax e file Depreciation of Property Used on Indian Reservations The special depreciation rules that apply to qualified property used on an Indian reservation were scheduled to expire for property placed in service after 2003. Free tax e file These special rules have been extended to include property placed in service in 2004. Free tax e file For more information about these rules, see Publication 946, How To Depreciate Property. Free tax e file Indian Employment Credit Extended The Indian employment credit that was scheduled to expire for tax years beginning after 2003 has been extended to include a tax year beginning in 2004. Free tax e file For more information about this credit, see Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities. Free tax e file Prev  Up  Next   Home   More Online Publications
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Understanding Your CP232C Notice

We denied your request to extend the time to file Form 5330 because your Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, wasn't signed or was signed by someone who wasn’t authorized.


What you need to do

  • File Form 5330 or a correct Form 5558 by the due date of the Form 5330. If Form 5330 is filed after the due date of the return (including any extension), the return will be considered late and subject to late filing penalties.

You may want to


Answers to Common Questions

Q. Where can I go for more information about Employee Benefit Plans?

A. For more information on Employee Benefit Plans, see Retirement Plans Community.

Q. Can I get help over the phone?

A. If you have questions and/or need help, please call 1-877-829-5500. Personal assistance is available Monday through Friday, 7:00 a.m. to 7:00 p.m. CT.

 


Tips for next year

  • Be sure to sign and mail your Form 5558 on or before the due date of your return.
  • Review the Form 5558 resources at Form 5500 Corner.

 

Page Last Reviewed or Updated: 27-Jan-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The Free Tax E File

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