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Taxes For Students

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Taxes For Students

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

Taxes for students Publication 583 - Additional Material Prev  Up  Next   Home   More Online Publications