How To Keep The IRS Off Your Back And Out Of Your Life In 2006 - 0 views
started by Cantu Ploug on 23 Sep 13
started by Cantu Ploug on 23 Sep 13
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Sorry to crash your celebration, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a modest business owner or self-employed individual, a single of the easiest techniques to preserve Uncle Sam off your back and out of your life is to file your types, payments and other paperwork on time.
More than the next four months there are many key dates that you dare not forget! Right here they are -- all in one place, along with links to the IRS webpage PDF file for that unique kind, exactly where appropriate.
NOTE: This short article only addresses federal tax deadlines. Be sure to contact your state's tax department for their due dates.
Also, the calendar is adjusted for Saturdays, Sundays and federal holidays, simply because if a due date falls on a Saturday, Sunday, or federal holiday, then the due date is moved to the next organization day.
JANUARY:
Tuesday, Jan. 17
Individual
If you spend quarterly estimated income tax payments,
it's time to make the fourth-quarter payment for 2005
by means of Kind 1040-ES.
you have workers, you ought to make the federal payroll
tax payment for December 2005 by right now (assuming you are
on the month-to-month deposit schedule).
You use Form 8109 (found in the small yellow coupon
book) or the IRS Electronic Federal Tax Payment Method
(EFTPS).
Tuesday, Jan. 31
Home business
4th quarter and year-end 2005 payroll tax returns are due by January 31, 2006.
Here's an overview of the 4 most popular federal payroll-connected forms due today:
1. Type W-2 (for your employees) you mail the W-2's, the postmark must be on or ahead of January 31, 2006.
You may very well also be a recipient of a W-two (if you work as an employee for a person else), so do not give your employer a hard time unless the W-two is postmarked, or delivered in individual, later than January 31.
2. To get supplementary information, we know people check-out: rate us online. To get alternative viewpoints, we know people check out: quality pool tile cleaning orange county. Kind 941 (for payroll tax) Form 940 (for unemployment tax) Type 1099-MISC
If you paid any independent contractors at least $600 in 2005, you must send each and every 1 a 1099 by January 31. if the independent contractor is a corporation, you ordinarily do not have to issue a 1099. The major objective of the 1099 is to track payments to Sole Proprietors, i.e. unincorporated self-employed people.
FEBRUARY:
Wednesday, Feb. 15
If you have workers, you need to make the federal payroll tax payment for January 2006 by today (assuming you are on the monthly deposit schedule).
Tuesday, February 28
If you prepared any W-2's or 1099's (described above), these days is the deadline for sending a copy of these types to the IRS.
Form W-3 is sent to the Social Security Administration, along with Copy A of any Forms W-two you issued. 1096 is sent to the IRS, along with Copy A of any Forms 1099-MISC you issued. March 15
Right now is a huge day if your enterprise is a corporation.
Kind 1120 -- the annual corporate income tax return for typical "C" corporations. 1120S -- the annual corporate revenue tax return for "S" corporations. Be taught further on our favorite related link - Click here: visit. 7004 -- if you cannot file Kind 1120 or 1120S by now, here's a tip: just file Kind 7004 by
March 15 and you are granted an automatic, no-questions-asked six-month extension of time to file the return (i.e. until Sept. 15, 2006) 2553 -- if you want your corporation to be treated like an "S" corporation for the 1st time, at present is the deadline for telling the IRS that you want to be an "S" corp beginning with calendar year 2006. If you have workers, you have to make the federal payroll tax payment for February 2006 by these days (assuming you are on the month-to-month deposit schedule).
APRIL:
Monday, April 17
Ah, yes, the most famous tax deadline of all.
Type 1040
if you are a Sole Proprietor, don't neglect that you need to file a variety of small business-associated tax forms with your Form 1040. The most normally employed tax forms for the self-employed individual consist of:
Schedule C (to report your home business revenue and costs) SE (for self-employment tax) 4562 (to deduct equipment and other depreciable property) 8829 (to deduct a dwelling office) way more time to prepare your individual tax return? Go no additional than Type 4868, which grants an automatic no-queries-asked 4-month extension to file the return. Browse here at pool tile cleaning in orange county to study why to provide for this thing. this is only an extension of time to file the return, not an extension to pay any tax due. So if you think you may possibly owe, it will probably be sensible to estimate what you owe and send in a payment with Kind 4868 otherwise you can have to pay extra in late payment penalties and interest.
Kind 1065
If your organization is a Partnership or Restricted Liability Provider (LLC), these days is also your lucky day to file the annual business enterprise income tax return -- through Kind 1065. 8736
To get an automatic three-month extension of time to file Kind 1065, file Kind 8736 on or before April 17. if April 17 wasn't currently painful sufficient, it's also the deadline for the first quarter estimated tax payment for Year 2006:
Private -- Kind 1040-ES. -- Type 1120-W
if you're an employer, yup, it is time for however a further monthly federal payroll tax deposit -- for March 2006.
Will probably:
Monday, Might possibly 1
Form 941 is due for the 1st quarter 2006. 940 federal unemployment tax deposit is due presently, if your initial quarter liability exceeds $500.
Had adequate? OK, OK. I will quit here.
That must get you by means of the initially four months of the year.
For a lot more tax sources, here's a couple of far more hyperlinks:
Seeking for a federal tax kind?
for a state tax kind?
Web page for Compact Online business & the Self-Employed.