Small Business Taxes: 2009 Tax Season Filing Checklist -

Details for Small Business Taxes: 2009 Tax Season Filing Checklist

ID:	1619
Author:	wmdctp
Title:	Small Business Taxes: 2009 Tax Season Filing Checklist
Article:	Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a new tax season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time. Over the next four months there are several key dates you dare not forget. Here they are -- all in one place, along with links to the IRS PDF file for that particular form. NOTE: This 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, because if a due date falls on a Saturday, Sunday, or federal holiday, then the due date is moved to the next business day. JANUARY Thursday, January 15 Business If you have employees, you must make the federal payroll tax payment for December 2008 by today (assuming you are on the monthly deposit schedule). Use Form 8109 (found in the little yellow coupon book) or the IRS Electronic Federal Tax Payment System (EFTPS). Personal If you pay quarterly estimated income tax payments, it's time to make the 2008 fourth-quarter payment via Form 1040-ES. http://www.irs.gov/pub/irs-pdf/f1040es.pdf FEBRUARY Monday, February 2 Business 4th quarter and year-end payroll tax returns are due. Here's an overview of the 4 most common federal payroll-related forms due today: 1. Form W-2 (for your employees) http://www.irs.gov/pub/irs-pdf/fw2.pdf If you mail the W-2's to your employees, the postmark must be on or before February 2, 2009. You may also be a recipient of a W-2 (if you work as an employee for someone else), so don't give your employer a hard time unless the W-2 is postmarked, or delivered in person, later than February 2. 2. Form 941 (for payroll tax) http://www.irs.gov/pub/irs-pdf/f941.pdf 3. Form 940 (for unemployment tax) http://www.irs.gov/pub/irs-pdf/f940.pdf 4. Form 1099-MISC If you paid any independent contractors at least $600 in 2008, you must send each one a 1099 by February 2. http://www.irs.gov/pub/irs-pdf/f1099msc.pdf Tip: if the independent contractor is a corporation, you usually don't have to issue a 1099. The main purpose of the 1099 is to track payments to Sole Proprietors, i.e. unincorporated self-employed people. Tuesday, Feb. 17 If you have employees, you must make the federal payroll tax payment for January 2009 by today (assuming you are on the monthly deposit schedule). MARCH Monday, March 2 If you prepared any W-2's or 1099's (mentioned above), today is the deadline for sending a copy of those forms to the IRS. Form W-3 is sent to the IRS, along with Copy A of any Forms W-2 you issued. http://www.irs.gov/pub/irs-pdf/fw3.pdf Form 1096 is sent to the IRS, along with Copy A of any Forms 1099-MISC you issued. http://www.irs.gov/pub/irs-pdf/f1096.pdf Monday, March 16 Today is a big day if your business is a corporation. Form 1120 -- the annual corporate income tax return for regular "C" corporations. http://www.irs.gov/pub/irs-pdf/f1120.pdf Form 1120S -- the annual corporate income tax return for "S" corporations. http://www.irs.gov/pub/irs-pdf/f1120s.pdf Form 7004 -- if you can't file Form 1120 or 1120S by today, here's a tip: just file Form 7004 by March 15 and you are granted an automatic, no-questions-asked 6-month extension of time to file the return (i.e. until Sept. 15, 2009) http://www.irs.gov/pub/irs-pdf/f7004.pdf Form 2553 -- if you want your corporation to be treated like an "S" corporation for the first time, today is the deadline for telling the IRS that you want to be an "S" corporation beginning with calendar year 2009. http://www.irs.gov/pub/irs-pdf/f2553.pdf Also, if you have employees, you must make the federal payroll tax payment for February 2009 by today (assuming you are on the monthly deposit schedule). APRIL: Wednesday, April 15 Ah, yes, the most famous tax deadline of all. Form 1040 http://www.irs.gov/pub/irs-pdf/f1040.pdf And if you are a Sole Proprietor, don't forget that you must file several business-related tax forms with your Form 1040. The most commonly used tax forms for the self-employed person include: Schedule C (to report your business income and expenses) http://www.irs.gov/pub/irs-pdf/f1040sc.pdf Schedule SE (for self-employment tax) http://www.irs.gov/pub/irs-pdf/f1040sse.pdf Form 4562 (to deduct equipment and other depreciable property) http://www.irs.gov/pub/irs-pdf/f4562.pdf Form 8829 (to deduct a home office) http://www.irs.gov/pub/irs-pdf/f8829.pdf Need more time to prepare your personal tax return? Go no further than Form 4868, which grants an automatic no-questions-asked 6-month extension to file the return. http://www.irs.gov/pub/irs-pdf/f4868.pdf NOTE: this is only an extension of time to file the return, not an extension to pay any tax due. So if you think you might owe, it may be wise to estimate what you owe and send in a payment with Form 4868; otherwise you may have to pay extra in late payment penalties and interest. Form 1065 If your business is a Partnership or Limited Liability Company (LLC) being taxed as a partnership, today is also your lucky day to file the annual business income tax return -- via Form 1065. http://www.irs.gov/pub/irs-pdf/f1065.pdf Form 7004 To get an automatic 6-month extension of time to file Form 1065, file Form 7004 on or before April 15. http://www.irs.gov/pub/irs-pdf/f7004.pdf As if April 15 wasn't already painful enough, it's also the deadline for the first quarter estimated tax payment for Year 2009. Personal -- Form 1040-ES. http://www.irs.gov/pub/irs-pdf/f1040es.pdf Corporate -- Form 1120-W http://www.irs.gov/pub/irs-pdf/f1120w.pdf And if you're an employer, yup, it's time for yet another monthly federal payroll tax deposit -- for March 2009. Thursday, April 30 Form 941 is due for the 1st quarter 2009. http://www.irs.gov/pub/irs-pdf/f941.pdf Form 940 federal unemployment tax deposit is due today, if your first quarter liability exceeds $500. Use Form 8109 or EFTPS. Had enough? OK, I'll stop. That should get you through the first four months of the year. For more tax resources, here's a few more links: Looking for a federal tax form? http://www.irs.gov/formspubs/index.html Looking for a state tax form? http://www.taxadmin.org/fta/link/forms.html IRS Website for Small Business the Self-Employed. http://www.irs.gov/businesses/small/index.html About the author of this article: wayne m. davies is author of 3 tax ebooks: how to incorporate your small business for free , incorporation tax secrets revealed , and the small business tax reduction toolkit . for a free copy of his special report "how to instantly double your deductions", visit www.yousaveontaxes.com.
Category:	Business: Small-Business
Date:	December 17, 2008 12:02:58 AM

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