How To Keep The GOVERNMENT Off Your Back And Out Of Your Life-in 2006

Over the next four months there are numerous important dates that you dare not forget! Here they're -- all-in one place, alongside links to the IRS web site PDF file for that particular for.. Sorry to crash your party, but as we bring in the New-year, it is also time to bring in a New Tax Season. Being a small business operator or self-employed person, among the easiest ways to keep Uncle Sam off your back and out of your life is always to report your kinds, obligations and other paperwork promptly. Within the next four months there are numerous key appointments that you dare not forget! Here they are -- all in one place, along with links to the IRS web site PDF document for that particular kind, where appropriate. NOTE: This short article only addresses national tax deadlines. Make sure you contact your state's tax department for their due dates. Since in case a due date falls o-n a Saturday, Sunday, or federal holiday, then the due date is moved to the next business day, also, the calendar is altered for Sundays, Saturdays and federal holidays. JANUARY: Tuesday, Jan. 17 Individual If you pay quarterly estimated payments to income, It is the right time to make the fourth-quarter payment for 2005 via Form 1040-ES. http://www.irs.gov/pub/irs-pdf/f1040es.pdf Business If you've employees, you must make the federal payroll tax payment for December 2005 by to-day (assuming you are On-the regular deposit routine). You utilize Form 8109 (within the tiny yellow promotion book) or the IRS E-lectronic Federal Tax Payment System (EFTPS). Wednesday, Jan. 31 Business 4th quarter and year-end 2005 payroll tax returns are due by January 31, 2006. Here is an overview of the 4 most common national payroll-related forms due today: 1. Form W-2 (for the employees) http://www.irs.gov/pub/irs-pdf/fw2.pdf If you send the W-2's, the postmark must be on or before January 3-1, 2006. You are often an individual of the W-2 (if you work as an employee for someone else), therefore don't give your employer difficulty until the W-2 is postmarked, or delivered personally, later than January 3-1. 2. Sort 941 (for payroll tax) http://www.irs.gov/pub/irs-pdf/f941.pdf 3. Form 940 (for un-employment tax) http://www.irs.gov/pub/irs-pdf/f940.pdf 4. Sort 1099-MISC If you paid at the least $600 to any independent contractors in 2005, you must send a 1099 to every one by January 31. http://www.irs.gov/pub/irs-pdf/f1099msc.pdf Tip: if the in-dependent contractor is a business, you generally don't need certainly to issue a 1099. The primary reason for the 1099 is to track funds to Sole Proprietors, i.e. unincorporated self-employed people. FEBRUARY: Thursday, Feb. 15 If you have employees, you must 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 (mentioned previously), to-day is the contract for sending a copy of these types to the IRS. Form W-3 is provided for the Social Security Administration, alongside Copy An of any Forms W-2 you released. http://www.irs.gov/pub/irs-pdf/fw3.pdf Form 1096 is delivered to the IRS, alongside Copy An of any Forms 1099-MISC you released. http://www.irs.gov/pub/irs-pdf/f1096_04.pdf MARCH: Business Wednesday, March 1-5 To-day is a wedding day if your business is a company. Sort 1120 -- the annual corporate tax reunite for regular 'C' corporations. http://www.irs.gov/pub/irs-pdf/f1120.pdf Form 1120S -- the annual corporate tax get back for 'S' corporations. http://www.irs.gov/pub/irs-pdf/f1120s.pdf Form 7004 -- if you're able to not file Form 1120 or 1120S by today, here is a tip: only file Form 7004 by March 15 and you're given an automatic, no-questions-asked 6-month extension of time to file the return (i.e. until Sept. 15, 2006) http://www.irs.gov/pub/irs-pdf/f7004.pdf Kind 2553 -- if you want your corporation to be treated like an 'S' corporation for the first time, today may be the contract for showing the IRS that you want to-be an 'S' corp beginning with twelve months 2006. http://www.irs.gov/pub/irs-pdf/f2553.pdf Also, If you've employees, you must make the federal payroll tax cost for February 2006 by today (assuming you're on-the monthly deposit routine). APRIL: Wednesday, April 17 Oh, yes, one of the most famous tax contract of all. Sort 1040 http://www.irs.gov/pub/irs-pdf/f1040.pdf And if you're a Sole Proprietor, do not forget that you must report many business-related tax forms along with your Form 1040. Clicking like us on facebook seemingly provides warnings you might give to your boss. One of the most widely used tax forms for your self-employed person include: Schedule C (to record your business income and expenditures) 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 take a house office) http://www.irs.gov/pub/irs-pdf/f8829.pdf Need additional time to organize your individual tax return? Go no further than Form 4868, which allows a computerized no-questions-asked 4-month extension to file the return. http://www.irs.gov/pub/irs-pdf/f4868.pdf NOTE: that is only an extension of time to file the return, no extension to pay any tax due. Therefore if you think you may owe, it may be wise to estimate what you owe and outline a payment with Form 4868; otherwise you may have to pay additional in late payment charges and interest. Form 1065 If your business is really a Partnership or Limited Liability Company (LLC), to-day is also your lucky day to file the annual business income tax get back -- via Form 1065. http://www.irs.gov/pub/irs-pdf/f1065.pdf Kind 8736 To get a computerized 3-month extension of time to file Form 1065, file Form 8736 on or before April 17. http://www.irs.gov/pub/irs-pdf/f8736.pdf As though April 1-7 wasn't already uncomfortable enough, it's also the contract for the first quarter estimated tax cost for Year 2006: Private -- 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 are a company, yup, it's time for still another monthly federal payroll tax deposit -- for March 2006. MAY: Monday, Might 1 Form 941 is born for the first quarter 2006. http://www.irs.gov/pub/irs-pdf/f941.pdf Sort 940 federal un-employment tax deposit is due to-day, in case your first quarter liability exceeds $500. Had enough? OK, OK. I will stop here. That should enable you to get through the first four weeks of the year. For more tax resources, here is a few more links: Buying federal tax form? http://www.irs.gov/formspubs/index.html Buying a state tax form? http://taxes.yahoo.com/stateforms.html http://www.taxadmin.org/fta/link/forms.html GOVERNMENT Web site for Business & the Self-Employed http://www.irs.gov/smallbiz.

How To Keep The IRS Off Your Right back And Out Of Your Life In 2006