How,Make,Sure,2004,Your,Best,a finance, share, loan How To Make Sure 2004 Is Your Best (Tax) Yea
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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 backand out of your life is to file your forms, payments andother paperwork on time.Over the next four months there are several key datesthat you dare not forget! Here they are -- all in one place,along with links to the IRS website PDF file for thatparticular form, where appropriate.NOTE: This article only addresses federal tax deadlines.Be sure to contact your state's tax department for theirdue dates.JANUARY:Thursday, Jan. 15PersonalIf you're pay quarterly estimated income tax payments,it's time to make the fourth-quarter payment for 2003via Form 1040-ES.http://www.irs.gov/pub/irs-fill/f1040e03.pdfBusinessIf you have employees, you must make the federal payrolltax payment for December 2003 by today (assuming you areon the monthly deposit schedule).You use Form 8109 (found in the little yellow couponbook) or the IRS Electronic Federal Tax Payment System(EFTPS).FEBRUARY:Monday, Feb. 2BusinessNormally, 4th quarter and year-end payroll tax returnsare due by January 31 of the following year. In 2004,since January 31 falls on a Saturday, the due date isextended until the next business day -- Feb. 2.Here's an overview of the 4 most common federalpayroll-related forms due today:1. Form W-2 (for your employees)http://www.irs.gov/pub/irs-pdf/fw2_03.pdfIf you mail the W-2's, the postmark must be on or beforeFeb 2, 2004.You may also be a recipient of a W-2 (if you work asan 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 Feb. 2.2. Form 941 (for payroll tax)http://www.irs.gov/pub/irs-fill/f941_a.pdf 3. Form 940 (for unemployment tax)http://www.irs.gov/pub/irs-fill/f940.pdf4. Form 1099-MISCIf you paid any independent contractors at least $600in 2003, you must send each one a 1099 by Feb. 2.http://www.irs.gov/pub/irs-pdf/f1099m03.pdfTip: if the independent contractor is a corporation,you usually don't have to issue a 1099. The main purposeof the 1099 is to track payments to Sole Proprietors,i.e. unincorporated self-employed people.Tuesday, Feb. 17If you have employees, you must make the federal payrolltax payment for January 2004 by today (assuming you areon the monthly deposit schedule).This is another example of the automatic due date extensionrule: if a federal due date falls on a Saturday, Sunday,or holiday, the due date is extended to the next businessday. (Feb. 15 is a Sunday and Feb. 16 is a holiday.)MARCH:BusinessMonday, March 1If you prepared any W-2's or 1099's (mentioned above),today is the deadline for sending a copy of thoseforms to the IRS.Form W-3 is sent to the IRS, along with Copy A of anyForms W-2 you issued.http://www.irs.gov/pub/irs-pdf/fw3_03.pdfForm 1096 is sent to the IRS, along with Copy A of anyForms 1099-MISC you issued. http://www.irs.gov/pub/irs-fill/f1096_03.pdfMonday, March 15Today is a big day if your business is a corporation.Form 1120 -- the annual corporate income tax returnfor regular "C" corporations.http://www.irs.gov/pub/irs-fill/f1120.pdfForm 1120S -- the annual corporate income tax returnfor "S" corporations.http://www.irs.gov/pub/irs-fill/f1120s.pdfForm 7004 -- if you can't file Form 1120 or 1120Sby today, here's a tip: just file Form 7004 byMarch 15 and you are granted an automatic,no-questions-asked 6-month extension of timeto file the return (i.e. until Sept. 15, 2004)http://www.irs.gov/pub/irs-fill/f7004.pdfForm 2553 -- if you want your corporation tobe treated like an "S" corporation for thefirst time, today is the deadline for tellingthe IRS that you want to be an "S" corp beginningwith calendar year 2004.http://www.irs.gov/pub/irs-fill/f2553.pdfAlso, If you have employees, you must make the federalpayroll tax payment for February 2004 by today(assuming you are on the monthly deposit schedule).APRIL:Thursday, April 15Ah, yes, the most famous tax deadline of all.Form 1040http://www.irs.gov/pub/irs-fill/f1040.pdfAnd if you are a Sole Proprietor, don't forget that you mustfile several business-related tax forms with your Form1040. The most commonly used tax forms for the self-employedperson include:Schedule C (to report your business income and expenses)http://www.irs.gov/pub/irs-fill/f1040sc.pdfSchedule SE (for self-employment tax)http://www.irs.gov/pub/irs-fill/f1040sse.pdfForm 4562 (to deduct equipment and other depreciableproperty)http://www.irs.gov/pub/irs-fill/f4562.pdfForm 8829 (to deduct a home office)http://www.irs.gov/pub/irs-fill/f8829.pdfNeed more time to prepare your personal tax return?Go no further than Form 4868, which grants an automaticno-questions-asked 4-month extension to file the return.http://www.irs.gov/pub/irs-fill/f4868.pdfNOTE: this is only an extension of time to file the return,not an extension to pay any tax due. So if you thinkyou might owe, it may be wise to estimate what you oweand send in a payment with Form 4868; otherwise you mayhave to pay extra in late payment penalties and interest.Form 1065If your business is a Partnership or Limited LiabilityCompany (LLC), today is also your lucky day to file theannual business income tax return -- via Form 1065.http://www.irs.gov/pub/irs-fill/f1065.pdfForm 8736http://www.irs.gov/pub/irs-fill/f8736.pdfTo get an automatic 3-month extension of time to fileForm 1065, file Form 8736 on or before April 15.As if April 15 wasn't already painful enough, it's alsothe deadline for the first quarter estimated tax paymentfor Year 2004:Personal -- Form 1040-ES.http://www.irs.gov/pub/irs-pdf/f1040es.pdfCorporate -- Form 1120-Whttp://www.irs.gov/pub/irs-fill/f1120w.pdfAnd if you're an employer, yup, it's time for yet anothermonthly federal payroll tax deposit -- for March 2004.Friday, April 30Form 941 is due for the 1st quarter 2004.http://www.irs.gov/pub/irs-fill/f941_a.pdfForm 940 federal unemployment tax deposit is due today,if your first quarter liability exceeds $100.Had enough? OK, OK. I'll stop here. That should get you through the first four months ofthe year.For more tax resources, here's a few more links:Looking for a federal tax form?http://www.irs.gov/formspubs/index.htmlLooking for a state tax form?http:/ axes.yahoo.com/stateforms.htmlIRS Website for Small Business & the Self-Employedhttp://www.irs.gov/businesses opic/index.htmlTax calendar for the entire Year 2004http://www.taxmama.com axcalendar.html Article Tags: Have Employees, Must Make, Monthly Deposit, File Form
How,Make,Sure,2004,Your,Best,a