ITG FAQ #9 Answer-What are my filing requirements if I own a business?

The filing requirements for business owners depend upon the type of business (sole proprietorship, partnership, corporation, S Corporation). Also, if you have employees, you are required to file employment tax related returns. Listed below are common forms and due dates businesses are subject to:

 

Business/Tax type THEN use Form: Filing Due Date
Sole proprietorship

 
1040 and Schedule C or C-EZ April 15th

 
Partnership
 
1065
 
April 15th; for fiscal year partnerships the return is due on the 15th day of the fourth month after close of the tax year
Corporations


 

1120 or 1120-A (corporation)

1120S (S corporation)

March 15th; for fiscal year corporations the return is due on the 15th day of the third month after close of tax year
 
Self-employment tax Schedule SE April 15th, filed with 1040 and Schedule C or C-EZ
Estimated tax (sole proprietor business) 1040-ES Quarterly-April 15th, June 15th, September 15th, January 15th
Estimated tax (corporations) 1120-W
 
15th day of 4th, 6th, 9th, and 12th months of corporation's tax year
Social security and Medicare taxes and income tax withholding on employee's wages

941

Form 941: quarterly, Deposits due dependant upon tax liability, refer to Publication 15, Employer's Tax Guide, for detailed information
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)

Provide to employee by January 31st
Provide to Social Security Administration by February 28th (March 31st if filed electronically)




 

Federal unemployment Tax (FUTA)


 

940

January 31st
 
Filing information returns for payments to nonemployees and transactions with other persons 1099-MISC Provide to recipient by January 31st

All 1099-MISC forms with payments in box 7 (non-employee compensation) are due to the IRS by January 31st. File other paper Forms 1099-MISC with the IRS by February 28th, (March 31st if filed electronically).

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