| > | | | | Form 1096 is sent to the IRS, along with Copy A |
| Sorry to crash your party, but as we bring in the | | | | of any |
| New Year,it's also time to bring in a New Tax | | | | Forms 1099-MISC you issued. |
| Season. | | | | Monday, March 15 |
| As a small business owner or self-employed | | | | Today is a big day if your business is a |
| person,one of the easiest ways to keep Uncle | | | | corporation. |
| Sam off your backand out of your life is to file | | | | Form 1120 -- the annual corporate income tax |
| your forms, payments andother paperwork on | | | | returnfor regular "C" corporations. |
| time. | | | | Form 1120S -- the annual corporate income tax |
| Over the next four months there are several key | | | | returnfor "S" corporations. |
| datesthat you dare not forget! Here they are -- all | | | | Form 7004 -- if you can't file Form 1120 or |
| in one place,along with links to the IRS website | | | | 1120Sby today, here's a tip: just file Form 7004 |
| PDF file for thatparticular form, where appropriate. | | | | by |
| NOTE: This article only addresses federal tax | | | | March 15 and you are granted an |
| deadlines. | | | | automatic,no-questions-asked 6-month extension |
| Be sure to contact your state's tax department | | | | of timeto file the return (i.e. until Sept. 15, 2004) |
| for theirdue dates. | | | | Form 2553 -- if you want your corporation tobe |
| JANUARY: | | | | treated like an "S" corporation for thefirst time, |
| Thursday, Jan. 15 | | | | today is the deadline for tellingthe IRS that you |
| Personal | | | | want to be an "S" corp beginningwith calendar |
| If you're pay quarterly estimated income tax | | | | year 2004. |
| payments,it's time to make the fourth-quarter | | | | Also, If you have employees, you must make the |
| payment for 2003via Form 1040-ES. | | | | federalpayroll tax payment for February 2004 by |
| Business | | | | today |
| If you have employees, you must make the | | | | (assuming you are on the monthly deposit |
| federal payrolltax payment for December 2003 | | | | schedule). |
| by today (assuming you areon the monthly | | | | APRIL: |
| deposit schedule). | | | | Thursday, April 15 |
| You use Form 8109 (found in the little yellow | | | | Ah, yes, the most famous tax deadline of all. |
| couponbook) or the IRS Electronic Federal Tax | | | | Form 1040 |
| Payment System | | | | And if you are a Sole Proprietor, don't forget that |
| (EFTPS). | | | | you mustfile several business-related tax forms |
| FEBRUARY: | | | | with your Form |
| Monday, Feb. 2 | | | | 1040. The most commonly used tax forms for |
| Business | | | | the self-employedperson include: |
| Normally, 4th quarter and year-end payroll tax | | | | Schedule C (to report your business income and |
| returnsare due by January 31 of the following | | | | expenses) |
| year. In 2004,since January 31 falls on a Saturday, | | | | Schedule SE (for self-employment tax) |
| the due date isextended until the next business | | | | Form 4562 (to deduct equipment and other |
| day -- Feb. 2. | | | | depreciableproperty) |
| Here's an overview of the 4 most common | | | | Form 8829 (to deduct a home office) |
| federalpayroll-related forms due today: | | | | Need more time to prepare your personal tax |
| 1. Form W-2 (for your employees) | | | | return? |
| If you mail the W-2's, the postmark must be on | | | | Go no further than Form 4868, which grants an |
| or before | | | | automaticno-questions-asked 4-month extension |
| Feb 2, 2004. | | | | to file the return. |
| You may also be a recipient of a W-2 (if you | | | | NOTE: this is only an extension of time to file the |
| work asan employee for someone else), so don't | | | | return,not an extension to pay any tax due. So if |
| give youremployer a hard time unless the W-2 is | | | | you thinkyou might owe, it may be wise to |
| postmarked,or delivered in person, later than Feb. | | | | estimate what you oweand send in a payment |
| 2. | | | | with Form 4868; otherwise you mayhave to pay |
| 2. Form 941 (for payroll tax) | | | | extra in late payment penalties and interest. |
| 3. Form 940 (for unemployment tax) | | | | Form 1065 |
| 4. Form 1099-MISC | | | | If your business is a Partnership or Limited Liability |
| If you paid any independent contractors at least | | | | Company (LLC), today is also your lucky day to |
| $600in 2003, you must send each one a 1099 by | | | | file theannual business income tax return -- via |
| Feb. 2. | | | | Form 1065. |
| Tip: if the independent contractor is a | | | | Form 8736 |
| corporation,you usually don't have to issue a 1099. | | | | To get an automatic 3-month extension of time |
| The main purposeof the 1099 is to track | | | | to file |
| payments to Sole Proprietors,i.e. unincorporated | | | | Form 1065, file Form 8736 on or before April 15. |
| self-employed people. | | | | As if April 15 wasn't already painful enough, it's |
| Tuesday, Feb. 17 | | | | alsothe deadline for the first quarter estimated |
| If you have employees, you must make the | | | | tax paymentfor Year 2004: |
| federal payrolltax payment for January 2004 by | | | | Personal -- Form 1040-ES. |
| today (assuming you areon the monthly deposit | | | | Corporate -- Form 1120-W |
| schedule). | | | | And if you're an employer, yup, it's time for yet |
| This is another example of the automatic due | | | | anothermonthly federal payroll tax deposit -- for |
| date extensionrule: if a federal due date falls on a | | | | March 2004. |
| Saturday, Sunday,or holiday, the due date is | | | | Friday, April 30 |
| extended to the next businessday. (Feb. 15 is a | | | | Form 941 is due for the 1st quarter 2004. |
| Sunday and Feb. 16 is a holiday.) | | | | Form 940 federal unemployment tax deposit is |
| MARCH: | | | | due today,if your first quarter liability exceeds |
| Business | | | | $100. |
| Monday, March 1 | | | | Had enough? OK, OK. I'll stop here. |
| If you prepared any W-2's or 1099's (mentioned | | | | That should get you through the first four |
| above),today is the deadline for sending a copy of | | | | months ofthe year. |
| thoseforms to the IRS. | | | | For more tax resources, here's a few more links: |
| Form W-3 is sent to the IRS, along with Copy A | | | | Looking for a federal tax form? |
| of any | | | | Looking for a state tax form?http:/ |
| Forms W-2 you issued. | | | | axes.yahoo.com/stateforms. |