8 Educate your community. Tell everyone about Oklahoma Small Business News. www.osbnnet.com OSBN - April, 2003 Legal Pad Filing and Paying Business Taxes BY DARIAN ANDERSEN Files You File To Report Taxes: Attorney - email@example.com Sole Proprietor May be liable for: Use Form: Tax season! The easiest way to live through Income Tax 1040 and Schedule C1 or C-EZ (Schedule F for farm business1) tax season is to know what to do and to do it Self-employment Tax 1040 and Schedule SE before the deadline. Words that are easier to Estimated Tax 1040-ES say than do. But let’s talk about what to do. Employment Taxes: You likely operate your business in one of Social Security and Medicare taxes and income tax 943 for Farm employees, 941 for all others the following forms: withholding Federal Unemployment (FUTA) Taxes 940 or 940-EZ 1. Sole proprietorship Depositing Employment Taxes, Excise Taxes 81092 2. Partnership Excise Taxes See Excise Taxes 3. Limited liability company Partnership 4. S-corporation Annual Return of Income 1065 5. C-corporation Employment Taxes Same as Sole Proprietor The form of business you operate Excise Taxes See Excise Taxes determines what taxes you must pay and how Partner in a Partnership (Individual) you pay them. This article is short and gives Income Tax 1040 and Schedule E3 some useful guidance but does not cover very Self-Employment Tax 1040 and Schedule SE much of the whole subject of taxes for Estimated Tax 1040-ES Corporation or S Corporation businesses. Income Tax 1120 or 1120-A (Corp.), 1120S (S Corp.) The following chart appears in the IRS 2 Estimated Tax 1120-W (Corp.) and 8109 instruction sheet for small businesses: Employment Taxes Same as Sole Proprietor The four general kinds of business taxes Excise Taxes See Excise Taxes are: S Corporation Shareholder Income Tax Income Tax 1040 and Schedule E3 Self-Employment Tax Self-Employment Tax 1040 and Schedule SE Employment Taxes Estimated Tax 1040-ES 1. File a separate schedule for each business. 2. Do not use if you deposit taxes electronically. 3. Various other schedules may be needed. Excise Taxes As a supplement to the chart (above), a automatically. If you prepare your own tax Payroll Taxes. Specializing in: limited liability company may elect to be returns, then follow the same guidelines. I When you file a Form SS-4 to obtain an • Desktop Publishing Training taxed as a partnership, a corporation or a believe it is important for you to know how employer identification number (EIN) you • Filemaker Pro disregarded entity. If the election is to have the system works even if you rely on a tax will be sent a coupon book on which you Database and Web Providing Computer Training Development the limited liability company be taxed as a preparer to file the tax returns. can report payroll taxes withheld. Form 941 in Oklahoma Since 1989 corporation or a partnership, follow the Use the guidelines provided by the Internal is required quarterly on or before April 30, Mac and PC Training classes offered in: guidelines above. If it is a disregarded entity Revenue Service (IRS) and the State Tax July 31, October 31 and January 31. • Basic Mac • Freehand • Filemaker Pro • Microsoft Office it is treated like a sole proprietorship for tax Commission on the Internet. The addresses Tax Returns. • Adobe Illustrator • QuarkXpress purposes. are: www.irs.gov and www.oktax.state.ok.us. Individual and partnership tax returns are • Adobe Pagemaker • Scanning Now, the following information is the Estimated Tax Payments. due April 15. Corporate tax returns are due • Adobe Photoshop • PrePress Printing practical way to comply. If you have a tax Individual. As an individual sole March 15. Extensions can be filed with either Mention This Ad to Receive 10% Off Enrollment from April to Aug preparer, coordinate with that person well proprietor, partner in a partnership, member a business or an individual. The first request 2525 NW Expressway, #306 • Okla.City in advance of due dates so you gather the of a limited liability company and stockholder is granted an automatic extension, for an needed information and provide it to you in an S-corporation, unless you have a salary individual (Form 4868) for 4 months, in the 405-848-0188 For a complete class schedule check our website: tax preparer well in advance of deadlines. with payroll deductions covering all of your case of corporations (Form7004), for 6 www.fullnet.net/macspec If necessary, an extension can be obtained income, you will have to make advance months or partnership (Form 8736) tax payments of your estimated federal and state returns, for 3 additional months. Electronic income taxes and federal self-employment filers use Form 8878. tax once you start making a taxable profit. Darian Andersen is an Attorney in Individual installments of estimated tax are Edmond specializing in Small Business due April 15, June 15, September 15 and Law. He can be reached at 405-330-2235. Advertising Specialties & Promotional Concepts January 15. Any remaining unpaid tax is paid when the individual tax return is due on April Golf Balls, Tees, Visors, 15 of each year. The estimated quarterly tax Shirts, Ball Marks, and payment is filed with the Form 1040-ES. The more! Call us today! Do you want to reach over estimated tax payment must be at least the 100,000 decision-makers?* 2525 NW Expressway lesser of 100% of the prior year’s tax for the Ste. 204 quarter or 90% of the estimated taxation. Oklahoma City, OK Corporate. The corporation must make Call OSBN at 285-2352 for a current media kit. 405/842-6215 estimated tax quarterly payments equal to a Or, you can check out our web site at Fax 405/842-8793 quarter of 100% of the prior year’s tax or www.osbnnet.com www.corporate-promotions.com 100% of current tax, whichever is less. The payments must be made on the same dates *based on a ridiculous 20 people per copy pass-along ratio. Specializing in a full line of corporate gifts for the golf enthusiast! (At least we’re being honest about it.) as for an individual but on Form 1120-W.
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