Reference for Filing Taxes

Accounting & Taxes

Introduction

This is a general reference indicating who, what, when, and where to send it.

Type Of Business Entity

Forms Required

Purpose

When To File

Where To File

INCOME TAXES – Federal Only

Sole Proprietor

Form 1040 Schedule C

Report taxable income: Schedule included in individual income tax return

15th day of the fourth month after the end of the fiscal year

Internal Revenue Service Austin, Texas73301

Partnership

Form 1065

Report taxable income: K-1 from the return to each partner to use for reporting on his or her individual tax return (Information return only); any taxes due are paid individually by partner

15th day of the fourth month after the end of the fiscal year

Internal Revenue Service Austin, Texas73301

Corporation

Form 1120

Report taxable income

15th day of the third month after the end of the fiscal year

Internal Revenue Service Austin, Texas73301

S-Corporation

Form 1120S

Report taxable income: K-1 from the return to each shareholder to use for reporting on his or her individual tax return (Information return only); any taxes due are paid individually by share holder

15th day of the third month after the end of the fiscal year

Internal Revenue Service Austin, Texas73301

EMPLOYMENT TAXES

Quarterly Tax Estimates: Sole Proprietor Partnership

Form 1040 ES

May be required if not withheld through wage source during current tax year

Generally April 15, June 15 and Sept 15 of current tax year and Jan 15 of the following year

Internal Revenue Service P.O. Box 970001St. Louis, MO63197

Regular C Corporation

Federal Tax Deposit Coupon

Must estimate current earnings and pay quarterly

Quarterly, 15th day of the 4th, 6th, 9th and 12th month of the current fiscal year

No filing – Must deposit at authorized commercial bank on or before 2 PM

Payroll Taxes – Federal, State and Local: For all entities (sole proprietor, partnership, corporation)

Form 940

Federal unemployment tax

Annually, January 31

Internal Revenue Service Austin, TX73301

Form 941

Social Security and withholding income tax

Quarterly, due one month after the calendar quarter ends

Internal Revenue Service Austin, TX73301

Form W-2, W-3

Withholding information statement

Employee’s copy January 31

To respective employee

Federal copy last day of February

Social Security Admin. AlbuquerqueDataOperationsCenterAlbuquerque, NM87180

Form W-4, I-9

Employee records

Required to be on file

Form TWC C-3, C-4 TWC Status Report

State unemployment tax – payroll taxes are required if you have at least one employee

Quarterly

Texas Workforce Commission Cashier P.O. Box 14907Austin, TX78714

Payroll Taxes – Non resident alien

Form 1042, 1042-S

Withholding for U.S. Source Income of foreign persons

Annually, March 15 of the year following

Internal Revenue Service Philadelphia, PA19255

Statement to Payee (can use 1047-S)

Foreign person’s U.S. Source Income subject to withholding

Copy to payee by March 15

To recipient

Independent Contractor and Other Non-employee Payments: For all entities (sole proprietor, partnership, corporation)

Form 1099

Information returns – various payments to individuals of $600 or more, including prizes, awards and other business payments

Copy to recipient January 31

To recipient

Form 1096

Federal copy last day of February

Internal Revenue Service Austin, TX73301

GENERAL BUSINESS TAXES

Franchise Tax (corporations and limited liability companies)

Texas Corporation Franchise Tax Report

Tax on privilege to do business measured by taxable capital or taxable earned surplus apportioned to state

Generally May 15 each year after the beginning of regular annual period

Comptroller of Public Accounts Austin, Texas78744

Sales and Use Tax: State and local (sole proprietor, partnership, corporation)

Tax on sales of items collected from purchaser and remitted to the Comptroller

Usually monthly, due 20th of month following sales month; some filed quarterly or annually

Comptroller of Public Accounts Austin, Texas78744

Business Property Taxes

Rendition Form

To report tangible personal property used to produce income

Between January 1 and March 31

Specific local county appraisal district

RESOURCES/ HELPFUL TIPS

The Internal Revenue Service has many publications helpful to small businesses and also provides small business seminars.

Business Tax Kit and Publications:

Phone Number: 800/829-3676

IRS General Information:

Phone Number: 800/829-1040