Filing and Paying Taxes
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Earned Income Tax Credit
If you file a Form 1040 Schedule C, you may be
eligible to claim the Earned Income Tax Credit.
An Employer Identification Number (EIN), also
known as a federal tax identification number, is
used to identify tax reports to the IRS.
Employment Taxes for Small Businesses
If you have employees, you are responsible for
several federal, state, and local taxes. As an
employer, you must withhold Federal income tax
withholding, social security and Medicare taxes,
and Federal Unemployment Tax Act (FUTA) taxes.
Federal income tax is a pay-as-you-go tax. You
must pay the tax as you earn or receive income
during the year. There are two ways to pay as
you go: withholding and estimated taxes.
Filing Late and/or Paying Late: Information You
Before you decide not to file your tax return on
time or not pay all of your taxes when they are
due, consider this.
Reporting Information Returns
You business may be required to file information
returns to report certain types of payments made
during the year.
The self-employment tax is a social security and
Medicare tax for individuals who work for
Small Business Tax Calendar
This 12-month calendar is filled with useful
information on general business taxes,
electronic filing and paying options, business
publications and forms, and common tax filing
dates. Each page highlights different tax issues
and tips that may be relevant to small business
Where to File Addresses
Where to file addresses for businesses, tax
professionals and individual taxpayers for use
during calendar year 2005.
Which Forms Must I File?
This section provides information on which forms
to file based on your business structure. It
also gives you the due date for the returns.