|
|
|
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, Texas 73301 |
|
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, Texas 73301 |
|
Corporation |
Form 1120 |
Report taxable
income |
15th day of
the third month after the end of the fiscal year |
Internal
Revenue Service Austin, Texas 73301 |
|
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, Texas 73301 |
|
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 970001 St. Louis, MO 63197 |
|
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, TX 73301 |
|
Form 941 |
Social
Security and withholding income tax |
Quarterly, due
one month after the calendar quarter ends |
Internal Revenue
Service Austin, TX 73301 |
|
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. Albuquerque Data Operations Center Albuquerque, NM 87180 |
|
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 14907 Austin, TX 78714 |
|
TYPE OF BUSINESS ENTITY |
FORMS REQUIRED |
PURPOSE |
WHEN TO
FILE |
WHERE TO
FILE |
|
|
|
EMPLOYMENT
TAXES (continued) |
|
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, PA 19255 |
|
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, TX 73301 |
|
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, Texas 78744 |
|
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, Texas 78744 |
|
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: |
|
Internal
Revenue Service has many publications helpful to small businesses and also
provides small business seminars. Information on seminars: 512/499-5439
Business tax kit and publications: 800/829-3676 IRS general information:
800/829-1040 |
Comptroller of
Public Accounts 512/463-4600 800/252-5555 |
Texas
Workforce Commission 101 East 15th Street Austin, TX 78778 New Employer
Accounts: 512/463-2731 Status of Accounts: 512/463-2731 |
