Filing your taxes can appear to be a daunting task for a small business owner. Use these resources and tools from the IRS to make the process easier.
Employer Identification Number (EIN)
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. Learn more information on EINs.
Employment Taxes
If you are self-employed, visit the Self-Employed Individuals Tax Center page for information about your tax obligations.
Understanding Employment Taxes
Understand the various types of taxes you need to deposit and report such as, federal income tax, social security and Medicare taxes, and Federal Unemployment (FUTA) Tax. Learn More.
Depositing and Reporting Employment Taxes
You must deposit federal income tax and Additional Medicare Tax withheld and both the employer and employee social security and Medicare taxes. You also must report on the taxes you deposit, as well as report wages, tips, and other compensation paid to an employee. Learn More.
Employment Tax Due Dates
You must deposit and report your employment taxes on time. Learn More.
Correcting Employment Taxes
"X" forms are used to report adjustments to employment taxes and to claim refunds of overpaid employment taxes. Learn More.
E-file Employment Tax Forms
Learn how to electronically file your employment tax forms. Learn More.
Updating Your Business Address
There are several ways to notify the IRS that your address has changed. Learn More.
Estimated Taxes
Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.
If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.
Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.