Starting a new business is no piece of cake. Often times new business owners become extremely nervous about not finding enough funds to get off the ground or simply failing. Plus, they have a whole new set of taxes to understand and tackle.
Not only can taxes be confusing but it can be expensive to hire an accountant and sometimes new businesses don’t have room for that in their budget. However, you can relax with the help of ExpressTaxFilings to make e-filing business taxes easy. Check out which forms ExpressTaxfilings makes incredibly simple to quickly handle online.
Business Tax Returns
Once you establish a business that pays wages to an employee or multiple workers you will be responsible for filing Form 941 four times a year. Form 941 or the Employer’s Quarterly Tax Return and it’s used to disclose employment taxes. The 3rd quarter deadline for this return is actually coming up on October 31st.
As an employer, you are responsible for withholding Medicare, social security, and income taxes from your employee’s paychecks. This return is used to make sure you’re doing that and is also used to pay the portion of Medicare and social security tax that you owe to the IRS.
If you have traditional employees that work for your business then you are responsible for issuing their W-2 Forms. You have to issue them to your employees so they can see their income and tax withholdings for the year. Plus, they need it to complete their personal income tax returns because they are required to report their salary and other compensations.
In addition to issuing a W-2 Form to each of your employees, you’re required to file them with the SSA or Social Security Administration on an annual basis. You have until January 31st to provide employees with their completed W-2 Form and e-file.
If your business employs independent contractors then you need to give Form 1099-MISC. Independent contractors can save your business some money because you only pay them for the projects they work on. Plus, you don’t have to offer them the same benefits as traditional employees.
You need to issue your independent contractors if you pay them $600 or more for services rendered during the year. They need it in order to report all of their sources of miscellaneous income.
Under the Affordable Care Act, which is still intact, businesses with 50 employers or more are required to offer their workers health coverage. If employers aren’t exempt, don’t offer coverage, or offer coverage that doesn’t meet the minimum requirement they will be penalized.
Form 1095-C is used by ALES (Applicable Large Employers) with 50 employees or more to report the coverage offered to each worker. Form 1095-B is used by businesses that have less than 50 employees to report the health coverage offered to each worker.
E-Filing With ExpressTaxFilings
That may be a lot of forms to remember, but ExpressTaxFilings is here to help every step of the way. We provide step-by-step instructions to help you complete each form in a matter of minutes and they will be transmitted directly to the IRS.
Plus, our innovative features for bulk filing helps you save time by uploading all your employee’s information at once. Also, you can take advantage of our printing center to have us print copies of your returns and mail them to your recipients for you.
Best of all, if you need any assistance the dedicated, US-based ExpresstaxFilings team is here to help. Call us Monday – Friday from 9 AM to 6 PM EST at 704.684.4751, live chat with us, or take advantage of our 24/7 email support at support@ExpressTaxFilings.com.