Happy new year! We hope you came into 2018 surrounded by family and friends to celebrate your favorite traditions. Of course, you had to pop the champagne and watch the ball drop in time square at midnight!
However, now that it’s the 2nd, we hope that you have recovered from celebrating so you can concentrate on a new year and new you! That includes staying on top of all of your employment taxes. We will even help you prepare for the major January 31 deadline.
Prepare For Your Employment Taxes
If you operate a business with employees then you have to file IRS Form 941, the Employer’s Quarterly Federal Tax Returns four times a year and the next deadline is January 31.
This form is used to report to a total amount of Medicare, income, and social security tax withheld from your employee’s paychecks because as an employer you’re responsible for withholding these taxes along with other payroll taxes.
This form is also used to pay the amount of Medicare tax owed to the IRS. You are required to file employment taxes even if you only have one employee or if you experience quarters with no employees. However, you don’t have to file for household or agricultural employees.
Form 1099-MISC is used by businesses to report payments made for services performed by people not treated as traditional employees, like independent contractors. If you pay someone over $600 during the tax year for their freelancer services then you have to file Form 1099-MISC for them.
You are required to issue each your independent contractors a copy of Form 1099-MISC by January 31. They need this form in order to complete their personal income tax returns. Also, you will need to e-file Form 1099-MISC with the IRS by April 2.
As an employer with traditional employees, you are required to file Form W-2 with the Social Security Administration for each of your employees and issue them copies of it by January 31. Keep in mind that you only have to file for employees that you paid $600 or more in wages to during the tax period.
Form W-2 is basically a statement that provides the amount of income and compensations you offered your employees with Medicare, social security, and income taxes withheld. This is for both state and federal taxes.
We Can Help
If you file with TaxBandits, you won’t miss the deadline! We provide all the employment wage tax returns you need online along with step-by-step e-filing instructions so you can instantly complete your returns and transmit them directly to the IRS.
You can save tons of time with our innovative e-filing features. For example, instead of entering each of your employee’s information one at a time use our bulk upload feature to import all of their data at once!
Plus, forget heading out to the post office! Use our postal mailing feature to have us print and mail hard copies of your returns to each of your recipients.
Also, if you need any assistance, we’re standing by to help. Give the awesome, US-based TaxBandits support team a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751, reach us via live chat, or take advantage of our 24/7 email support at support@TaxBandits.com.