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For small business owners, tax
deadline season has arrived
Bankrate.com
 Individual
taxpayers have just one day in April to worry about. Small business
owners, however, see tax deadlines arrive in waves -- and the first
hits soon.
Here are the important first-quarter tax deadlines for small business
owners:
| For more information |
| The IRS has just issued its Year
2000 Employer's Tax Guide. The guide, also called Publication
15 and Circular E, provides detailed instructions needed by
most small business owners to complete their tax obligations.
In addition to providing instructions, it also includes the
new year's tables to let you calculate wage withholding and
advance earned income credit payments. Web users who can read
pages in the Adobe .pdf format can read the tax guide online.
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By Jan. 31
- Furnish Forms 1099 and W-2.
Employees get the W-2 (Wage and Tax) statements. Independent contractors
get the Form
1099-MISC. Distributions from pensions, annuities, retirement
plans, profit sharing plans are recognized via Form
1099-R.
- File form 940
or 940-EZ.
These are the Employer's Annual Federal Unemployment (FUTA) Tax
Return forms. But if you already have deposited all the FUTA tax
when it was due, you have until Feb. 10.
- File
Form 945
This is the form on which you report any nonpayroll income tax
withheld in 1999.
By Feb. 15
- Request new W-4 forms from employees who
claimed exemption from withholding last year.
On Feb. 16
- Exempt W-4 forms expire.
If you have employees who claimed exemption from withholding last
year, their forms expire today. If they have not given you a new
form, begin withholding tax from their wages, using the sum for
a single person with zero withholding allowances.
By Feb. 28
- File forms 1099 and 1096.
Those 1099s you furnished to employees in January? Now it's the
IRS' turn. File copy A of all forms 1099 with the IRS, along with
Form
1096, the Annual Summary
and Transmittal of U.S. Information Returns. Electronic filers
have until March 31.
By Feb. 29
- File forms W-2 and W-3
The Social Security Administration gets copy A of the W-2 forms
you sent out earlier to employees. Along with them goes the transmitting
document, Form
W-3, also known at the Transmittal of Wage and Tax Statements.
Electronic filers have until March 31.
- File form 8027
If applicable to your business, you need to file Form
8027, Employer's Annual Information Return of Tip Income and
Allocated Tips. Electronic filers have until March 31.
By March 31
- You electronic filers who were able to ignore
some of the earlier deadlines -- today's your lucky day. Send
the electronic forms 1099, W-2 and 8027 to the appropriate agency.
-- Posted: Jan.
7, 2000
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