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Tax Reminders

OTHER TYPES OF TAXES AND DUE DATES

There are many types of taxes that businesses/entities and individuals besides income taxes and employment taxes.  Please learn about the kinds of taxes that you are liable for by education and your tax accountant.  You are responsible for knowing the laws and regulations and how to comply with them.  Compliance includes caculating and making estimated tax payments when due, and preparing and filing tax returns when due

Most companies and owners do not have the expertise to identify the taxes that they are responsible for.  Further, they do not know how to calculate estimated taxes and when to pay them, or how to prepare or file their own tax returns.  This is because we specialize in our professions and because tax law is expansive and outside of the understanding of most's experience.

You or your accountant will need to understand your company, industry, and type of owner you are.  He/she will then research the types of taxes that you are liable for.  Business owners (including not-for-profit managers) are generally way too busy running their operations to become tax experts at any level.  It is highly recommended that owners/managers engage a knowledgeable tax accountant and/or firm to advise on what is needed and how to track tax liabilities so that they are paid and reported appropriately.

Please remember your quarterly 2021 payroll/employment taxes due on the required due dates.    See the Employment Tax Due Dates page for filing and depositing due dates.

Per the https://www.irs.gov site:

“Reporting Employment Taxes

Generally, employers must report wages, tips and other compensation paid to an employee by filing the required form(s) to the IRS. You must also report taxes you deposit by filing Forms 940, 941 and 944 on paper or through e-file.

Federal Income Tax and Social Security and Medicare Tax

In general, employers who withhold federal income tax or social security and Medicare taxes must file Form 941, Employer's Quarterly Federal Tax Return each quarter. This includes withholding on sick pay and supplemental unemployment benefits

File Form 943, Employer's Annual Federal Tax Return for Agricultural Employees if you are filing to report agricultural wages.

File Form 944, Employer’s Annual Federal Tax Return if you have received written notification about the Form 944 program.

File Form 945, Annual Return of Withheld Federal Income Tax if you are filing to report backup withholding.

Federal Unemployment Tax Act (FUTA)

Only the employer pays FUTA tax; it is not withheld from the employee's wages. Report your FUTA taxes by filing Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.

Preparing and Filing Form W-2

At the end of the year, the employer must complete Form W-2, Wage and Tax Statement to report wages, tips and other compensation paid to an employee. File Copy A of all paper and electronic Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, to the Social Security Administration (SSA). File Copy 1 to an employee’s state or local tax department.

Due Dates

See the Employment Tax Due Dates page for filing and depositing due dates. For more information on depositing and filing these forms, refer to Publication 15, Employer’s Tax Guide.”

Most monthly and annual sales/use tax due dates fall between the 20th and 30th of the month following the end of the sales tax period at hand.  Please check with your state, county, district, and city governmental authorities in the places that you do business.  You may be liable for sales and use taxes for sale of your products and sometimes services too.

Real/personal property tax due dates are generally due once or twice a year for property subject to these taxes.  Pleaes check with the county and city where you hold real property or personal property to see if you are liable for property taxes and when they are due

We e-file all tax returns that we prepare unless taxpayers are ineligible or taxpayers request paper-filing set-up.

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