How To Keep The IRS Off Your Back And Out Of Your Life In 2006
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
How to Keep the IRS Away in 2006
Introduction
As we ring in the New Year, it's also time to prepare for a new tax season. For small business owners and self-employed individuals, one of the best ways to keep Uncle Sam at bay is by filing your forms, payments, and paperwork on time.
To help you navigate the next four months, here are key dates and necessary forms, along with links to the IRS website for each. Note that this guide covers only federal deadlines; be sure to check with your state's tax department for their specific due dates.
January
January 17
- Personal: If you pay quarterly estimated income tax, your fourth-quarter payment for 2005 is due. Use [Form 1040-ES](http://www.irs.gov/pub/irs-pdf/f1040es.pdf).
- Business: For employers, the federal payroll tax payment for December 2005 is due today (monthly deposit schedule applies). Use Form 8109 or the IRS Electronic Federal Tax Payment System (EFTPS).
January 31
- Business:
- Fourth-quarter and year-end 2005 payroll tax returns are due.
- Key forms include:
- [Form W-2](http://www.irs.gov/pub/irs-pdf/fw2.pdf) for employees.
- [Form 941](http://www.irs.gov/pub/irs-pdf/f941.pdf) for payroll tax.
- [Form 940](http://www.irs.gov/pub/irs-pdf/f940.pdf) for unemployment tax.
- [Form 1099-MISC](http://www.irs.gov/pub/irs-pdf/f1099msc.pdf) if you paid any independent contractors at least $600 in 2005.
> Tip: You usually don't need to issue a 1099 to corporations.
February
February 15
- Business: Federal payroll tax payment for January 2006 is due (monthly deposit schedule applies).
February 28
- Deadline for sending copies of W-2s and 1099s to the IRS:
- [Form W-3](http://www.irs.gov/pub/irs-pdf/fw3.pdf) goes to the Social Security Administration.
- [Form 1096](http://www.irs.gov/pub/irs-pdf/f1096_04.pdf) goes to the IRS.
March
March 15
- Business: Critical date if you're a corporation:
- [Form 1120](http://www.irs.gov/pub/irs-pdf/f1120.pdf) for C corporations.
- [Form 1120S](http://www.irs.gov/pub/irs-pdf/f1120s.pdf) for S corporations.
- [Form 7004](http://www.irs.gov/pub/irs-pdf/f7004.pdf) offers a six-month extension.
- [Form 2553](http://www.irs.gov/pub/irs-pdf/f2553.pdf) if electing S corp status for the first time.
- Federal payroll tax payment for February 2006 is also due today.
April
April 17
- Individual and Sole Proprietor: The most recognized tax deadline.
- [Form 1040](http://www.irs.gov/pub/irs-pdf/f1040.pdf) and related schedules:
- [Schedule C](http://www.irs.gov/pub/irs-pdf/f1040sc.pdf) for business income and expenses.
- [Schedule SE](http://www.irs.gov/pub/irs-pdf/f1040sse.pdf) for self-employment tax.
- [Form 4562](http://www.irs.gov/pub/irs-pdf/f4562.pdf) for depreciation.
- [Form 8829](http://www.irs.gov/pub/irs-pdf/f8829.pdf) for home office deduction.
- Need more time? Use [Form 4868](http://www.irs.gov/pub/irs-pdf/f4868.pdf) for a four-month extension. Note: This extends filing, not payment.
- Partnerships and LLCs:
- [Form 1065](http://www.irs.gov/pub/irs-pdf/f1065.pdf) is due.
- [Form 8736](http://www.irs.gov/pub/irs-pdf/f8736.pdf) offers a three-month extension.
- First-quarter estimated tax payment for 2006:
- Personal: [Form 1040-ES](http://www.irs.gov/pub/irs-pdf/f1040es.pdf).
- Corporate: [Form 1120-W](http://www.irs.gov/pub/irs-pdf/f1120w.pdf).
- Monthly federal payroll tax deposit for March 2006 is also due.
May
May 1
- Business:
- [Form 941](http://www.irs.gov/pub/irs-pdf/f941.pdf) is due for the first quarter of 2006.
- If your first-quarter unemployment tax liability exceeds $500, a federal deposit is due.
Additional Resources
- For federal tax forms, visit [IRS Forms & Publications](http://www.irs.gov/formspubs/index.html).
- For state tax forms, check [Yahoo State Forms](http://taxes.yahoo.com/stateforms.html) or [TaxAdmin](http://www.taxadmin.org/fta/link/forms.html).
- Visit the [IRS Website for Small Business & the Self-Employed](http://www.irs.gov/smallbiz) for more information.
Stay organized and timely with your tax filings to ensure a smooth start to the year!
You can find the original non-AI version of this article here: How To Keep The IRS Off Your Back And Out Of Your Life In 2006.
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