Form 1099-NEC: You’ll file this form if you’ve paid a contractor (someone who’s not your employee) at least $600 for services performed.
If you employ either contractors or full-time employees, take note of these tax forms: Taking on help requires additional paperwork from a tax perspective. Form 8832, Entity Classification Election : LLCs use this form to make their entity selection, if it’s different than their default classification.Generally, this election must be made by the 15 th day of the third month (March 15 for calendar year corporations) after the beginning of the first year for which the election is to take effect. Form 2553, Election by a Small Business Corporation: Use this form if you want to change your corporation to an S corporation.They can quickly and easily file for an EIN with the IRS on your behalf. Need help obtaining an EIN? Consider using using a document filing service such as M圜orporation.
#When to pay federal taxes for small business pro#
Your small business tax pro can help you determine if you need an EIN. (Think of this number as a Social Security number for your business!) You may not need an EIN if you’re a sole proprietor and don’t have employees or pay excise taxes, such as sales taxes. This is a unique, nine-digit number assigned to employers, sole proprietors, corporations, partnerships, estates, trusts, certain individuals, and other business entities as an identifier –unique to your own business.
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