Discussion:Need Help Filing Monthly Business Taxes...
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Discussion Forum Index --> Tax Questions --> Need Help Filing Monthly Business Taxes...
Lmcdon9822 (talk|edits) said: | 8 September 2009 |
| Hello all - I am starting to prepare taxes for Small Business and I just got my first business client. I have prepared individual income taxes for over 10 years and started my own office 3 1/2 years ago. My new business client needs makes monthly deposits for federal income taxes withheld for both the employer and employee social security taxes and medicare taxes for the prior month. My questions are 1) is there a pub or form to fill out to determine the monthly deposits? 2) Can I use the same steps on the 941 to determine what the monthly deposits are? I used the "yellow box" on the left and did some searching on the web already. I did not get a clear answer. I am new to the business side, so I looking for some help. Thanks! | |
| 8 September 2009 | |
| their payroll withholding and matching FICA would equal the 941 deposit - what are they using currently to determine how much to deposit?
(I think Circular E explains the deposit requirements) | |
| 8 September 2009 | |
| IRS Publication 15 provides all the payroll tax liability information you need.
Form 8109-B is the form to use to pay the Federal tax liability to the bank - or - contact IRS to sign up for EFTPS - to have the tax payment electronically pulled from the client's bank account, upon furnishing details. You need to have signed up for it, and been issued a PIN before you can use it. I suggest you call the state tax department and labor department for the state payroll tax issues. As well, I would check with an insurance agent regarding the need to have the client obtain workmans' compensation as well as disability insurance. | |
| 8 September 2009 | |
| watch out for when EFTPS becomes mandatory, or when bi-weekly depositing becomes mandatory | |
| September 8, 2009 | |
| Get to an NATP Biz seminar, basic prep of those returns, I think. Others probably have something similar, but that one will be very basic. And make some friends you can hang out with and learn from in your area. | |
| 8 September 2009 | |
| To start, the info you need can be found on irs.gov Also check out the state tax dep't web site. | |
