In today's episode of "Your IRS Weapon", originally aired on May 24, 2014, tax attorney Travis Watkins is discussing business payroll taxes. Businesses (particularly small businesses) can often find themselves in major financial trouble with the IRS if they make errors in their payroll and unemployment taxes. Today's episode will shed light on the confusing array of forms and taxes business owners are responsible for.
940, 941, 944? Which Forms Does My Business Need to File Taxes?
Are you confused about what a 940 return is, and whether you need to file one? Do you know the difference between return 941 and return 944? Do you know whether the IRS considers your workers employees or independent contractors? Operating a successful business can be difficult enough, when add the complexities of federal tax filings on top, it can seem overwhelming. We explain exactly what each of these forms mean, who needs to file them, and how you can assure that your business pays all the taxes required to stay out of trouble with the IRS.
Bonus: Celebrity Tax Watch
Which Baldwin has found themselves with significant tax liability issues? We'll tell you in today's episode. Click to listen now or download for free and listen on the go!