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Form 941X, Adjustments to Quarterly Federal Tax Return

We all make a few mistakes every now and then. If you’re a business owner, then you likely have to send the IRS a Form 941 each quarter to report employee information and federal taxes withheld from wages. If you find that you made a mistake on your Form 941, you can send in a filled out IRS Form 941X to fix it.

Each copy of Form 941X can only correct information from one quarterly report, not multiple ones, as each line of 941X relates to a line on the 941. There are two options when filing a Form 941X: you can make an adjustment for under-reporting taxes withheld, or a claim, for when you withheld too much and require a rebate. All corrections require a detailed explanation of the circumstances and reasons for the changes

Should you find a mistake on your 2014 Form 941, use PDFfiller’s online editing and signature tools to complete a fillable Form 941X in no time at all. PDFfiller can help you complete your taxes faster than ever, with thousands of IRS forms on our online fillable form database.

Small Business Owners

Form 944: Annual Tax Return for Small Businesses

Most business owners know that they need to give quarterly reports to the IRS detailing their number of employees, what they were paid in wages and tips, and how much owners withheld in taxes. Medium and large companies will use Form 941 for this purpose.

In recent years the IRS has set up another way for small businesses to report these details. Form 944, the Employer Annual Federal Tax Return, allows businesses whose federal income taxes withheld from employees total less than $1,000 for the year to file a single Form 944, instead of quarterly Form 941 filings.

The IRS must tell small businesses if they are eligible to file a 2014 IRS Form 944. Otherwise, businesses cannot use 944 for their filing. As well, household employers and agricultural employers cannot use Form 944 (although agricultural employers can use Form 943 to report wages and withheld taxes).

Let PDFfiller help you fill out Form 944 for 2014, as well as any other tax forms you need for your business. Our online editing and signing tools make tax filing less of a headache, so you can get done faster than ever!

Farming

Form 943: Federal Tax Withholding From Agricultural Wages

If you run a farm or other agricultural business and have employees, you likely will need to fill out and submit a Form 943 to the IRS.  Form 943 specifically reports federal tax you’ve withheld from your employees during the tax year.

The IRS has two tests for determining if you need to file Form 943: the “$150 Test” and the “$2,500 Test”.  The first test says that if you paid any employee more than $150 in cash wages for farmwork during the year, you must file. The second refers to payments made, cash and noncash, to all of your employees. If you paid more than $2,500 for the group, then you must also file.  In fact, only one of these requirements must be met in order for you to file.

If you find that you need to file an IRS Form 943 for the 2014 tax year, be sure to use PDFfiller to make your filing simple and fast, so you can spend less time filling out forms and more time focusing on growing your business!

 

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The Most Common Schedules for Form 1040

Once you’ve decided that you need to use the full Form 1040 for your tax return this year, you may find that your 1040 requires attached Schedules to detail further your tax situation to the IRS. Here are some of the most common schedules that taxpayers may need to attach to their tax returns.

Schedule C reports Profit or Loss From Business, and is mainly for those run a business as a sole proprietorship (or as a single-member LLC). There are sections on the Schedule C tax form for business income, gross profit, business expenses and net profit/loss. You can also enter information on business inventory and car expenses, if applicable. For sole proprietors who meet certain requirements, such as having less than $5,000 in expenses and reporting a net profit, you may use the simpler Schedule C-EZ instead. Note that if you attach a Schedule C, you likely need a Schedule SE as well (see below).

Schedule SE for Self-Employment Tax calculates the amount owed by self-employed individuals. Similar to how employers match an employee’s payroll taxes, self-employed taxpayers must pay both amounts themselves, by completing a Schedule SE. If your net earnings from self-employment are greater than $400, then you should fill out an SE.

Schedule E reports “Supplemental Income and Loss”, usually for those who receive income from rental properties or for those who are partners/shareholders in an S corporation (be sure to use the Schedule K-1 you received when completing your Schedule E). Also be sure to report any net losses from business activity you partook in.

The Child Tax Credit, known as Schedule 8812, is for taxpayers who should receive more credits from qualifying dependent children ($1,000 per child) than they owe on their tax return. Taxpayers should be sure that their dependent child qualifies for this tax credit and that they meet a certain income threshold.

Remember that with PDFfiller, you can start filling out any of these Schedules as well as a variety of IRS tax forms instantly! Use our online PDF editing tools to complete and sign your tax documents with ease, and finish your 2014 taxes faster than ever.

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Other Types of IRS Form 1040

As we discussed in last week’s post, Form 1040 is the IRS form that most Americans will use to file their tax returns this year. Beyond the most common versions, there are a few variations to Form 1040 that taxpayers may need for certain situations.

Form 1040X is an amended tax return with corrections to previously submitted 1040 Forms (including 1040EZ, 1040A, and others). It looks very similar to the regular Form 1040, with additional sections to explain corrections made. In most cases, a Form 1040X can be submitted up to 3 years after you filed the original (and incorrect) Form 1040. (See also PDFfiller’s 2012 1040X online form, if you need to correct tax returns for that year.)

Form 1040SS is called the U.S. Self-Employment Tax Return, and meant specifically for residents of the U.S. Virgin Islands, Guam, American Samoa, the Northern Mariana Islands, and Puerto Rico who are not required to file a U.S. income tax return because they are self-employed.

Form 1040V, or the Payment Voucher, serves as a tool to include a check or money order for any remaining tax owed. You’ll calculate this amount on your whichever Form 1040 you use, the full 1040, 1040a or 1040EZ.

PDFfiller allows you to fill out your tax forms and any other type of document online and with ease. For more information this tax season, check out our other tax resources to make your filing this year even easier!