Instructions Tax Form 940: Fill & Download for Free

From the perspective of the business:If you have employees and are required to withhold at least $1000 per year Social Security, Medicare, and Federal income taxes, you must file Form 941 quarterly, no later than the last day of the month that follows the end of the quarter - so, April 30 for the first quarter, July 31 for the second, October 31 for the third, and January 31 for the fourth. If the liability for withholding these taxes is less than $1000, the business can file Form 944 on an annual basis instead. The business must also file Form 940 annually to report Federal unemployment tax (FUTA).If the business is organized as a C-corporation for tax purposes, then the corporation must report and pay estimated taxes on a quarterly basis if they expect the corporation's tax burden to exceed $500. These are due on the 15th day after the end of the quarter, and are reported on Form 1120-W (2013).If the business is organized as an S-corporation for tax purposes, estimated tax payments are required for certain types of taxes; see Chapter 1 of Instructions for Form 1120S (2012). Those are also reported on Form 1120-W. Most S-corporations do not owe these types of taxes.From the perspective of the LLC members:Individual members are not required to pay estimated taxes (which is what people generally mean when they discuss "paying quarterly taxes"), but they should do so when they expect their income from the business to place them in a position where they will pay an underwithholding penalty. Chapter 2 of IRS Publication 505, Tax Withholding and Estimated Tax gives guidance as to whether estimated tax payments should be made; it includes a worksheet that the members should use to figure whether or not they have estimated tax liability. Unless the business is organized as a C-corporation for tax purposes, members will pay taxes on their distributive share of the income from the business. If you do need to pay estimated taxes, those should be paid by the 15th day of the month that follows the end of each business quarter as well, using http://www.irs.gov/pub/irs-pdf/f1040es.pdf.

If you received a 1099-misc for non employee compensation you simply record that on your tax return.If you issued a 1099-MISC , you are not an employer, and do not need to file a 940However, After you have filled out all of your 1099 forms for the year, you need to fill out a Form 1096 as well. Form 1096 summarizes all of your 1099 forms you issues, and is filed with the IRS. The mailing address is on the last page of the Form 1096 instructions.

Generally, every LLC should apply for a U.S. employer identification number (EIN), however, whether you use the EIN or not depends upon whether the LLC is a regarded entity for federal tax purposes.If you are an individual and own 100% of the LLC, the LLC is a single-member LLC (SMLLC) and is by default a disregarded entity for U.S. federal tax purposes. Assuming you don’t file an election for the LLC to be treated as an S corporation or a C corporation, the LLC is treated as transparent for federal tax purposes. If a withholding agent asks you to complete a Form W-9 for the LLC, you will have to complete the W-9 using the LLC name and your social security number. The instructions are very clear on this issue. You should not be using the EIN of the LLC.If you choose to file an S or C election (Form 2553 or Form 8832), the entity is now a regarded entity for federal tax purposes, so you are permitted to use the LLC EIN when completing the Form W-9.A disregarded LLC will need to use it’s EIN in certain limited circumstances, such as opening bank accounts and filing payroll tax returns. If the SMLLC has employees and payroll tax filing obligations, you need to complete the Form 941s and Form 940 using the LLC EIN. You cannot use your SSN to file those forms.