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Payroll & Taxes

Tax Season 2016: Your Handy Guide

Tax season is almost over. If you're filling out last-minute forms for your business, we have a quick and easy guide to help you out.

Blog Author - Justworks
Justworks
Apr 13, 20162 minutes
Blog Author - Justworks
Justworks

Justworks is a technology company that levels the playing field for all small businesses. Through our software and as a partner, we help our customers take care of their teams, streamline their operations, and navigate the complex aspects of managing a workforce with confidence.

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Tax day is looming on April 18th this year, and if you’re a small business owner, you likely have a mountain of paperwork to fill out on time. We’ve compiled our information on the most common (and sometimes most confusing) tax forms, to clarify your last-minute small business tax questions.

Submit By April 18th

W-2

If you’ve ever worked a full time job, you’re likely familiar with a W-2 form. W-2 forms are for employees and track how much you earned and how much the state and federal government taxed you. This piece walks you through line by line if you have any confusion.

1099-MISC

1099 forms are essential for freelancing workers and consultants to file during tax season. There are actually a dozen different 1099 forms; this post focuses on the 1099-MISC.

941

Known as the Employer’s Quarterly Tax Form, Form 941 is how a company reports employee withholdings to the IRS.

Submit After April 18th

1095-C

1095-C is a form for the Affordable Care Act. Its purpose is to specify what insurance has been offered to individual employees. Although you fill out the information, you must distribute it to your employees.

The IRS changed the due dates for this tax form:

  • You must furnish the 1095-C to your employees between January 31 and March 31, 2016

  • Submitted through the mail, the form is due between February 29 and May 31, 2016

  • Submitted digitally, the form is due between March 31 and June 30, 2016

The link above will walk you step by step through each line, so that Applicable Large Employers and employee plans make more sense.

1094-C

Consider 1094-C like 1095-C’s big sibling. It’s basically a cover sheet to sums up all the other 1095-Cs you receive. Although you don’t have to furnish this form to your employees, the last two due dates are the same as listed above on the 1095-C.

Resources

Looking for additional resources for your business?

Browse through guides and e-books that give you the knowledge to confidently make decisions for your business.

Learn More
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.
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Written By
Blog Author - Justworks
Justworks
Apr 13, 20162 minutes

Justworks is a technology company that levels the playing field for all small businesses. Through our software and as a partner, we help our customers take care of their teams, streamline their operations, and navigate the complex aspects of managing a workforce with confidence.

Learn more with Justworks’ Resources

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