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Video instructions and help with filling out and completing Are 940 Schedule Return

Instructions and Help about Are 940 Schedule Return

Welcome back to another video for harbor for nacho online.com today I'm going to be talking about the form 940 in the instructions and if you're required to fill out this form so I'm going to walk through this video with you guys show you the requirements and see if you need to be submitting this to the IRS and how to fill out the form the right way so I'm going to get the video started so the form the IRS tax form 940 is used to report annual federal unemployment taxes and basically a lot of companies out there are required to fill out this form but don't don't realize that they need to so there's not a whole lot that triggers you to have to fill this out I mean basically if you have employees you are required to fill out the form 940 it provides funds for the unemployment compensation so this goes into a general pool of money for employees out there that become unemployed to pay out those employees to cover that requirement as they're unemployed the unemployment compensation amounts employers don't deduct this from the employee payroll so make sure if you're new to this you're not deducting it from your employee payroll amounts because the employee shouldn't be paying paying any of the cost of this for the when you fill out this 940 the cost that you're going to submit you have to be completely accurate on this form 940 this is something that the IRS make sure that they make sure this is this form is completed as exact as possible so any errors that you make on that form they're going to send it back to so make sure you understand how to fill out the form and you're doing it right at the bottom here you see Harbor financial online com at our site here you can prepare the 9 40 s and other business tax returns directly on the site and learn more about your tax requirements and your filing requirements up by the IRS and whatever state you you are paying tax too so I'm going to continue the video i just wanted to show you the link here at the bottom so its harbor financial online com now what requires you to have to file the 940 if you paid fifteen hundred dollars or more of wages in any calendar quarter you are required from there on to complete the form 940 so again a lot of small businesses out there making this meeting this requirement the 1500 each quarter but aren't filling out the form 940 and IRS is looking a lot closer at this if you had more than one employee and 20 or more weeks again you're required to fill out the 1940 so these are separate from each other so 11 if you just have one of these it's going to trigger that requirement this is another area that can be kind of confusing as far as if you should fill out the 940 if you had household employees in a private home local college fraternity or sorority again you're required to fill out the 940 so you may be running a home business if you have employees come in even if they're part time they're coming in working for you you you probably meet the requirement to have to fill out a form 940 again local local college most colleges understand as fraternities and sororities probably aren't for the most part filing the form 940 but they need to be cash wages to farm workers that this is another area a lot of fat working farms out there don't realize the cash wages they're paying to their to their employees out there but still it still requires them not to fill out the 940 because the IRS is still tracking these employees out there they need the they require them out to go into the federal unemployment compensation pool to pay the unemployed unemployed workers out there so that's important other 940 requirements these these requirements can change depending on where you're located and what type of organization you have but I'm just going to cover them real quick here we have Indian tribal government tax-exempt organizations employers of state and local governments so some of the areas that tax-exempt organizations they may think that they are not required to fill this out but they still are even other tax-exempt you still have to complete the 940 you may need to deposit your Feud attacks before filing your return so that's important to know if your feud attacks is more than 500 for the year you need to deposit at least one quarterly payment again you get any point here you can go to our website like again this tax is a little bit confusing and can be hard to understand at first you can check out our website hardware financial online com we offer more information on the 940 you can complete the form directly online it's going to walk you through all the steps make it easy to understand and make sure that performs accurate so I'm going to take you to the site show it to you real quick you can see we have a lot more information on tax we have links on both sides if you're you know looking at preparing individual tax returns or other business returns will cover all of that and you can use our online estimator I'm going to take you to that real quick loading page so we have the tax calculator here you can use either these links to calculate what your taxes might be and you can navigate throughout the site here to get some more information on tax and what your requirements might be for filing for your business or your small business requirements if you're new to filing these taxes there there's a lot of.

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