• KBD

December 2020 Volume IX


December 2020 Volume IX


Purpose

The purpose of Kappa Beta Delta is to encourage and recognize scholarship and accomplishment among students of business pursuing associate degrees. To encourage and promote personal and professional improvement and a life distinguished by honorable service to humankind.


https://www.kbdhs.org/






Paying Employment Taxes? Make Sure You're Using the Correct Form


If you're a small business owner, you should understand the differences between two commonly used employment tax returns.

Form 944, Employer's Annual Federal Tax Return, is designed for small business owners to pay employment taxes once a year instead of quarterly. Business owners may receive a notice from the IRS informing them that they can file Form 944. Business owners may have to file this form every year until the IRS notifies them differently.

Form 941, Employer's Quarterly Federal Tax Return is a form designed for employers to report income taxes, Social Security, or Medicare tax withheld from employee's paychecks. Again, the IRS may inform business owners of whether they should use Form 941.

If you have questions about which form you should use, please contact our office. We may be able to provide some guidance or help you find some information on the IRS website.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS



Have a Healthier Holiday