Bank finance articles and tips

If you're self-employed and new to the world of taxes, there are numerous tax forms you may be required to file. Here's an overview of the most common tax forms needed by the typical sole proprietor.

Income Taxes. A sole proprietor does not file a separate business income tax return. Instead, you will file Schedule C or Schedule C-EZ as part of your federal personal income tax return (Form 1040). The "bottom line" from either of these forms flows to Form 1040, page 1. The entire Form 1040, including Schedule C or C-EZ, is due on April 15....

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion.

The return is due on April 15 following the year of the gift. For example, for gifts made in 2011, the return is due on April 15, 2012.

This due date can be extended two ways. First, you can file for an extension on your individual income tax form using Form 4868. The other option is to file Form 8892, Application for Automatic Extension to File Form 709. The extension will extend the filing due date for six months. A return with a valid extension would be due on October 15.

Did you file an extension for your 2010 personal income tax return back in April? If so, here's some good news for you - you have a few extra days to procrastinate! Read on for details.

Normally, by filing Form 4868 by April 15, you get an automatic six-month extension of time to file your federal individual income tax return. But when any federal tax due date falls on a Saturday, Sunday or federal holiday, the deadline is extended to the next non-weekend, non-holiday business day.......