Your employment taxes are where you’ll need to report wages, tips and other compensation that you’ve paid your employees. You’ll need to prepare W-2, Wage and Tax Statements for each of your workers. These forms report your employees’ earnings.
As an employer, you’ll have to mail out employee W-2s by Jan. 31, 2025. To keep your employees updated, let them know that they may not receive their W-2s until after Jan. 31, 2025.
You can view other important tax due dates on the IRS’ Employment Tax
website.
You’ll have to file excise taxes if you:4
- Manufacture or sell products
- Use certain equipment, facilities or products
- Receive payment for certain services
You can use Form 720 to file excise taxes in these categories:5
- Environmental
- Communications and air transportation
- Fuel
- First retail sale of heavy trucks, trailers and tractors
Some other tax forms you may need to fill out include:
- Form 2290: This is for certain trucks, truck tractors and buses used on public highways that are a gross weight of 55,000 pounds or more.
- Form 730: If you’re a business that accepts wagers or does a pool or lottery, you may have to file an excise tax on wagering. This form helps you figure out the tax on the wagers you receive.
- Form 11-C: This form allows you to register for any wagering activity and to pay the tax on it.
If you have employees, you’ll need to pay employment taxes. These include:
- Social Security and Medicare taxes
- Federal income tax withholding
- Federal unemployment (FUTA) tax
You’ll need to report these payroll taxes on Form W-2 to your employees. Your employees then need to include this information on their tax return, which is Form 1040 or 1040-SR.6
