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Boston Massachusetts Form Steps to Complete 2553 IRS: What You Should Know

In this section, we'll give you the links to the IRS instructions and a list of websites where you can fill out the form. It also includes info to find the correct mailing address for filing your taxes. Note — you must file this election with the state and the city or county where the business was created. You can learn more from the links at the bottom of the page. All info is subject to change. This is for informational purposes only. What to Expect When You File Your Taxes With Forms 2553 You're encouraged to file a Form 2553 even if you're not a “qualified taxpayer”. (Qualifying taxpayer are those that have paid income taxes in excess of 100,000 for the past year.) This form is for “taxes withheld from paychecks of individuals” (the tax is due on your W-2) and includes payroll taxes, social security & medicare, and Medicare taxes. Your bank may already collect taxes from you through its employee withholding policies, or you may need other government payments. Many stores, churches, nonprofit organizations, and some local governments actually collect this type of tax. Also see the information in “Filing Your Taxes with State and Local Taxes” for more info. If the company does have “employees”, and they are required to file their federal taxes (which the IRS has not verified are accurate for them, but will not contact you about it), your Form 2553 could be a “work-off” to get more tax liability for these taxes. You'll get an e-mail from the IRS to indicate how much you owe based on your W-2 wage statement. After you pay these taxes, you'll be notified that you're also owed state tax and/or local taxes based on the amount you paid. You can avoid this tax by filing Form 1099, which will reduce your tax payment by the amount paid and the IRS will refund you. See below for more info on taxes withheld from paychecks. When you receive your Form 2553, it will contain a summary of your tax situation. It will indicate what type of income taxes (if any) you paid and will include information about your account balance and total gross income, your federal tax liability, and any federal or state income taxes withheld. You will have the option to add up to 10 years for that information. Important Notes: To make the filing process easier, you should save your copy of the completed form to your computer.

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