When tax season begins, many business owners struggle to keep all the dates they have to remember in order. We thought we would give you a quick list of all the major tax days coming up through April so you never forget a big tax milestone again.
15th – 4th Quarter Quarterly Estimated Taxes
When you’re a business owner or a freelancer, you don’t pay taxes like most workers do. Instead of money coming out of your paycheck every period, you pay taxes on the work you do or items you sell. You pay this money, called quarterly estimated taxes (QETs), every few months.
January 15th is technically the last payment you make for the tax year, as it’s in the fourth quarter. However, it’s the first payment in 2014, so make sure you have everything in order. Get all your paperwork from 2013 ready to figure it out, which can also help you in April for federal taxes.
31st – Send out 1099-MISC
Did you hire a contractor or freelancer in 2013? They have to know how much they made during the year for tax purposes, so make sure to send them a 1099-MISC by January 31st. They use this form to figure out their own taxes, and not sending it on time can earn your business penalties.
First Half – Form 1099-K
If you’ve been selling online in the past couple of years, you’re likely familiar with the 1099-K. If you’re new to the game, this tax form basically tells you how much money you made over the past year and how much is tax you owe on it. It’s send to you and to the IRS and only really serves informational purposes. Expect this in early February if you made over $20,000 with over 200 transactions through one third-party payment processor (PayPal, Amazon, Etsy Direct Checkout, etc.).
February 4th – Send in Federal Taxes
While the official date isn’t known yet, the IRS has pushed back the date it is accepting returns. This is because the government shutdown created many problems with its services. Rather than rush things, they pushed back the date, which should be no later than February 4th. If you were planning on filing early, use the extra time to prepare all your necessary paperwork.
If you are incorporated, your corporate tax return is due on March 17, 2014. Normally these returns are due on March 15th, but that date happens to fall on a Saturday this year.
15th – Tax Day
Of course this is the big day that’s hard to forget – all your federal, state, etc. taxes are due this day. If you’re unable to finish in time, don’t hesitate to fill out a tax extension so you can get extra time to finish your forms. Keep in mind that it only works with tax forms and not any money you owe.
15th – 1st Quarter QET
Also due this day is your 1st quarter quarterly estimated tax payment. This might be a little easier as you’re already working on your “big” taxes – just use the estimates to help you find your first payment due for the period between January and March 2014. Make sure to use all the exemptions and deductions you can to get the most out of your tax time.
Need more help figuring out your taxes? Head on over to our Ultimate Guide to Taxes for Small Businesses for tons of great info!