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Don’t want to get left behind on your 2014 taxes? It’s every business owner’s nightmare to wake up and see you’ve forgotten an important tax date and now owe a huge fee for being late. Instead of always being in fear of getting left behind, stay ahead of the game with this tax calendar! Here you’ll find the major dates every entrepreneur or freelancer needs to know.
Date: January 15th
What’s Due: Quarterly Estimated Tax
It’s time again for that quarterly pain in the neck! If you’ve never done these before, quarterly estimated taxes (QETs) are payments made in lieu of having regular taxes taken out of your paychecks. Since as a business owner or freelancer you don’t have taxes regularly taken out, the IRS (and likely your state’s taxing authority) requires you to pay quarterly instead.
On this date you’re technically paying your final payment as it’s the fourth quarter. The 1st quarter comes around at tax time, which can either be seen as obnoxious or helpful; more on this later.
Date: January 31st
What’s Due: 1099-MISC Forms Should Be Sent
If you hired a contractor or freelancer to help you with your business in some capacity in 2013, make sure to send them their 10990-MISC form by January 31st. This form aids them in doing their own taxes for April. Also, if you don’t send it on time, you could face penalties.
What to Expect: The IRS Accepting Tax Filings
If you’re like many and like to submit your tax forms as soon as absolute possible, you’re going to run into a hiccup this year. That’s because the government shutdown in 2013 pushed back the IRS’ expected date to take in completed forms.
Date: Early February
What to Expect: Form 1099-K
Do you sell on sites like eBay or Amazon? If you make enough money, be prepared to receive this nifty form in the mail. However, don’t fret, as it’s actually quite helpful! The 1099-K merely tells you how much money you made through those websites so you can help use it for your taxes. A copy is also sent to the IRS to give them a more accurate picture of what the tax landscape looks like.
You will receive this form if you fit these criteria:
- You made $20,000 or more through online transactions
- You made that $20K through 200 or more transactions through one payment processor (Amazon, PayPal, Etsy Direct Checkout, etc.)
If you don’t meet both of those, you don’t have to look for this in your mailbox.
Date: April 15th
What’s Due: Federal Taxes and Q1 QET
This is it, the big dance, the date everyone remembers. Your federal (and state, local, etc.) taxes are due by this date, so make sure you send everything off before the post office closes. Of course actually starting your taxes this day would be a disaster, so get started as early as possible. If you feel like you just can’t get the forms done in time, file for an extension by this day.
Also due today is your first quarter QET payment. Now, as stated above, this could be seen as a blessing or a curse. It is a little annoying that this kind of thing is due the same day as your “big” annual taxes. However, since you have to do yearly taxes anyway, use the opportunity to knock your QETs out no problem and get your business organized. This will help you the rest of the year as well, especially when QETs roll around again.
Need more help figuring out your taxes? Head on over to our Ultimate Guide to Taxes for Small Businesses for tons of great info!