What to Expect at Tax Time in 2014
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What to Expect at Tax Time in 2014

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Taxes, taxes everywhere! We’ve heard a lot of small business owners say that January through April 15th every year feels like running to and fro plugging holes in a dam. The tax deadlines and due dates never seem to end.

This can all be very confusing, especially if you’re just getting started on your venture. We thought we’d ease your burden a little by giving you a calendar to follow for the first half of 2014 when it comes to taxes and tax forms.

January

January 15th – Estimated Taxes Due 

This is the fourth and last payment due for your quarterly estimated taxes (QETs). If you aren’t sure what these are, business owners and freelancers don’t pay taxes like individual taxpayers do. Since you’re not taxed regularly like if you had an hourly wage or salary job, the government has to collect taxes somehow.

This way is through QETs. You take an estimate of how much money you made during the taxable year, split into four parts, and pay each part in regular intervals. The January payment is technically the last one of 2013.

January 31st – 1099-MISC Forms Due

If you used any contractors or freelancers to aid your business in 2013, you have to send them a 1099 detailing the money you paid. This is so they can figure out their own taxes by April. These tax forms must be sent out to the contractors by January 31st. 

February

Early February – Form 1099-K

This is a relatively new form that online sellers have had to deal with, although it’s actually helpful rather than cumbersome. The 1099-K is a form that shows how much you made that passed through an online processor like PayPal. Both you and the IRS get one, so it’s vitally important that your records match the 1099-K you receive.  However, you will only receive this form if you made over $20,000 in over 200 transactions from each individual payment processor.

January 28th through February 4th – IRS Accepts Returns

While many are used to filing their tax returns much earlier than this, the government shutdown that occurred late in 2013 put a strain on business as usual. So the IRS decided to delay things by about two weeks when it comes to tax returns. The official date isn’t announced yet but it should fall in the above dates. 

March

March 17th – Tax Day for Corporations

Is your business registered as a corporation? Then today is your tax day! Make sure to file all your 1120 forms by this day, including the 1120S. This day generally falls on March 15th, but March 15th is a Saturday this year, so the due date falls on the following Monday.

April

April 15th – Tax Day for Everyone Else

If you’re not a corporation, today is your day to file taxes! Make sure to collect every single piece of information you can to help you out, including all deductions and exemptions you believe will lower your tax liability. If you don’t think you’ll make the deadline, don’t hesitate to file for a tax filing extension which gives you an extra 6 months to figure out your paperwork (though you’ll still have to pay an estimate of what you owe).

April 15th – First Quarterly Estimated Tax Payment Due

This day is also when you’re required to send in your first Quarterly Estimated Tax payment. Ideally, you’d like to get a good estimate of what you actually owe, but sometimes that doesn’t always add up. Any issues should be resolved when you file those “other” taxes that are due today. You may end up owing more or actually get some money back. This shows the importance of utilizing all the exemptions and deductions you can find!

Need more help figuring out your taxes? Head on over to our Ultimate Guide to Taxes for Small Businesses for tons of great info!

 

This guest post is courtesy of GoDaddy® contributing writer Jennifer Dunn. As the Web’s top platform for small businesses, GoDaddy can help you easily start, confidently grow, and successfully run your own venture.

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