This post is part of our 2014 Tax-Time TuneUp Series!
One problem with taxes is that they always seem to be sneaking up on us. As soon as the holiday rush is over, 4th quarter estimated taxes are due on January 15th. Then 1099’s are due to contractors by January 31st. More quarterly estimated taxes are due in June or September – who wants to think about taxes then? And, if you have to deal with sales tax, you’ve probably dealt with remitting them to your state’s taxing authority anywhere from the 10th to the 20th of the month… but maybe not every month!
There may even be some rare tax due today for all you know.
GoDaddy Online Bookkeeping can help. We’ve put together a small business tax calendar to see you through the year.
Your 2014 Tax Calendar
This tax calendar assumes that you are a sole-proprietor. Corporations have some slightly different tax dates.
January 15, 2014
Quarterly Estimated Taxes Due for Q4 of 2013
April 15, 2014
Quarterly Estimated Taxes Due for Q1 of 2014
June 15, 2014
Quarterly Estimated Taxes Due for Q2 of 2014
September 16, 2014
Quarterly Estimated Taxes Due for Q3 of 2014
October 15, 2014
For those who filed tax extensions – deadline to file 2012 tax returns
January 15, 2015
Quarterly Estimated Taxes Due for Q4 of 2014
January 31, 2015
Form 1099-MISC Due to contractors
April 15, 2015
- Income taxes due for individuals, sole-proprietors, single-member LLC’s
- Deadline to file a tax extension
- Deadline to pay 2014 taxes owed if you have a balance
- Quarterly Estimated Taxes due for Q1 of 2015
June 16, 2015
Quarterly Estimated Taxes Due for Q2 of 2015
September 15, 2015
Quarterly Estimated Taxes Due for Q3 of 2015
October 17, 2015
For those who filed tax extensions – deadline to file 2015 tax returns
January 15, 2016
Quarterly Estimated Taxes Due for Q4 of 2015
Tax-Time TuneUp To Do’s
Plug These Important Tax Dates Into Your Calendar
Most calendars come with a reminder function, so you might want to set yourself a realistic reminder in time to prepare. It may only take a day to gather and pay your quarterly estimated taxes, for example, but it may take some time to gather information to send form 1099-MISC out to contractors. Your business is growing, so give yourself plenty of time to work and to comply with taxes.
The IRS website also allows you to subscribe to a small business tax calendar in your online calendar or download one to automatically integrate into your Outlook calendar. Click here for more information from the IRS about tax calendars.
Set Aside (At Least) One Day Per Month to Categorize Your Transactions in GDOB
We previously recommended setting aside a day per month to categorize your business expenses. Now we’re highly recommending that you add that day to your tax calendar, and try to treat it just as seriously as an IRS deadline. Tax time becomes taxing when we realize we have mounds of disorganized financial information. By checking your GDOB account at least once per month, categorizing your transactions and making sure there are no missing items, you cut down on all this financial clutter come April 15th. We recommend you pick one set day per month – such as the 7th, or every third Saturday – to login to GDOB and make sure everything is in order. While you’re in there, have a look at your Profit & Loss report to make sure your business is on the right track!
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This communication is not meant to be taken as tax advice. Contact an accountant or other tax professional for advice specific to your situation.