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Trying to keep your tax tasks in order? You should make a small business tax calendar! To get you started, we’ve collected some dates you should add ASAP. They range from quarterly tax due dates to filing extension dates, and should get you on your way to a successful – and timely – 2012 tax year.
January 17, 2012
Are you self-employed or otherwise need to pay quarterly tax payments? Then January 17, 2012 is the day you need to have that payment ready and sent off. Usually it’s on the 15th, but this year that falls on a Sunday and the following day is a federal holiday, so you get two extra days to get your final 2011 quarterly estimated tax payment together!
January 31, 2012
If you work with PayPal, you may be getting a brand spanking new form, the PayPal 1099K, in the mail at the end of January or early February. If you made over $20,000 through 200 transactions or more, you qualify for the tax form, which basically reports your income to you.
Keep in mind this form only reports income and not any business expenses you want to use for deductions. Also, this is the first year PayPal has attempted this, so it’s best to keep your income records in order rather than relying on PayPal’s numbers, just in case they goof up.
April 17, 2012
Of course this is the day that everyone fears – the big dance when it comes to tax time! If you haven’t applied for an extension, then your 2011 taxes need to be all figured out and sent off by this day. If you need to file for an extension, make sure it’s in by April 17th, 2012 (Important caveat: Filing a tax extension is free and easy, but it only allows you to extend the time you have to file your tax paperwork. Vexingly, the money you owe the IRS is still due on April 17th, 2012, no matter whether you have your paperwork together or not).
For the self-employed, this is also when your first quarter 2012 estimated tax payment is due. Make sure to get everything sent off by this date to avoid fees and other issues.
June 15, 2012
Fancy a guess what this date is for? You got it – time for another quarterly tax payment to be sent off.
September 17, 2012
Go ahead and mark this one too. After this payment, though, only one more to go, and that’s not until 2013!
October 15, 2012
If you filed an extension in April, your time to procrastinate is now over. October 15th, 2012 is when you need to have your taxes done and sent off. Otherwise, you’re going to be hit by fees and other possible consequences from the IRS.
December 31, 2012
What tax stuff could possibly go on this date? Well, it’s not so much anything is due, but this is the date you should have all your tax information ready to go. Not necessarily tax forms filled out, but organizing documents and taking pictures of current stock and office setups should be done by now. It makes your life much easier when everything’s in order – especially taxes!
Is this your first year selling online? Outright.com has created a wonderful tax guide for first year online sellers (this guide uses Etsy as the sample platform, although it's applicable to sellers using any online platform, including Meylah). Download Free Tax Guide!
Worried about tracking your expenses? Outright automatically imports your financial information from your bank account, PayPal, Meylah, Etsy and more. Sign up today for free Outright.com account through tax season 2012!
Main image courtesy of Jason Dirks Photography