June 14, 2013
Occasionally, I write tax-related articles for other sites. Below is a preview of an article I wrote for Big Cartel:
Getting Started
The fist thing a business needs is its own bank account. It’s also very helpful to use accounting software to keep income and expenses categorized. Many options are available online and will save you time and money when preparing your annual taxes.
Quarterly Estimated Taxes
Estimated tax payments can be calculated on a Form 1040-ES and are due April 15, June 15, September 15, and January 15.
Forms 1099
As someone who is self-employed, you may get a Form 1099 in the mail at the beginning of the year. Recently, there has been much discussion about 1099s from Payment Settlement Entities (PSEs). All PSEs, including the most-popular, PayPal, are required to issue a Form 1099-K to merchants who received gross payments in excess of $20,000 and have more than 200 transactions during the year.
Read the full article here.
Posted in Concerns for all Taxpayers, Concerns for Retailers, Estimated Taxes, Online Sales
November 7, 2012
Occasionally, I write about tax topics for other sites. Below is a preview of an article I wrote for Altitude Summit‘s blog.
If you earn income from self-employment, you are required to pay estimated taxes each quarter.
To understand how to calculate, which forms to use, and when to remit payment, read on!
Posted in Concerns for all Taxpayers, Estimated Taxes
September 13, 2012
Occasionally, I write about tax topics for other business sites. Below is a preview of an article I wrote for Create Hype.
Estimated taxes for the third quarter of 2012 (June 1 to August 31) are due on September 17, so now is the time to gather your income and expense documents and start calculating!
What are Estimated Taxes?
Estimated tax payments are used to pay taxes on income not subject to withholding. Anyone who has been an employee of someone else has seen the amounts taken out of his or her paycheck for tax purposes. Part of this is your income tax withholding. The IRS requires employers to retain, or withhold, amounts from paychecks to cover the employee’s income tax liability.
This situation is slightly different for people who are self-employed. As there is no employer to withhold income from paychecks, self-employed individuals are required to submit their own withholdings quarterly.
Continue reading “A Deeper Look at Estimated Taxes”
Posted in Concerns for all Taxpayers, Estimated Taxes | Tagged entrepreneur, estimated taxes, guest post
