Occasionally, I write tax-related articles for other sites. Below is a preview of an article I wrote for Big Cartel:
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.
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.