‘8 Steps to Prepare Your Online Business for Tax Time’ – Shopify
Richard Lazazzera says, “Tax season is here, and whether it’s your first year in business or your tenth year, it always feels like there’s an endless list of tasks to get through to file your return. This step-by-step guide will help you get organized so you can get a jump start and file your 2014 tax return well before it’s due.
Let’s get started.
Step 1: Remember These Tax Deadlines
Tax deadlines can sneak up on you. Missing them can result in expensive penalties.
Your taxes are due on April 15, 2015 (or March 16 for corporations). Depending on the nature of your business, you may also need to submit additional documents to the IRS before that date.
Add these dates into your calendar and don’t miss a single deadline:
February 2: Forms 1099 and W2 Postmarked
If you paid an independent contractor or employee more than $600 in 2014, you’ll need to provide them with a 1099 or W2, respectively, on or before February 2″.
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