If you are a business owner (freelance or otherwise), please make careful note of today’s tax deadlines.
It’s officially tax season, since The Internal Revenue Service began processing all tax returns as of January 20th! It is time for America to pay attention to all of the relevant tax deadlines.
For today, February 2nd, 2015: All employers must mail out Form W-2 to their employees so as to allow them sufficient time to gather their finances and plan their tax returns accordingly. Similarly, all businesses must prepare and furnish Form 1099.
Details on how to proceed can be found here:
- How to Prepare and Distribute Form 1099-MISCHow to Prepare and Distribute Form 1099-MISC
- General Instructions for Certain Information Returns (IRS.gov)
Freelancers should also note that today is the last day to file their 4th quarter tax returns for 2014, as well as pay them in full so as to avoid penalties.
Follow the rules and keep your head above the water for a problem free tax season.