‘8 Steps to Prepare Your Online Business for Tax Time’ – Shopify
Shopify team 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. If you live in the US, this step-by-step guide will help you get organized so you can get a jump start and file your 2016 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 17, 2017. 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 2016, you should have already provided them with a 1099 or W2, respectively, on or before February 1”.
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