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Young Entrepreneur

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Accounting Services for YEC Members, Plus Tax Due Dates in 2016

Taxes — not anyone’s favorite topic. But if you think about it, you only have to pay taxes if you are making money, so you must be doing something right!

If you hate doing taxes yourself and you need help, get started by contacting me at Beth@yec.co. We’ll find you some great accountants and bookkeeping options — both for your business and personal needs.

(Note: This benefit is for YEC members only. Click here to find out if you qualify.)

In the meantime, here are some dates to keep in mind:

Starting Off the Year:

March 15, 2016: Your taxes are due if you are a corporation, LLC Partnership or S corporation.

April 15, 2016: Your taxes are due if you’re a sole proprietor or single-member LLC. Personal income tax is also due.

1099 Due Dates:

If you hire contractors, you are required to send them a form 1099-MISC to report your contractors’ income. This form goes to the contractor and the IRS.

February 1, 2016: the due date to send form 1099-MISC to contractors.

February 29, 2016: the date you must submit form 1099-MISC to the IRS for each contractor.

Quarterly Estimated Tax Due Dates:

If you are a solopreneuer, LLC or are not on payroll and don’t have an employer submitting tax on your behalf each pay period, you’ll need to pay quarterly taxes. These are the quarterly estimated tax payment due dates:

January 15, 2016: your fourth quarterly 2015 estimated tax payment is due.

April 18, 2016: your first quarterly estimated tax payment is due.

September 15, 2016: your second quarterly estimated tax payment is due.

June 15, 2016: your third quarterly estimated tax payment is due.

Sales Tax Due Dates:

Your sales tax due dates come down to your individual sales tax situation. States require sellers to pay at intervals — usually monthly, quarterly, or annually — and every state is different. You’ll be assigned sales tax filing due dates when you apply for your sales tax permit.

If you want any help with your taxes — or any other bookkeeping or accounting tasks — YEC has you covered through our highly curated list of partners. Specials and discounts are available to YEC members.

Contact me at Beth@yec.co.

(Note: This benefit is for YEC members only. Click here to find out if you qualify.)