Whether you’re a part- or full-time freelancer, receiving income means filing a tax return. Here are three things to keep in mind as you look back at your 2013 business activity.
Dates: The IRS will begin accepting 2013 business returns on Monday, January 13, 2014. For individual returns, the date is Friday, January 31, 2014. That doesn’t mean you should wait to get started, just that you may have to wait to actually submit your forms. Despite the delay, the filing deadline remains the same: Tuesday, April 15, 2014.
Forms: If you’ve established your business as a corporation, you’ll need to file Form W-2 for wages you pay to yourself and any employees. Complete Form 1099 for people you hire on a contract basis, such as web designers or virtual assistants. If you’re a sole proprietor, you’ll file Schedule C with your federal income tax return—and remember to make your final 2013 estimated payment this month.
Help: What if you have questions? The IRS has a free guide, Publication 17, that you can read on the IRS.gov website or download to browse at your convenience. You can also call the IRS, toll free, and ask for help. Prefer visual learning? Watch the IRS YouTube videos. When you’re ready to file your return, options include IRS free file and walk-in tax clinics, both of which are generally available at no charge.