organizing your online sales finances for taxes

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organizing your online sales finances for taxes

Running an online sales business has opened a lot of doors for my family. It has provided us with the additional income that we needed to get through some hard times. My wife has been taking care of this business from the beginning and has done quite well with it. The one thing that she overlooked was the bookkeeping aspect of it. She has done her best to hold onto receipts and track spending, but she didn't do very well putting it all into a spread sheet for tax season. If this is something that you are experiencing, this blog can help you reclaim the organization you need to optimize your finances for tax season.

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6 Things First-Time Tax Filers Should Know

If you are filing your taxes for the first time, the experience can be a bit scary and intimidating. Even tax professionals occasionally find themselves stumped with intricate questions. This guide will help you with some of those frequent questions that pop up surrounding tax season.

1. File Your Taxes ASAP

In an ideal world, you would file your taxes as quickly as possible. You typically have until April 15th, plus or minus a few days depending on the weekend. The sooner you do it, the better. This ensures that, if you run into problems, you still have time before the deadline to resolve them.

2. Gather Documents Ahead of Time

In order to file your taxes, you will first need to gather any W-2s or 1099-MISC forms you have received from employers or companies you have contracts with. The W-2 shows that your employer already has paid taxes, but the 1099 shows that you will be paying your own taxes. You will also need documents related to deductions you want to make.

3. There Are Many Ways to File Taxes

There are plenty of ways to file your taxes, including online programs that walk you through the process, like Quickbooks. You can also sit down with an accountant if you still have questions about your taxes. They are very familiar with the forms and will ensure that everything is filled out and filed correctly.

4. Taxes Can Become Complicated

Once you begin investing money, get married, or have children, your taxes can become increasingly complicated. The same applies if you own your own business. If you find your tax situation becoming complicated, it is important to speak with an accountant. 

5. Taxes Are Easier When You Withhold the Proper Amount

Some people like to play around with the amount of money they withhold from taxes throughout the year, but they often find that they end up owing in the end. If you don't want to owe money at the end of the year, just hold off.

6. Don't Ignore Taxes

Not paying your taxes can (and will) catch up with you eventually. It is important that you pay consistently. In many cases, the IRS will be willing to help you set up a payment plan to make this happen.

Finally, accountants are there to help you. If you have questions about filing your taxes, talk to a professional at Blueback Accounting for more information.