If you have an online business, and it’s generating you income over $400: Congratulations! You owe Uncle Sam.
Every business in the United States must pay federal income tax every quarter based on when they generated the income. Here’s the due dates for each quarter:
Federal Income Tax
Jan. 1 – April 1
April 1 – May 31
Federal Income Tax
June 1 – Aug. 31
Aug. 31 – Jan. 1
Tax rates and forms vary by business structure, and of course, by state. Some states even have zero income tax, but if your state does, keep in mind that state and local taxes can be offset by itemizing the proper deductions on your returns.
You don’t need just an accountant, you need an eCommerce accountant who knows the ecommerce tax deductions you don’t want to overlook!
Check out what these
happy customers had to say!
We were led to Fully Accountable because we do not have an internal finance team and we do not have the ability to accurately track our financials in such a way that enable us to make business decisions and we sought Fully Accountable because of their expertise operating as CFOs and operating as CPAs to help us create financials in such a way that we are able to make better business decisions with the numbers.
I didn’t want to sit there and do the mundane tasks of the bookkeeping and, I didn’t want to task it to anyone in the office because we like to keep it really lean here. So it was very fortuitous that we came across Fully Accountable to be able to have all the services of a CFO from a virtual standpoint.
The main problem that led us to Fully Accountable was not having any robust accounting and reporting systems. We were having the accounting done at the end of the year by our CPA. Then we’d get hit with a big tax bill we weren’t ready for. It wasn’t until we connected with Fully Accountable that we had intelligence applied to our financial systems.