It’s Tuesday, April 17, 2012. That’s tax day in the U.S. this year (because the 15th was a Sunday, and Monday was Emancipation Day in Washington, D.C.). For people with regular jobs, today is the last day to file your 2011 tax return unless you file for an extension. But you knew that.
Bonus! It’s also the due date for Q1 taxes for self employed people. If you are self employed, you might need to pay income tax plus self employment tax for the first quarter, and it would be best to have it postmarked today.
Here is a link to the surprisingly helpful IRS website: http://www.irs.gov/businesses/small/article/0,,id=115045,00.html.
Some states require quarterly payments, too.
If you are just getting started freelancing or aren’t sure that you are handling your taxes properly, it’s a great idea to hire an accountant who works with small businesses. Even if you end up doing your own taxes with tax software, it’s worth getting expert advice to get set up. I switched accountants this year. My last one was competent but I didn’t feel like I got full answers to my questions, and I wasn’t comfortable asking what might be dumb questions. My new accountant is awesome: she answers my questions in an easy-to-understand way, I don’t feel judged, and the payment I made for getting my annual tax return done entitles me to email or call with questions during the year at no extra cost.
Are your 2011 taxes done? Do you pay quarterly taxes?