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Tax Season - How to download tax info from JiffyShirts
You probably love many aspects of owning your own apparel business, from creating new designs to helping customers find the perfect gifts for their loved ones. However, some elements aren't as exciting. For instance, the thought of filing your small business's taxes might make you shudder. This annual process doesn't have to be complicated, though, especially when you use JiffyShirts to order your blank apparel.
Below, we get into the nitty-gritty of filing your taxes for your apparel business. We also discuss how to download your tax info from JiffyShirts so the filing process becomes a breeze.
Do Tax Laws Vary by State?
Yes, tax laws vary by state. The structure of your business might affect how much you must pay. For example, is your business structured as a sole proprietorship, partnership, or limited liability company (LLC)? Some states don't have a corporate income tax, while others have some type of gross receipts tax. For this reason, it is important to seek the advice of a certified tax consultant or another financial expert.
Also, consider the tax implications of doing business in multiple states. For example, imagine you run a T-shirt printing business with your two sisters. Maybe you live in Colorado, one of your sisters lives in Florida, and the other one lives in Maine. Because the three of you buy T-shirts for use and distribution in different states, you might run into different tax requirements.
Always check with your state revenue department for details on local tax laws. You can also consult with an expert for individualized advice on your unique business situation. If you do, ask them about becoming a tax-exempt business.
What Are the Tax Dates for 2023?
Jan. 23 marks the start of the 2023 tax season. On this date, the Internal Revenue Service started accepting and processing tax returns from businesses. You'll have all of February and March to complete your business' tax return. April 18, 2023, is the cutoff date to submit a tax return for 2022. If you can't finish your taxes on time or stumble across problems, you can request an extension.
Because the tax season runs from the end of January to the middle of April, some business owners might be tempted to postpone completing their returns. However, you can benefit from getting ahead and completing your company's tax return as soon as possible. This way, you won't be rushing to gather and submit all the necessary information before April 18 arrives. It'll sneak up on you sooner than you think, so be sure to take initiative.
Staying Mindful of the Tax Season as a Small Business Owner
Being mindful of the tax season as a small business owner can help your company thrive. You can meet all deadlines without being subject to the Failure to File penalty. This penalty can result in you paying an additional 5% of the unfiled taxes each month they're late. The penalty can climb all the way up to 25% of your unpaid taxes depending on the tardiness of your tax return.
When you know the due dates, you can dedicate fewer resources to filing taxes. You can work with a tax expert to get the job done and not worry about the task further. Do it right the first time, and you can forgo penalties and fees. Your business can continue operations as normal without interruptions. It's also worth noting that failing to file taxes can result in jail time, so it's best to fulfill your civic duty.
How To Download Tax History
You don't have to rifle through all your orders to compile your tax history from JiffyShirts. We store everything right in your account for easy access. Here's a list of the steps you can take to download your tax history:
1. Log Into Your JiffyShirts Account
The first step is to log into your JiffyShirts account. Depending on how you made your account, you might be able to log in with an existing Facebook, Google, or Apple account or using your email address and password. Just confirm that whatever account you log into is the one you use for your business purchases.
2. Navigate to Your Order History
Once you log into your account, you can go to your profile page. Select the button on the left side of the page that says "Download Order History." JiffyShirts stores all your order history from the past year on this page, and it contains all the tax info you'll need to file your company's tax return.
3. Save the File to Your Computer
Once you click on the "Download Order History" button, the file will download automatically. Open the file, and save it on your computer. Ensure you save it to a location where you can find it quickly and easily instead of burying it within unused folders.
4. Open the File Using Your Preferred Spreadsheet Software
Once you're ready to review your tax info, you can open your saved file using your preferred spreadsheet software. For example, you might use Microsoft Excel, Apple Numbers, or LibreOffice. Once you can view the file, you won't have to peruse through tens or hundreds of orders and mull over every detail. Instead, you can use your program's sorting tools to filter out the required order details as they relate to your taxes.
Now that you've figured out how to download tax info from JiffyShirts, you can get back to the bread and butter of your business. Shop for blank T-shirts, pullover hoodies, and polo shirts here at JiffyShirts so you can keep printing to your customers' desires.