This guest post is brought to you by Outright.com, the easiest way to track your business finances online.Around this time of year, just opening the mailbox can be a stressful event. Why? Because it seems like every time you look in, there is at least one new tax form in there staring you in the face.Even worse, the IRS has unleashed a brand new tax form this year, the 1099K. So it’s not like it’s the same ol’ same ol’ when it comes to your taxes in 2012; there’s a whole new set of rules to learn and boxes to figure out and you're probably asking "how do I handle all these tax forms I'm receiving in the mail?"You’re a busy online seller, and your mind is more focused on making money and coming up with killer products than doing your taxes. How are you supposed to handle all these forms coming in when there doesn’t seem to be an end in sight?Know Your EnemyTo fully combat all these crazy forms coming in, you should know what they are first. This way you know their strengths and weaknesses and how best to tackle them so you don’t get overwhelmed.Let’s start with the new form, the 1099K. This one actually isn’t all that scary, it’s just that it’s NEW, and new can be terrifying.The 1099K comes from online seller hubs like Amazon , online money transfer sites like PayPal, and credit card companies. Basically, what it reports is how much you made during 2011 through payment processors. But never fear, you only receive this form from a payment processor if you made $20,000 or more in 200 or more transactions through them.The information on the form – your income - is more or less what you would get if you calculated your own taxes like usual. It’s just the IRS now gets that info ahead of time.One of the most common forms you’ll deal with as an online seller is the 1099. Whether you’re sending them out to contractors or getting them in from clients, they can be a real hassle. These forms report all the money earned from non-employment work; in other words, freelancing and temporary work. Keep in mind that 1099’s should have gone out to contractors by January 31, 2012 and they need to go to the IRS by March 31, 2012.Another common form you’ll find in your mailbox is the bank interest form. If you received any interest from any of your accounts, you’ll get one of these to contend with. Some banks have a limit, though – you must have made at least $10 in interest to receive a form, for example. This information goes straight on your personal 1040.Don’t Get OverwhelmedTrust us, we know how crazy all these forms can get. It may seem like just one more coming your way will send you over the edge. But the best thing we can say is “don’t get overwhelmed.”Sure, that’s easy to say, but how easy is it to do? Becoming overwhelmed isn’t something you consciously do, after all. But one of the problems people have is they think of all the stuff they have to do together. Instead, tackle everything one at a time.If the 1099K is giving you the most grief, tackle it head on to get it out of the way. If you can’t quite figure out what to do with your bank interest forms, knock them out before you even LOOK at the 1099 forms you received from clients. Or find a reputable accountant in your area and turn all those forms over to her!And of course don’t forget: if you need help doing your own taxes, ask for it! Outright.com is just a click away, so don’t hesitate to pick our brains for advice over at the Outright Tax Center.Outright automatically imports your financial information from your bank account, PayPal, Meylah, Etsy and more. Sign up today for free Outright.com account through tax season 2012!Main image courtesy of Enter The Story
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