The Entrepreneur's Text Book, Multiple Streams of Income: How to Generate A Lifetime of Unlimited Wealth

By John Q. Miller

Many authors with financial success and expertise have lead me to conclude that to achieve financial freedom, you must cultivate sources of income other than working for someone earning wages. Most people, however, cannot abandon their “day job” and risk starting their own business.

Robert Allen has a different message. Keep job, your primary income stream, but also take action to develop other sources of income. Your multiple streams of income could bring additional cash flow and greater financial freedom.

One of your income seeds could sprout and grow to be so successful that it becomes your primary income stream. By trying various and multiple methods to generate additional income, you increase your odds of success with an overall approach that poses less risk.

As a small business owner or self-employed person, one of easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time.

Over next four months there are several key dates that you dare not forget! Here they are -- all in one place, along with links to IRS website PDF file for that particular form, where appropriate.

NOTE: This article only addresses federal tax deadlines. Be sure to contact your state's tax department for their due dates.

JANUARY:

Thursday, Jan. 15

Personal If you're pay quarterly estimated income tax payments, it's time to make fourth-quarter payment for 2003 via Form 1040-ES. http://www.irs.gov/pub/irs-fill/f1040e03.pdf

Business If you have employees, you must make federal payroll tax payment for December 2003 by today (assuming you are on monthly deposit schedule).

You use Form 8109 (found in little yellow coupon book) or IRS Electronic Federal Tax Payment System (EFTPS).

FEBRUARY:

Monday, Feb. 2

Business

Normally, 4th quarter and year-end payroll tax returns are due by January 31 of following year. In 2004, since January 31 falls on a Saturday, due date is extended until next business day -- Feb. 2.

Here's an overview of 4 most common federal payroll-related forms due today:

1. Form W-2 (for your employees) http://www.irs.gov/pub/irs-pdf/fw2_03.pdf

If you mail W-2's, postmark must be on or before Feb 2, 2004.

You may also be a recipient of a W-2 (if you work as an employee for someone else), so don't give your employer a hard time unless W-2 is postmarked, or delivered in person, later than Feb. 2.

2. Form 941 (for payroll tax) http://www.irs.gov/pub/irs-fill/f941_a.pdf 3. Form 940 (for unemployment tax) http://www.irs.gov/pub/irs-fill/f940.pdf

4. Form 1099-MISC If you paid any independent contractors at least $600 in 2003, you must send each one a 1099 by Feb. 2. http://www.irs.gov/pub/irs-pdf/f1099m03.pdf

Tip: if independent contractor is a corporation, you usually don't have to issue a 1099. The main purpose of 1099 is to track payments to Sole Proprietors, i.e. unincorporated self-employed people.

Tuesday, Feb. 17 If you have employees, you must make federal payroll tax payment for January 2004 by today (assuming you are on monthly deposit schedule).

This is another example of automatic due date extension rule: if a federal due date falls on a Saturday, Sunday, or holiday, due date is extended to next business day. (Feb. 15 is a Sunday and Feb. 16 is a holiday.)

MARCH:

Business

Monday, March 1 If you prepared any W-2's or 1099's (mentioned above), today is deadline for sending a copy of those forms to IRS.

Form W-3 is sent to IRS, along with Copy A of any Forms W-2 you issued. http://www.irs.gov/pub/irs-pdf/fw3_03.pdf

Form 1096 is sent to IRS, along with Copy A of any Forms 1099-MISC you issued. http://www.irs.gov/pub/irs-fill/f1096_03.pdf

Monday, March 15 Today is a big day if your business is a corporation.

Form 1120 -- annual corporate income tax return for regular "C" corporations. http://www.irs.gov/pub/irs-fill/f1120.pdf