Intended for independent contractors and self-employed persons, the IRS 1099-MISC form is, serves a similar purpose as what a W-2 form does for employees. The 1099-MISCreports the payments that have been received from a single person or entity during the tax year. Not just any payments, but ones having to do with businesses. For example, if you hired someone to paint your office building, fix a company car, or write copy for your company’s blog, you may need to e-File a 1099 MISC. tax form. If you hired an independent contractor for simple Miscellaneous work valued under $600 for the tax year, you probably don’t need to e-file a 1099-MISC tax form for that payee. 1099 tax forms do require some personal information, such as name, address, and Social Security or employer identification number (EIN).
When looking at the 1099-MISC form, there are a million little boxes that seem so random. Fishing boat proceeds? Excess Golden Parachute payments? What does it all mean? It is likely that the only thing you need to worry about when you receive this form is the parts that are filled out with income. When you want to e-file a 1099 form, you will be asked about any other income you have received, and that’s the only time you really need to worry about your 1099-MISC. Ignore all the other boxes.
If you employ independent contractors in the course your business, you need to file IRS 1099-MISC Forms. You also need to file for any contractor you paid at least $600 to during the tax year. The easiest way to file a 1099-MISC is to e-file, as you can do it from anywhere and whenever it is convenient for you. The IRS Form 1099-MISC is intended to be filed by people who have paid others during the year. If you paid for:
On the other hand, if you hire a contractor for personal matters like work on your home, car, or childcare, and you paid them less than $600, you don’t necessarily need to file a whole tax form for them. The IRS Form 1099-MISC is just intended to make sure that all business expenses are reported. Contact the ETAX1099 team, we can help you determine the need to file.
The easiest way to file any of your 1099 forms online is to e-file them. E-filing ensures that the process is convenient and easy for you, as it can be saved and worked on at your convenience. You will receive copies of your 1099 forms in printable documents to print out and save for your records. If you must file more than 250 IRS 1099-MISC forms, the IRS requires you e-file them. When you are ready to file, make sure you find the appropriate tax preparer to help you file 1099-MISC tax documents correctly.
The 1099-MISC form deadline is on January 31st 2019. This due date applies to a few different types of 1099s. If you are required to report any non-employee compensation payments through Form 1099-MISC (in Box 7), then you would need to file any 1099-MISC forms by the January 31 2019 deadline. You have the ability to e-file your 1099-MISC forms through our ETAX1099 software with the help our 1099-MISC instructions.
Deadline (Due Date 2019)
January 31, 2019
IRS Paper Filing - Box 7
IRS Electronic Filing – Box 7
IRS Paper Filing – Other Boxes
February 28, 2019
IRS Electronic Filing – Other Boxes
March 31, 2019
The 1099-MISC is just that—Miscellaneous income the IRS needs to know about for the purpose of making sure that self-employed people reports all of their earnings. This form is filed so the IRS knows when someone has received Miscellaneous income and that taxes shall be paid on it (assuming any are owed). 1099 tax software is one of the best tools that the IRS has in making sure that self-employed contractors dWhy File 1099-MISC Online?on’t underreport their earnings and are taxed appropriately. Taxes owed by self-employed are calculated based on what they have been paid during the tax year. Penalties are imposed and enforced if a hiring firm intentionally fails to file 1099-MISC for independent contractors. Late penalties are also imposed if a self-employed person fails to report income over $600 as listed on the 1099-MISC tax form. Due to the IRS receiving 1099-MISC copy A when a business files, they are aware of the amount of income paid so it’s always the best policy to be honest.
Register for free to E-File Form 1099-K, 1099-MISC and 1099-INT with ETAX1099 or Call us on 703-229-0326 for assistance on filing your 1099 taxes online.
Form-1099 Filing service starts from $3.25