1099-MISC Form for Reporting Self/Non Employee Income

_he 1099-MISC form is to report the miscellaneous income earned during the 2018 tax year. This is also referred to as “non-employee income” to the Internal Revenue Service (IRS). This is the annual wage report form, this must be prepared, given to the employees and report to the IRS for the prior tax year. Non Employee Income Reporting on 1099-MISC The term “non-employee” is used by the IRS, which includes someone who offers their services to another...

1099 Corrections and Penalties for Electronic Filling

Generally, the IRS wants the taxpayer to ensure that all the information provided on 1099 forms are accurate and filed on time. Though the penalties are mainly for the errors on the forms the IRS also fines for late submission of forms, missing documents in forms, or incorrect taxpayer details. Penalties for Failing to File Form 1099 When you miss to file or late to file Form 1099 by the due date and you cannot prove the...

What’s New for E-Filing of 1099 Forms for Tax Year 2019?

Rules and regulations for filing 1099 returns get revised every new year and it’s quite important for every individuals, corporate, organizations, and institution who are liable to pay the taxes to be aware of these changes. Below listed are a few changes that are going to be implemented in this new year i.e. 2019 on wards that involves 1099-MISC and 1099-K. New Rules for Filing 1099-MISC and 1099-K Forms Beginning January 2019, the IRS will implement its...

How to Save Money with New Tax Deductions 2019?

The new tax reform 2019 by Trump has had a tremendous impact on the taxes that one has to pay each year. Especially for freelancers or independent contractors. Major changes that have affected these 1099 workers are the increment of standard deductions and decrement of itemized deductions. Another major change that has happened is the 20% pass-through deduction that is now available to practically every person other than a traditional employee. Due to these reforms, the standard...

Transferring Your 2290 from Old Truck to New Truck

When a trucker who owns a heavy vehicle with a gross weight of 55,000 pounds or more can file their Form 2290 through Etax2290. The tax period of filing starts from July 1, 2019, and ends on June 30, 2020. It is filed in the last day of the month from first the month of first use. There are two constraints to file this form. The vehicle meeting these categories must file Etax2290. They are. A vehicle...

You Need To Know About Filing an Income Tax Extension

Summer has started and people are yet to file their annual tax returns with just a month’s time in hand. In this busy schedule of their life, they wouldn’t be ready to file their returns within this month. Taking all these considerations, IRS has introduced something new where all the taxpayers can request the IRS to increase the timeline as per their convenience. Having said that, there are a lot of things that you have to consider...

Due Date for Reporting Form 1099-MISC Box 7 Non-employee Compensation

Legislation pertaining to information returns and part of this legislation advances the tax filing due date for the Form 1099 MISC is recently amended by Delaware. The Form 1099 MISC is to report the non-employee compensation in the Box 7. Hence this makes the tax filing due dates in line along with the federal calendar. Form 1099 MISC with the Box 7 checked may be due on 31st January 2019 for the tax year 2018 and it...

IRS Deadlines for Business Tax Forms & Payments in 2019

The tax due dates will vary based on the type of the business entity. Partnerships, Corporations and sole proprietorships usually have different IRS deadlines to file the tax returns. Keep updated with the due dates for mailing out the information forms and to pay the estimated quarterly taxes. Find the below list of important IRS due dates for businesses for the year 2018 and make a note on your calendar so that you never miss any IRS...

Thresholds Change for Forms 1099-MISC and 1099-K Reporting

Form 1099 MISC and Form 1099 K reporting is looking to change the thresholds in 2019 tax year. Form 1099 MISC, is used to file miscellaneous income, at present the general threshold of $ 600 with few exceptions. The rules and deadlines for filing 1099 forms are constantly revised every tax year. Here are the few changes for the 2019tax filing season including 1099-MISC and 1099-K forms. Thresholds Change for Form 1099-K Form 1099 K is used...