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What is the Deadline for 1098 Forms (1098-T and 1098-MORT forms)?

We use Form 1098 and its variants to report contributions and other tax-deductible expenses to the taxpayers and the Internal Revenue Service. These forms cover mortgage interest payments, Contribution for motor vehicles including boats and airplanes, loan interest paid by the student, and the tuition and scholarship information of students. The due date to file the 1098 forms is March 31st with the IRS and the copies of these forms should be sent to the taxpayer by...

Tips to Get Ready for Filing W-2 and More

Businesses are mandated to file both their income tax returns and their information returns to avoid costly penalties later on. Businesses use the W-2 Form to disclose information on the wages paid to the employees in the previous calendar year. This Form can also be used to disclose other information such as, withholding of wages, deduction from wages, and information on benefits for the employees. Last date to file the W-2 form The W-2 Forms are due...

Ultimate Step-by-step Guide to Fill Out Form 1099-MISC

Business owners face a series of changes right from the start of the year 2020, including the procedure to file their tax returns. The redesigned Form 1099-MISC is a major change as firms will now be using Form 1099-NEC to report their expenses towards non-employee compensations. Here is the step by step guide to fill out the Form 1099-MISC with the IRS. Preparing to Fill the Form 1099-MISC Before filing the Form 1099-MISC, it is important to...

Revise Instructions to File your Form 1099-MISC | 1099 Instructions

Form 1099-MISC is used to report miscellaneous income by businesses and is been approved by the IRS to make a certain type of payment. This form covers a range of payments that one receives such as royalties, rent, awards, prizes, and even substitute payments in the form of dividends. Most commonly this form is used to report one’s earning when they work as freelancers or as independent contractors. Form 1099- MISC by the IRS The 1099- NEC...

Know everything about 1099-NEC Tax Form

Form 1099-NEC pertains to reporting information relevant to non-employee compensation. It is not a replacement for Form 1099-MISC as the latter is now reserved for reporting information pertaining to independent contractor payments. Though this Form  1099-NEC has been in use since 1982, the IRS has revised it in 2020 to clear all the confusion pertaining to nonemployee expenses such as fees, prizes, awards, commissions, and other forms of compensation and services. Payments that are Reported under 1099-NEC...

Deadline/Due date for 1099-MISC and 1099-NEC Forms

Freelancers and small businesses who hired contracted workers use IRS Form 1099-MISC to file their returns. But, recently the IRS has introduced new Form 1099-NEC to report independent contractor income; also termed as Non-employee compensation form. The deadline to file these forms with the IRS has been revised to help taxpayers get accustomed to the new filing process. Form 1099- MISC Form 1099-MISC is used to report miscellaneous income such as rents and payments made to an...

How do I report 1099-NEC Nonemployee Compensation?

Form NEC 1099 pertains solely for reporting the non-employee compensations and used for reporting independent contractor payments. This is a variation of Form 1099-MISC which can be used by taxpayers to submit information about non-employee compensation only. Taxpayers should file Form 1099-NEC by 31st January 2021 and for the year 2020 tax returns, the due date is stated as February 1, 2021. The extension to file is available only under special circumstances. Things that are reported in...

How to File an Extension for Your 1099 Taxes? – IRS 8809 Form

As an individual tax filer, you will have a busy work schedule and at times, we forget to do our daily routine. This is applicable to file your taxes before the tax filing due date. When you do not have time to file your returns, you can request an extension for your 1099 taxes from the IRS in order to avoid the late filing fees and penalty charges. This blog explains how to file an 8809 tax...

Tax2efile offers a Simple 1099 E-filing Solution for Business Owners

Businesses are busy as the Form 1099 deadline is approaching. Are you looking for a better place that follows simple ways for filing Form 1099? Do you take several days filing Form 1099? Then, you are at the right destination. Tax2efile stands to be a perfect destination for easy filling of form 1099. The design of the user-friendly software is an advantage for easy tax filing. The software also relieves people of confusion and stress in filing...

1099-MISC Tax Rules: Breaking Down the 1099-MISC Form

The Internal revenue system has released its instruction to fill the form 1099- MISC for the year 2021 that pertains to non-employee compensation. A business owner should file Form 1099-NEC against the compensation (at least $600) that is been paid to contract laborers who are not the direct employees of a business. Other payments greater than $600 that is paid in the course of the business such as rent and ‘other income payment’ should be reported under...