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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...

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...

Reporting Income Payments Using Form 1099-MISC

Certain types of income are reported through Form 1099-MISC. It is similar to the W2 form for the person who is not an employee. You need to know about this form when you are self-employed or in business and also if you make any payments to individuals, businesses, independent contractors, subcontractors, or vendors for their service. Submit the 1099-MISC form to the IRS also to the entity or person who got payment from you. When you require...

Press Release | E-File Your 1099 Forms (new 1099-NEC) from January 1st, 2020

Tax2efile is an IRS authorized online tax filing service provider, is pleased to announce that taxpayers may begin to e-file Form 1099 starting on January 1, 2021. “Tax2efile offers an advanced and highly secured web-based service to facilitate the electronic filing of the IRS 1099 Tax Forms; such as 1099-MISC, 1099-INT, 1099-K, 1099-NEC, 1098-MORT and 1098-T Forms. “Instead of taking several days to file through paperwork, what if the filing was as easy as filling in some...

What To Do After The IRS Sends You a 1099 Correction Notice

A 1099 Tax form is an information form that every taxpayer receives which is not basically a tax document that you need to fill. If an organization or a business or any government-based entity sends you any amount of money during the ongoing tax year that is reported on your taxes, you will receive a Form 1099. There are numerous kinds of 1099 forms that IRS consists of. For example, there is a form named 1099-DIV that...

Top 12 Tax Tips for New Small Businesses

When you are new to the field of small business, it is better to check the tips and tricks for small business before filing your tax returns. Let us discuss, the top tax deductions for small businesses that can be claimed by the sole proprietors. Similar claims can be applied by other entities like S corporations, C corporations, partnerships, and Limited Liability Companies (LLCs). But there is a slight difference in the rules for some tax deductions....

Know everything about Form 1099-MISC, Miscellaneous Income

Form 1099-MISC reports all the non-employee compensation on every year-end summary. The IRS 1099-MISC Form covers royalties, independent contractor’s income, self-employment, rent, crop insurance proceeds, and various other kinds of miscellaneous income. Here in the Form 1099-MISC, MISC refers to the miscellaneous income, in short. More about Form 1099 MISC Miscellaneous Income As a taxpayer in the United States of America, you need to file your tax return every year without fail regardless of the amount of...

IRS Tools to Help Small Businesses: Understand Employment Taxes

The Internal Revenue Service provides many free tools for small businesses in order to help them understand and comply with the law. The IRS product includes printable calendars, an online calculator, step-by-step guides, and a series of educational webinars that are readily available on the website of the IRS. The federal law obliges the employees in the United States to withhold federal taxes from the wages of their employees. The IRS tools help all the small businesses...