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...

Instructions to file 1099-MISC and 1099-NEC forms during 2020-21 tax year

Is your company planning to compensate non-employees in 2020? Take a look at the IRS tax forms latest updates. The IRS has declared Forms for 1099-NEC and 1099-MISC. The year-end reporting of 1099 for the year 2020 for non-employee compensation will not be on the 1099-MISC Form in box 7. As an alternative, the Form 1099-NEC filing is crucial. The IRS issued such updates exclusively for Non-employee compensation for a better-streamlined process and to alleviate confusion. Instructions...

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...

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...

Will my college student need to file a tax return?

Are you a college student? Are you muddled if you have to file a tax return? For a few college students, tax filing is mandatory, while for others non-compulsory. Filing a tax by college students depends on factors such as dependency status, income, and other factors. Here are few details for college students to know if they need to file a tax return or no.    Determining filing status    Dependent and independent are the two main...

The Latest Guidance on the Paycheck Protection Program

The CARES Act (Coronavirus aid, relief, and economic security act) that was passed on March 27, 2020, provides forgivable loans of about $10 million to qualifying small businesses under the paycheck protection program loan. We have addressed the latest considerations that are relevant to PPP borrowers and companies here. What is a paycheck protection program? The paycheck protection program is a loan that offers a direct incentive for small businesses and helps keep their workers on the...

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...

1099 rules that can make/break this year

We have seen serious of changes or updates related to 1099 MISC Forms, over the years. These frequent changes in the 1099 rules have brought some confusion among the business owners, which led to incorrect filing, resulting in heavy IRS penalties. Hence, before filing the 1099 MISC form electronically, it becomes necessary to know the basic rules first. Read on the rest, to know more. Whom to send Form 1099 MISC? A business owner is liable to...

IRS Takes Non-Employee Compensation Out of 1099-MISC: New Form 1099-NEC

For Non-employee compensation reporting, form 1099-NEC was in use. Do you know about the new 2020 Form 1099 NEC? Here’s a peek about the latest Form 1099-NEC. What is 1099 MISC? Miscellaneous income form 1099-MISC is known as an information return business for reporting payment types. Payments made to independent contractors fall under this category. Payment categories such as rents and royalties use form 1099-MISC. Form 1099-MISC is similar to W2 but meant only for independent contractors....

Advance thanks Giving Day wishes from Tax2Efile Team

Thanksgiving is near and warm wishes from the Tax2efile team to you and your family. We extend our thankfulness to each of our customers in this holiday season. This thanksgiving day began as a day of giving thanks for the blessing of the harvest. Later, this day became the day where families come together, eat, share, and celebrate the special day with the loved ones. So we as a family are growing together with you and your...