What is 1099-MISC Form?
Intended for use by businesses and/or self-employed induvial whom need to report miscellaneous payments made to others throughout the course of their business. Form 1099-MISC is for reporting the income that doesn’t fit on a W-2, not all income though; the income specifically from actions involved in business. If filling before 2021 payments to independent contractors of more than $600 is also included recent IRS changes have removed this element and made form 1099-MISC more focused on the obscure sources of income, such as payment for the rent of an office space or machine(s) used in the business, or the royalties paid for copyrights or trademarks.
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, the dozens of little boxes and tax lingo can be intimidating, Fishing boat proceeds? Excess Golden Parachute payments? What does it all mean? E-filing 1099s with tax2efile ends confusion so you can file what you need. 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.
Register for free to E-file Form 1099-K, 1099-MISC and 1099-INT with Tax2efile or Call us on 703-229-0326 for assistance on filing your 1099 taxes online.