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Online File Taxes

Tax forms and filing are a necessity, there’s no way around it. In the past, you may have seen an accountant or even tried to file the forms yourself. You are likely well aware of the hassle and hardship of trying to file the forms on your own. There’s an easier way!

We offer the ability to e-file not one, but hundreds of forms with ease. We also simplify the process by eliminating the need to purchase expensive software and upgrades. We allow you to import your information so you can avoid the tedious process of filling out extensive forms by hand. Another simple convenience offered by Online File Taxes is that the forms you file will automatically be e-filed with the IRS and your 1099 forms will be mailed to the recipients.

At Online File Taxes, we provide our customers with online access to your account as well, so filing and updating your information is a snap. Through our account management system, you not only have the ability to keep your personal information current, but you can also manage your recipients and view files you’ve already submitted.

We can provide filing services for dozens of different IRS forms, for your added convenience. Online File Taxes can file any manner of 1099 forms, 1098’s, and W-2 forms. We have the ability to ensure all paperwork is properly filed and sent off immediately to the IRS. All of our programs are made for simple, secure, and efficient use.

Our pricing structure makes for affordable filing, but in order to maximize discounts, be sure to file all of your forms at the same time. We can process over a thousand forms at any one time to allow for larger businesses to have maximum convenience and ease.

During tax time, please think of us for all of your filing needs. We can simplify the process and make your business life easier!

Do you need to file a 1098?

Every apartment dweller has heard they are wasting their money paying rent, and that the benefits of home ownership extend far beyond the investment potential. Owning your own home also has tax benefits and ramifications. Be well informed about your requirements as a home owner before jumping in with both feet!

A 1098 is a form to report interest paid to a lender throughout the year. The items listed on this form include interest paid on your mortgage, points paid at the time of the purchase, some mortgage insurance items, and any reimbursements for overpayment you may have received.

This form must be filed for any interest over $600, and it must be filed whether or not interest can be used as a deduction. If multiple mortgages secure a property, a different form must be filed for each mortgage. As always, there will penalties for not filing these forms. All interest paid to a lender via a borrower must be filed by the normal tax deadlines. The only exceptions to filing the 1098 come when the interest is paid from a corporation, trust, or an estate.

Education is paramount for success in the world today. Fret not, your tuition payments are not all in vain. Another common form is the 1098-T. The 1098-T is used to report tuition paid to a college, university, or vocational school by a student. The student may then use the 1098-T to report tuition paid for possible deductions and educational tax credits.

Any eligible educational institution must file a 1098-T for each student from whom they receive tuition. The form need not be filed for non-credit courses, scholarship students, or non-resident students. This form must also be filed by the standard IRS deadlines or face penalties.

These two forms and more can be e-filed at your convenience by Online File Taxes! Visit our website for more information about the many other forms we can easily and quickly e-file for you!

Sources:
http://www.irs.gov/pub/irs-pdf/i1098.pdf
http://www.irs.gov/pub/irs-pdf/i1098et.pdf

Form 1099: What you need to know

A 1099 form is a tax form about which is little known by the average person. At OnlineFileTaxes.com, e-filing 1099 forms are our specialty. Often, professionals are burdened with having to file many different 1099 forms due to different forms of income over the tax year. With our reporting system, your 1099 forms can be automatically sent to the IRS for your convenience.

The 1099 has quite a few different purposes. The first purpose is that of the independent contractor, which we’ve explored the details of in a previous blog post. Those who are self-employed or freelance are given 1099 forms by employers that pay them over a certain amount of money per tax year.

The 1099-MISC is used to signify income from such business ventures as rental properties, winnings from gambling and other lottery type contests, and other miscellaneous income.

Another type of the 1099 is the 1099-INT which specializes in reporting income earned from interest on interest earning checking accounts, savings bonds that you’ve redeemed, or savings accounts.

The 1099-C is for reporting cancelled debt. For example, if you’ve settled a debt for far less than the amount owed, you must file this form to report your savings to the IRS.

The form 1099-S is used for reporting money that you’ve earned from the sale of real estate.

The 1099-DIV is given to investors whose stocks and or bonds have paid out dividends over the tax year.

Another type of this form is the 1099-B which is used to report income acquired from the sale of stocks, bonds, and mutual funds.

The 1099-R is used for reporting monetary gain by way of IRA distributions, 401K liquidations, or pension payments.

At OnlineFileTaxes.com we specialize in the e-filing of all the variations of 1099 forms. We also specialize in convenient e-filing of many other forms. For more information regarding our services provided, please visit our website.

Resources:
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