Monthly Archives: September 2018

Knowing When To Submit A 1099 For Your Accountant

Knowing When To Submit A 1099 For Your Accountant

When it comes to filing the right tax forms for your small business, things can quickly become tricky. It is not always easy to know which forms you should file and different classifications of work or services provided will mean different taxations. In the case of contractors and freelancers, filing a 1099 is a must. However, you might need to also file a 1099 for the services provided to you by your accountant.

Here at OnlineFileTaxes.com we make filing 1099s for accountants simple and straightforward. Our goal is to alleviate the hassle of filing 1099 forms by allowing you to file the forms online. This makes the entire process simple, fast, and affordable. If you are trying to determine whether or not you should submit a 1099 for your accountant, read on to learn more about when it is a must.

A Corporation Or A Partnership Or Self-Employed

The first thing you need to determine when trying to decide whether or not to file a 1099 due to services provided by your accountant is how they are classified. If the accountant is part of a corporation, you do not need to file a 1099. However, if the accountant is not part of a corporation, you might need to file a 1099. This includes accountants that are classified as a partnership or are independent contractors.

Not sure which is the case? Make sure you speak to your accountant to ascertain the answer long before tax season strikes. 1099s need to be filed prior to January 31st, so understanding this piece of information will be vital to cover all your bases. Reach out and ask how they are classified and then move forward to the next stipulation.

How Much Did You Spend?

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1099s are only necessary when the dollar amount you spent was over $600. If, for example, you only utilized an accountant’s help for the price of $100, you do not need to worry about submitting a 1099. It is also important to note that you only have to calculate the costs for services, not products.

If you did spend more than $600 on services and your CPA is not incorporated, then you should file a 1099. Because 1099s are dependent upon a myriad of factors, including the amount of money rendered for services, it is vital that your business keeps pristine records of all transactions. This is why storing receipts and keeping data stored in easily accessible ways will go a long way in helping your tax season go smoothly.

Where To File Your 1099s For Accountants

If you have determined that you do need to file a 1099 for your accountant, your next step will be figuring out how to do so. The good news is that you can file this 1099 alongside any other 1099s you have to process. This might include 1099s for contractors, freelancers, or other vendors. By doing this all at once, you can save yourself a large amount of time and hassle.

The best way to go about filing these forms is to utilize an online service, such as the one found at OnlineFileTaxes.com. This will make the entire process much simpler than doing it the old-fashioned way via mail. You can complete the task in easy steps. Simply sign up, fill out as many 1099s as you need to, and submit them to the IRS. E-filing is fast, simple, and doesn’t require you to remember multiple to-dos. Not only will this allow for quick filing with the IRS, but it will also ensure that the proper 1099s are sent out to your accountant and other respective contractors.

The Benefits Of OnlineFileTaxes.com

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If you are ready to start working on the pile of 1099s you know you need to file, we are here to help. We are proud to provide an affordable and easy option for small business owners to utilize to ensure they file everything they need to during the tax season. A few of the benefits you will experience when you utilize our services include the following:

  • Affordable Pricing: Are you overwhelmed by the costs of high-end software or other programs? Then you will benefit from the affordable pricing of our services. We understand that for your business, every penny counts. We want to ensure you don’t waste any money when filing 1099s.
  • Easy System: Not only can software programs become costly fast, many of them are complex and confusing. The same can be said of trying to tackle filing 1099s on your own. With our platform, filing has never been easier. We created a system that anyone can use, without spending hours trying to simply figure the program out.
  • Online Access: Your life is busy and we get that. Our platform is accessible online so that you can tackle filing your 1099s no matter where business takes you. Don’t be trapped at the office any longer than need be. Enjoy the simplicity of an online filing system.
  • Freed Up Time: Let’s face it, you have plenty you would rather be doing than pouring hours of time into lengthy forms. We understand that, which is why we have developed a much faster and more efficient method for filing 1099s. This will allow you to use your free time in a more productive way for your business or to spend time doing the things you love.
  • Accuracy: Do you worry about filling out forms by hand? It is easy to make mistakes or forget to file things when you are surrounded by mounds of paperwork. By utilizing our system, you can improve accuracy and prevent mistakes.

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Ready to get started? We invite you to sign up today and to reach out to our team with any further questions you might have. Be sure you beat the January 31st deadline by getting everything you need in order for filing your 1099s. Whether you are filing a 1099 for your accountant or you are preparing hundreds of 1099s for various contractors, our system will make the process simple, affordable, and fast.

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The Difference Between An Employee And A Contractor

The Difference Between An Employee And A Contractor

If you are running a business and you are looking to prepare important tax documents, you will run across and important question — does the person in question qualify as an employee of your company or a contractor? The difference will be crucial when it comes to how you pay your end of the taxes and what documents you need to file with the IRS. When it comes to hiring a contractor, you will need to file 1099s for contractors. If, however, someone is your employee, the process is entirely different.

Here at the Online File Taxes, we make it simple for you to file 1099s for contractors, freelancers, and others. Through our online platform, you can quickly fill out the necessary information, check out, and automatically e-file your 1099s with the IRS. Not only that, but your documents will also be saved in a convenient location where you can access the documents at any time. We also handle sending the 1099s to the appropriate contractors to simplify the process even further for you. Before you decide whether or not you should file a 1099 for a contractor, be sure they do in fact fall under this classification. Read on to learn more about the major differences between contractors and employees.

Considering The Control Over The Worker

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The first thing to think about when trying to determine if someone is your employee or simply a contractor is how much you control about their work. A contractor is someone who operates independently of your company and is simply hired for a specific task or time period. As such, you do not control the way they do their job. This includes that you cannot control what the worker does and how they perform their tasks.

This is in contrast to an employee who works for you directly and answers to you. With an employee, you can clearly dictate instructions on when, where, and how to work. Other examples that include what is called behavioral control include the following:

  • Dictating what type of tools they use
  • Giving instructions on specific supplies and services to purchase
  • Detailed guidelines on what work must be performed

Depending on the degree of control over these behavioral aspects, a worker will be classified as either a contractor or employee. The more control you retain over someone, the less likely it is that you can classify them as a contractor. Simply put, a contractor has much more independence and operates as if they were their own company outside of your business.

Factoring In The Financials And Benefits

Another determining factor between an employee and a contractor is how the financials are handled. There are numerous facets to what falls under this broad umbrella, but the basic idea is whether or not your business handles most of the costs of equipment and other up front investments or the worker does. If the worker is responsible for using their own tools or puts forth a large investment in equipment without reimbursement from your business, they are most likely a contractor. However, when you have an employee, you will be the one responsible for these costs.

Along the same vein, a contractor is independent which means they can seek out other work as well. While an employee might be contracted to only work for you, a contractor is allowed — in most cases — to continue to advertise, seek out business opportunities, or maintain a visible business location.

Also falling under the umbrella of financials is the way you are paying someone. An employee has a guaranteed wage, whether salary or hourly. They are paid at set intervals and have a constant flow of paychecks. An independent contractor, however, might be paid a flat fee for one project.

Defining The Type Of Relationship

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Finally, a large factor in determining whether the worker in question is a contractor or an employee will be found in the type of relationship between them and the business. Do you have a contract that includes employee-type benefits? For example, vacation pay or insurance coverage would be an indicator of an employee status. Conversely, an independent contractor will not receive these types of benefits and there might not be a long-term guarantee of work.

All of the above factors play a role in determining whether or not someone is a contractor or an employee of your company. In some cases, the lines may be fuzzy between the two and it can be hard to determine which is true. In these situations, it is wise to fill out a form with the IRS that helps determine the worker status.

The Importance Of Filing A 1099 For Contractors

If you do determine that someone you worked with over the past year was a contractor, you will need to file a 1099 with the IRS. Because taxation is handled differently depending on whether or not someone is your employee or contractor, it is critical that you figure this out early on. A contractor will be responsible for all their own taxes, whereas with an employee, there will be taxes you are required to pay. By filing the proper forms, you can ensure your company is not amiss during tax season.

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The good news is that through Online File Taxes, you can quickly and simply submit any 1099s for contractors that you need. Whether you have one form to fill out or hundreds, our platform is equipped to make the process as simple as possible. You can easily submit all the information needed, without printing off cumbersome amounts of paperwork. Once you check out, your forms will be e-filed with the IRS. We are an IRS approved provider, so you can rest assured that your 1099s will be filed accurately and quickly. Not only will we file your 1099s with the IRS right away, but we will also mail out the 1099s to the respective contractors. This takes away all the hassle for you and ensures that you get everything completed by the January deadline. The best part of all is that our services are affordable. Try our service out today and streamline the process of filing 1099s for contractors.

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5 Reasons You Should Use Online E-Filing For 1099s For Freelancers

5 Reasons You Should Use Online E-Filing For 1099s For Freelancers

If you are a business owner and you utilize freelancers at any point, you will need to file 1099s before tax season to properly document the payments you have made. A freelancer will then use this 1099 as they go about paying their own taxes. Unlike a regular employee, a freelancer is responsible for paying all the applicable taxes on their income, leaving you without the burden of this cost. While you may benefit greatly from utilizing freelancers, especially during the initial stages of building your business, it is critical that you properly file all necessary 1099s in a timely manner.

The good news is that while this task was once a cumbersome, laborious matter that could only be handled manually through pen and paper, it is now something that can be simplified and streamlined through online e-filing. If you are interesting in utilizing our online platform for filing 1099s for freelancers you employed over the past year, check out the following five reasons why this switch will benefit your company.

#1: Less Paperwork Means Less Risk

When it comes to filing every single tax form necessary, the process can quickly become a chaotic and convoluted mess. The fewer stacks of paperwork you have piling up on your desk the better. By converting over to online e-filing, you can cut down on the risks involved during tax season. It is easy to misplace paperwork, forget to file 1099s, or completely skip steps, such as mailing the 1099 to the freelancer in question when you handle everything the old-fashioned way.

When you e-file 1099s, the process is simple and the risks are mitigated. You fill out the information through a secure online platform. The 1099 is automatically filed with the IRS for you and a copy is sent to the appropriate recipient. Meanwhile, you have access to all the records online and you save yourself from drowning in yet another sea of paperwork.

#2: A Faster Process Equals Money Saved

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When it comes to operating a small business, your time is invaluable. The more time you spend sifting through documents and filling out lengthy forms, the less time you have to invest in other valuable assets of your business. In this sense, your time truly is money. When you opt for a faster process in any part of your business, you reap the reward across the business as a whole.

Online e-filing saves you a large amount of time, which means you are saving money by utilizing technology to your advantage. Instead of hours wasted purchasing forms, filling them out, manually mailing them, and manually filing them with the IRS, you can quickly and effectively complete all these steps at once. With this faster process, you free up time that can be utilized for other valuable tasks. The only question that remains— what will you do with all this extra time?

#3: Immediate Filing Prevents Forgetfulness

Do you have a tendency to procrastinate tasks? Many of us struggle to handle things in a timely fashion, which can often lead to forgetting about a task entirely. When it comes to filing 1099s and ensuring they are in the hands of freelancers and contractors by the appropriate deadline, forgetfulness can be a disaster. When you utilize online technology to e-file, everything happens right away. You don’t have to worry about a stack of forgotten papers on your desk that you remember in a panic at 1am while you lie awake in bed.

Through OnlineFileTaxes.com, you can access the forms you need. Fill everything out simply and quickly. Then, once you check out, your forms will be e-filed with the IRS. The appropriate copies will be sent to the right recipients for you as well and everything is accessible for you through your online portal. Because of how simple this process is, you don’t have to panic about forgetting an important step. It is all handled for you in the blink of an eye.

#4: An Online Platform Eliminates The Need For Expensive Software

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Let’s face it. There are countless softwares on the market that help with taxes and filing. However, many of these softwares are cumbersome, costly, and extremely difficult to navigate. This can make the process more time-consuming rather than simpler. When you just want to file 1099s for freelancers you utilized, less is actually more. Choosing an online tool, such as OnlineFileTaxes.com, means that you can quickly and efficiently accomplish the task you need to without jumping through a thousand other hoops.

This can also cut out the need for administrative and IT costs associated with 1099 processing. You can handle the task on your own, in a quick fashion, ensuring your freelancers receive their forms on time and you submit your 1099s to the IRS before the January deadline. The best part? It is extremely affordable to file 1099s through our online platform. As an approved e-file provider with the IRS, we take pride in how simple and quick we have made this once cumbersome process.

#5: Happy Freelancers For Future Work

Finally, when you handle filing 1099s for freelancers in a timely and effective manner, you will have happier freelancers. The freelancers who do work for you need to be able to handle their own taxes in a timely manner and by having the 1099s they need in hand, they can finalize their filing as well. This leaves a positive impression on the freelancers you use and builds a professional relationship. If you plan to rehire freelancers in the future for more work, ensuring you provide them with necessary documentation in a professional method will go a long way in incentivizing them to work for you again.

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Are you interested in online e-filing for 1099s for freelancers? We can help. Utilize our simple online platform and you can file all the 1099s you need to in one easy place. Whether you are filing a few 1099s or hundreds, our platform will make the entire process simple, smooth, and affordable. Reach out today with any further questions about how online e-filing works.

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Tips For Small Business Owners For The Upcoming Tax Season

Tips For Small Business Owners For The Upcoming Tax Season

If you are a small business owner, then odds are good you wear a million hats. Operating a small business requires hard work and a lot of focus. From ensuring day-to-day operations are running smoothly to handling big picture items, such as the future goals of your business, it is no easy feat to effectively manage your small business. One big task that many small business owners loathe but is a necessary evil is correctly filing taxes. For small business owners, tax season can be a flurry of activity and can begin to feel downright chaotic.

Before tax season is fully upon us, take the time to consider the following tips that will help you prepare. Here at OnlineFileTaxes.com, we make it easy to file 1099s through our online platform. Read on to find out how this, as well as our other tips and tricks, can make your life easier in the 2019 tax season.

Get Organized Early

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When it comes to filing taxes, the more organized you are, the better. Make sure that from the start you are keeping everything you will need organized. Do you find yourself simply throwing receipts and paperwork into a pile on your desk? Do you have a filing cabinet that is overflowing with papers that are haphazardly organized? Take the time to straighten out all your paperwork and set in place a system to keep things in order.

Due to the amount of paperwork you will undoubtedly have as a small business, it is wise to turn as much of your paperwork into digital documents as possible. Storing your information in a digital format will make it easier to stay organized and prevents you from drowning in a sea of papers. Make sure that you keep everything in an order that is simple for you to weed through later. For example, all your receipts should be kept in one location, sorted by date. If you have employed contractors, freelancers, or other non-employee workers, store all their information in one easy-to-access location. Whether you keep hard copies of everything on hand or you store things online, make sure your system is simple and easily navigable. By keeping your paperwork organized throughout the year, you can save yourself from a massive headache when tax season is in full swing.

Be Sure You Understand Your Responsibilities

Taxes for small business owners can be a confusing thing. There are a myriad of complexities surrounding what you need to file and what you will owe. If you are not an expert in taxes, take the time to learn more so you are confident that you know your responsibilities come tax season. Reach out to a local CPA to get advice or spend a day researching on your own. Create a list of questions you have or areas of confusion. Dig until you find the answers you need.

In many cities, local libraries will offer free tax services where you can meet one-on-one with a tax expert. Bring in a list of questions and find out everything you need to know long before tax season arrives. This will help you better prepare ahead of time and will prevent you from feeling at a complete loss when your taxes are due. By ensuring you understand your responsibilities, you can save yourself time and money in the long run.

Tackle Projects In Steps

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Filing taxes as a small business owner can feel like an overwhelming task. If you are staring at mounds of paperwork in your office and you realize you have a ton of research to do before you are equipped to file your taxes properly, take a deep breath and bite off small pieces of the project at a time. Instead of spending a whole day drowning in receipts, tax forms, and paperwork, block out small chunks of time each day for a week to handle one component of the project.

For example, one day you can spend a few hours organizing all your receipts. Another day you might spend doing research on local laws for filing taxes as a small business owner. By tackling the project in steps, the task will be less overwhelming and you will be less frazzled leading to fewer mistakes.

Streamline The Filing Process

The good news is that with the advent of technology, a lot of tasks that were once manual and time-consuming can now be streamlined. If you can improve your efficiency by utilizing online tools, by all means, do so! For example, 1099s for small business owners can all be filed online through our service at OnlineFileTaxes.com. Instead of downloading and printing out dozens of 1099s and then manually filing them with the IRS, you can quickly do it all through our online portal. Once you fill out the information online, the 1099s will automatically be filed with the IRS electronically for you. You will receive a copy of the form for your own records, which will be easy to access online at any time. The 1099 will also be automatically mailed out to the appropriate recipient, saving you yet another step.

By utilizing efficient technologies, such as OnlineFileTaxes.com, you can save yourself an immense amount of time and hassle. Instead of being buried in paperwork, spending hours upon hours filling out lengthy forms, you can quickly accomplish the task, freeing your time for other important pressing matters. As a small business owner, your time is invaluable, so be sure to implement as many streamlined methods for tax filing as you possibly can.

Assess For Next Year

Finally, take the time after you are finished with tax season to assess what could be done better next year. Did you struggle with organization, making it difficult to find the paperwork you needed when it came time to file your taxes? Did you make the mistake of manually filing all your 1099s, creating a headache? Take note of any areas you could improve in and set up a better system for the following year.

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Interested in making the process of filing 1099s simple? Sign up to utilize OnlineFileTaxes.com today and save yourself time and money. With our easy-to-use platform, you can file all your 1099s in no time at all from the comfort of your computer.

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