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What You Should Know About 1099s

Tax Day has come and gone once again.

As a taxpayer, we’re willing to bet that you hate putting together documentation for Uncle Sam. Obviously, though, it’s something every taxpayer must do.

We thought it would be beneficial to focus on 1099 preparation in our latest blog post. More specifically, what should the average joe know when they go to file 1099 forms next year?

Let’s take a look:

  1. There are countless varieties of 1099 – The accompanying infographic explains this in greater detail, but it’s also worth touching on in this list. There’s a 1099-DIV for dividends, a 1099-INT for interest, a 1099-R for pensions and retirement payouts, a 1099-S for real estate transactions, and more. Interestingly, the one that’s most common (Form 1099-MISC) seems to be the most challenging for taxpayers. The takeaway here is that not all 1099 forms are the same.

  2. Timing is important – Taxpayers had until January 31, 2018 to file 1099s for the 2017 tax year. For future reference, some businesses send out their 1099s at the same time they mail pay stubs so they don’t have to send a form later. That’s why it’s a good idea to always look out for 1099s. Maybe you’re wondering, “What if I don’t receive a copy of my 1099 form by February or March.” Well, don’t just assume you’re in the clear. Believe it or not, some businesses don’t issue 1099s until well into April or May. This is certainly something to keep in mind if you’re accustomed to filing taxes early.

  3. The Internal Revenue Service receives them also – The majority of businesses send 1099s to the IRS at the same time they mail forms to taxpayers. It’s just easier that way, right? Other payers get the necessary documentation to employees, allow some time to collect copies, and then transmit this information electronically to the IRS. Why is this worth mentioning? Here’s the thing: while you may think you can hide earnings information from big brother, you really can’t.

  4. Report errors as soon as possible – It’s one thing to keep every 1099 in a neatly organized pile. That said, do yourself a favor and open these forms immediately after receiving them. Reporting errors happen every once in a while. The last thing you want is to see $10,000 on an issued 1099-MISC when you know you only made $1,000 from the company that sent the form. Tell the company immediately if this occurs.

  5. Report every 1099 – It goes without saying that you can’t ignore a 1099 form. Keep in mind that the IRS matches every single 1099 form with your tax return. Do you think a particular one should be canceled? Then make it a point to explain why on your return.

File 1099 Online

Handling 1099 documentation can be more of a hassle than anything else. That’s why more taxpayers are choosing OnlineFileTaxes.com.

We are proud to offer the most cost-effective way to efile 1099 forms.

With OnlineFileTaxes.com, you can process hundreds of forms in a way that’s seamless and economical. Our system is ideal for businesses, CPAs, accounting professionals, and individuals alike.

Sign up for free!

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Why You Should Use OnlineFileTaxes.com

We don’t know many people who actually enjoy doing their taxes. But if you’re the owner of a business, an accounting professional, or self-employed, 1099 preparation is a big deal. OnlineFileTaxes.com is proud to be an IRS-approved e-file provider. We take the hassle out of filing your 1099 forms. With our online tax reporting service, you can e-file 1099 forms and other documentation in minutes. Say goodbye to wasting valuable business days manually going through one 1099 after another. With OnlineFileTaxes.com, your files are electronically sent to the Internal Revenue Service quickly and efficiently. For your convenience, we also print and mail recipient copies for you to keep in your records. Keep reading to learn more about our service and how OnlineFileTaxes.com makes sense for your situation.

File 1099 Forms With Ease

Whether you have just one copy of a 1099 form to file or hundreds, we invite you to take advantage of our services. So what makes OnlineFileTaxes.com unique? Well, let’s start with the fact that our do-it-yourself software allows you to effectively manage all of those tax forms. Plus, since we e-file 1099 forms, a 1096 isn’t necessary. As long as you get your completed documentation in by the end of March, then it will be filed on time. Pretty cool, right?

Our Pricing to E-File 1099 Forms

It’s our belief that you shouldn’t have to pay a premium price to have someone handle your 1099 forms. Please note that our default service option includes e-filing, as well as printing mailing recipient copies. Here are a few other options available through OnlineFileTaxes.com:

  • E-file only – Maybe you have already provided us with recipient copies and simply want us to report to the IRS. If that’s the case, then this is the option for you.

  • Print and mail only – Some businesses and individuals prefer that we print and mail recipient copies. For example, let’s say you already submitted your information to the IRS but would like OnlineFileTaxes.com to provide hard copies to recipients. You can count on us to customize a solution to fit your needs.

  • TIN checking – Should you report a wrong TIN number for your recipients, you could face serious penalties. OnlineFileTaxes.com can help you be proactive in this area. It’s important to know that we are an IRS-approved TIN check provider. If you’re interested in this service, we will confirm the number before submitting to the IRS. Please don’t hesitate to reach out to us with questions regarding TIN checking.

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What Others Say About Our 1099 Preparation

OnlineFileTaxes.com will e-file your 1099 forms for as low as $1.25 per form. Frankly, if you’re looking to save time and money on your taxes, choosing OnlineFileTaxes.com is a no-brainer.

Take it from Jennifer Schubert-Akin of Manhattan Accounting Services, LLC in Colorado, who says, “I highly recommend OnlineFileTaxes for your 1099 e-filing needs. There’s no need to buy expensive forms and stuff envelopes. It’s secure, accurate, fast, and affordable…and better than Intuit’s e-file service.

It’s time to take control of your taxes. Start filing today.

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