Tax season is a dreaded time of year for most. If you are a business owner, tax season is even more of a nightmare. During this hectic season, it is easy to feel like you are losing your grip on sanity as forms stack up on your desk and your todo list lengthens beyond belief. The key to successfully filing all your taxes on time and avoiding any major penalties is to streamline and stick to organization.
One major bane to any business owner’s existence are 1099s. These little forms can creep up on you and before you know, you have dozens, if not hundreds, of 1099s to file. Before you lose your mind, check out the following tips on how you can survive filing all your 1099s and, remember, we make it simple to file 1099s through our online platform.
#1: Kick Procrastination Out The Door
A surefire way to make the upcoming tax season a stressful disaster is to procrastinate the work that needs to be done. Different tax forms have different deadlines and if you don’t get to work now, you will fall far behind and you might miss out on important dates.
A few key dates to remember in regards to your 1099s include the following:
Mailing To Recipients Deadline: January 31, 2019
E-Filing to IRS Deadline: January 31, 2019
Form: 1099-DIV, 1099-INT, 1099-R
Mailing to Recipients Deadline: January 31, 2019
E-Filing to IRS: April 01, 2019
You can also utilize the government’s online tax calendar to ensure you don’t miss any important deadlines. Spend some time going over each deadline, highlighting ones that are pertinent to you and creating reminders for yourself that will alert you before the deadline arrives.
#2: Become Best Friends With Organization
On a scale of 1 to 10, how highly would you rate your organizational skills? If you are lacking in the area of keeping things organized, tax season will quickly spiral out of control. You will need to keep track of an array of information. From receipts to invoices to 1099 forms to a wide variety of vital documents, everything needs to be carefully organized to keep the process simple and to ensure you don’t make any mistakes.
If you struggle with organization, consider hiring a seasonal employee to help out. Find an administrative assistant who can work with you on the project and keep things in perfect order. The better organized you are, the faster the process will go and the fewer obstacles you will encounter.
#3: Spend Some Time Studying
How familiar are you with local and federal tax laws? Do you know when you need to file a 1099 and when you don’t? If you aren’t 100 percent clear on these important tax regulations, it is time to do some studying. Be sure that you fully understand what is required of your business before you begin. Nothing is worse than realizing down the road that you failed to file your taxes properly and you are now facing massive fines or penalties.
If you feel overwhelmed by tax laws and you aren’t quite certain what specifically you need to file, reach out to an accountant for help. The more educated you are about how taxation for your business works the greater chance there is that you won’t miss anything.
#4: Utilize E-Filing To Simplify The Process
The good news is that the days of filling out paperwork manually and mailing every form in by hand are gone. Utilize e-filing to save yourself time. This is particularly helpful in the case of filing your 1099s. Switching to an online platform allows you to cut down on administration costs and makes the entire process more efficient.
As you utilize e-filing, you can start to convert a lot of your tax documents over to electronic forms. You can even scan important receipts and documents into your computer for safe keeping. Gravitating towards organizing all your files electronically can help cut down on the copious amounts of paperwork you find yourself buried in. Electronic organization also makes it far easier to find something you need when you need it.
Make The Switch: File 1099s Online
Here at OnlineFileTaxes.com, we are an IRS approved e-file provider. Our easy-to-use platform allows you to process any number of 1099 forms quickly and economically. You will no longer need to purchase and fill out lengthy forms by hand, nor will you need to invest in costly software. Instead, you can quickly file 1099s, ensuring that recipients receive their copies on time. Not only that, but you can file with the IRS through our online platform as well.
If you are interested in learning more about how our platform works, we invite you to reach out today. We will be happy to assist you in getting started. Choose the easy and fast method for filing your 1099s.