Top 10 Questions You Should know About 1099 MISC E-File
by Taxseer 2290 Form 2290 e fileHere are answers to common questions
about 1099 MISC
e-filing requirements:
Q: What
is the purpose of the Form 1099-MISC?
A: The form is used to report payments of at least $600 to any service provider
(i.e., contractor, freelancer, and consultant) who isn’t an employee. If the
service provided was less than $600, you don’t need to file a 1099-MISC. One
monthly payment of $300 wouldn’t require you to file the form, for example. But
two separate $300 monthly payments within the same calendar year would.
Q: What’s
the filing process?
A: Filing annual 1099-MISC forms for independent contractors is a two-step
process. First you distribute forms to your contractors and then you file with
the government.
Q: Do I
need to withhold taxes from my contractor’s pay?
A: No. Independent contractors are responsible for calculating their own
payroll taxes and submitting the amount to the government quarterly.
Q: When
do I need to file?
A: The deadline to file is January 31, 2019. This is when you must distribute
the forms to your contractors. It’s also the date you must file with the IRS –
regardless if you file paper forms or do your 1099 filing online. However, you
don’t have to wait until January to file. You can begin filing your 1099 forms
in fourth quarter – as long the contractor has completed all work for the
calendar year, and you have the required information.
Q: What
information do I need from my contractor?
A: To file the Form 1099-MISC, you’ll need a Form W-9 and a Tax Identification
Number (TIN) for each independent contractor. The contractor provides you the
Form W-9. You should have every contractor fill out this document before
services are provided. This will ensure you have the information you need to
file. If you don’t have a W-9 for one of your service providers, request it
immediately.
Q: What
should I look for in a provider of online 1099 filing services?
A: First, you want to make sure the company is an IRS-authorized e-file
provider. To become an authorized IRS e-file provider, a business must submit
an application, meet stringent eligibility criteria and pass a suitability
check. In addition, you want to choose a partner with best-in-class
security. Here are critical
security questions you want to ask any potential vendor.
Q: What’s
the easiest way to file?
A: Electronically filing your 1099-MISC forms eliminates steps, saving you
valuable time. Plus, when you electronically file 1099 forms online, you have
peace of mind knowing the IRS has received your forms because you receive
verification from the agency.
Q: What
advantages are there with 1099 filing online?
A: Electronically filing with a reputable partner, such as Taxseer.com, is a
one-stop shop. You simply enter your data, and the forms are sent to your
contractors and submitted to the IRS. Plus, as part of the e-file process,
Taxseer.com compiles the summary data required on Form 1096. You don’t have to
prepare anything for this form. Click here to
learn about additional advantages of 1099 misc e file form
online.
Q: How do
I get started filing my 1099-MISC forms online?
A: Simply visit Taxseer.com to set up your free account. You only pay for your
forms when you’re ready to file. Taxseer.com allows
you to print, mail, and electronically file with a simple, safe and secure
solution.
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Created on Nov 3rd 2019 01:40. Viewed 316 times.