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How to File a 1099-Misc Form Online?

Posted by Admin on 27. November 2014 23:50

If you are a small business that has hired contractors to perform work for you, then most likely you will have to create a 1099-Misc form for each contractor that you have paid $600 or more to over the course of that taxable year. In order to follow the IRS 1099-MISC deadlines you need to provide these forms to your contractors before January 31st so that they can file their forms. The deadline for small businesses to file their forms with the IRS is before February 28th or March 31st if you file electronically. There are many options to filing your 1099-Misc but it is very important to first understand what a 1099-Misc form is as well as who is required to file one.

What is a 1099-Misc form and who has to file one?

A 1099-Misc form is a form used to report certain payments made during business. If you are a small business owner who has hired an independent contractor or freelancer then you will need to submit your 1099-Misc form to both the Internal Revenue Service, IRS, as well as the independent contractor you pay to work for you. If your contractor makes at least $600 you have to report them on your form but if they make less than $600 it is not always required. 

Exceptions to filing 1099-MISC form

There are some payments made to independent contractor’s or freelancer’s that do not have to be reported on the form 1099-MISC, although the recipient may be required to file them. Payments that are not required to be included on the form are: 

Rent payments made to real estate agents

Wages paid to employees (required to be reported on W-2 form)

Payments to a corporation

Payments for merchandise

Military wage payments while still on active duty

Travel allowances for business employees

Life insurance costs

Any payments to tax-exempt organizations

How to e-file a 1099-Misc form?

Many people think filing a 1099-Misc form is very complicated and time consuming when honestly it just takes 3 easy steps to file your form. If you plan on filing electronically you will need to find a website that does all the work for you. You sign up with a site that reports 1099 forms and fill in the payer and payee information. Once you’ve completed the 1099-Misc form and provided all the information you could then you will submit it to the IRS and that’s it. It’s simple and fast and you will receive confirmation that the IRS has received your return within 24 hours. You can check the status of your return at any time online and any updates that are made will be visible and if any corrections are necessary you can do that online as well. 

So if you have determined that you have some independent contractors or freelancers that you need to file for then you can relax knowing it’s not a long or hard process. In fact, the biggest decision you will have to make is deciding whether you want to file 1099-misc online or by mail?

Register HERE and File your 1099 Form easily and securely.

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