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How to Differ Form 1099 and W2 Form? - Independent Contractors Vs Employees

Posted by Admin on 25. July 2017 06:19

Many taxpayers confuse themselves with 1099 form and W2 form as both the forms serve a different purpose for workers. Federal Income Tax forms 1099 and W2 are used to report an individual’s income which is earned from various sources throughout the financial year. But each form is issued under different scenarios and it requires different approaches when you file federal income taxes. If you are an independent contractor, you must file 1099-MISC Form; if you are an employee you must file W-2 Form with IRS. This article brief you the basics of W2 form and 1099 forms, so that it avoids the misperception while you file the tax.

Form 1099 Vs W2

About W2 Form

A Form W-2 is a Wage and Tax Statement, if you are an employee and receive a fixed salary or wage from your employer then you will receive Form W2. As per IRS, an employer must record their employee’s salary and tax information; in turn, report it to the employee on a W2 form. W2 Form contains the details of the employee’s earned income from the employer and this can be used in the calculation of the employee’s gross income. Also, it specifies the tax withholdings for the year which includes both federal and state taxes.

Form W-2 is due date

    •  -to your employee copy by January 31,
    • -Paper filing with IRS by February 28/29 and
    • -E-filing with the IRS by March 31.

About IRS 1099 Form

Form 1099 is used to hold the records of income that you receive as an independent worker while working for different sources. For instance, if you are a freelancer and working for multiple clients, then you may receive 1099-MISC Form from all the clients when they have paid you at least $600 during the financial year. An individual may receive different IRS 1099 series forms, depending upon their sources of income or money making activities.

Form 1099-MISC is due date

  • -to your recipient copy by January 31,
  • -Paper filing with the IRS by February 28/29 and
  • -E-filing with the IRS by March 31.

How Independent Contractor Differs from Employees?


  • As a self-employed or freelancer or contractor, you must calculate your own 1099-MISC taxes and need to file and submit with the IRS before the 1099 due date on a quarterly basis.
  • As a W2 employee, payroll taxes automatically debited from your salary then paid to the IRS through your employer or organization on the yearly basis.
  • If you are not sure about whether you are hired by independent contractor or employee, you can able to submit SS-8 Form with IRS. IRS people will find your status based on provided information, keep it in mind this SS-8 Form will take 6 months to process and returned.
  • Form 1099-MISC reports income of prizes won, rent payments, fishing boat proceeds, and attorney fees of $600 or more.
  • Form W2 reports total income, social security, and Medicare income and shows how much amount has been withheld from employee pay for federal income taxes to state and local taxes.
  • 1099-MISC Form specifies only the income you received from the client but does not contain the information related to the taxes which you have paid to the government.

Stay with us for more tax tips with Etax1099, Compare your income information on both the forms and apply for it accordingly. Etax1099 helps you to file 1099 taxes comfortably.  If you have any queries give us a call or send us a live chat or 24*7 basis on weekends also. You can Email us at anytime

How to Avoid Major Mistakes When Filing 1099 Form Online

Posted by Admin on 16. March 2017 03:45

It is quite common to make mistakes in the 1099 filing procedure. There are many mistakes that the filers are found making in common when they choose to efile 1099. Here, you will come across some mistakes in the 1099 form filing procedure. All recognized characteristics have properly been removed for protecting the filers. 

How to Avoid Top 8 Mistakes in 1099 Filing Process 

Here we provided common mistake when you are efiling 1099 form online.

1. Wrong Way of Filing the Corrected Form

This is one important mistake that should be taken care of when filing form 1099 online. When filing corrected form 1099, make sure to check the box that has been marked “CORRECTED” right at the top of the form. This mistake is being pointed out here because it is quite easy to miss checking the box.

2. Typos in Name and TIN

The IRS checks the name and the TIN against its database. When the IRS finds that the information provided on the 1099 form is not matching its records, it does not switch characters around or try several combinations of making a match. The IRS issues a CP2100A or CP2100 resulting in the penalty up to $230 for the tax year. However, the IRS is well aware of honest mistakes and offers some method to the filers for contesting penalties and providing information correctly. Still, it is necessary for you to double check the name and the TIN.

3. Which Box is Correct?

When carrying out 1099 electronic filing it is necessary to know which box is right and which is wrong. Therefore, it is very important for you to take the services of an accountant who might be of good help. This is because most of the times it happens that people do not have relationships with the recipients who got the payments.

4. Your State might require 1099 Online Filing

Depending on the State where you live, your State might have 1099 filing requirement. There are States that take information off from the federal form by way of Combined Federal State Filing Program. The states that take the SF/CF information might require separate 1099 filing in the case of withholding. Other states might need separate filing like sending in CD-ROM, e-filing or paper filing. Therefore, it is important for you to check with the state that you live in if you do not have any idea about the 1099 file online procedure. However, the requirement should not be ignored.

5. Are you the Payer?

The taxpayer is one who makes payment and the recipient or payee is one who receives payment. Form 1099-MISC has separate columns for both. Getting them backward means having to fix them eventually with the Corrected form.

6. Missing 1099 Deadline

Remember, there is a due date for form 1099-MISC but this does not mean that you must rush with the filing procedure. Planning is very important. March 31st is the due date for 1099 forms and now plan accordingly.

7. Avoid Attempted Fraud

Any kind of unnoticed attempted fraud should be avoided as this is a mistake that the Internal Revenue Service will take steps over.

8. Slow Down

Take a good time in filing form 1099-MISC. Try to complete all the important steps by providing correct information.