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Effective Tips to Reduce Self-Employment and Freelance Taxes

No one likes to hand over their hard-earned money in taxes. The following tips will help you in saving money if you are self-employed or work on a freelance basis.   What is Self-Employment? If you have a business of your own, then you will fall in the category of self-employed people. Maintaining a business is not easy as you need to keep a watchful eye on different kinds of paperwork. But when it comes to tax...

1099 Tax Forms for the Independent Contractors – Forms that Need to be Used while E-Filing

Businesses outsourcing their functions to independent contractors need to make the use of specific forms to file taxes. The Internal Revenue Service uses the term Independent Contractor for designating the type of workers who contract their services to different businesses. First of all, businesses need to make sure that there make use of the right tax forms when filing the taxes for their actual employees. Tax Forms for Independent Contractors Once the status of an individual receiving...

Infographic: 5 Simple Steps to Efile your 1099-MISC Form Online

The IRS 1099-MISC form reports certain type of payments during the fiscal year to the IRS. It includes rents, royalties, prizes, and awards etc. ETAX1099 is an IRS certified tax e-filing service partner, with user-friendly matched software, it deals with the taxes payable on your miscellaneous income apart from salaries, wages and especially in case of independent contractors, say employers/payers and small business owners. Here is a graphical representation for e-filing your 1099 MISC form online with...

Should Know the ABCs of Issuing Form 1099 Electronically

There can be absolutely no doubt in the fact that there are several critical things to remain aware of when preparing to issue form 1099-MISC. This actually means that organizations really need to think properly about this form. They need to have a clear understanding of the entire procedure and the purpose of this form. The IRS form 1099-MISC is a form with which the IRS gets the flexibility of tracking and even receiving all the money...

Understanding Form 1099 – Some Non-Profit Tips

Form 1099 can be taken as a vague IRS term. This is because there are different varieties of IRS 1099 forms. All the different forms have different purposes based on varied activities. Therefore, there are different filing requirements when it comes to IRS form 1099. Any tax-exempted organization that is required to file the IRS 1099 form needs to consider different factors in this procedure. The type of form that the organization is required to file is...

What to Do with IRS 1099 MISC Form If You Received?

If you work in the form of an independent contractor, it is quite likely for you to receive the IRS 1099 MISC form. You will receive this form from the businesses that made payments of over $600 for the services that you provided. However, there are a lot of people who do not receive this form. There are even people who completely misunderstand the MISC form. The 1099 MISC is in no way a tax return per...

Need to Know Everything About Federal IRS 1099 Form

Federal form 1099 is basically a tax form which is used for reporting income received by an individual. This income needs to be reported on an individual’s tax return. A proper 1099 form is sent to the IRS by the payer and the copy of the form to the individual who receives the payment in the form of income. There are different types of 1099 with each type being designated by one or more than one letter...

About IRS Form 1099 | Purpose of 1099 Form

The IRS Form 1099 reports income from dividends, interest, government payments, self-employment earnings and more. It is basically a series of important documents which is referred to as information returns by the IRS or Internal Revenue Service. There are different types of IRS forms reporting varied types of income that an individual might be receiving throughout the year apart from the salary paid by an employer. The entity or the person paying the amount bears the responsibility...

What to Do? If You Didn’t Receive a Form 1099?

If you are an independent contractor or a small business owner you should have received a 1099 form from the IRS for the work you have done. So what should be done if you don’t receive one? As a small business owner or business contractor, if you earn over $600 form any individual or company, the said individual or company is supposed to issue an IRS 1099 MISC form for the work you have done. This form...

Choose Your IRS 1099 Form for Reporting Your Tax Return

The multifaceted IRS form 1099 happened to be one of the IRS’s important mirrors in its ongoing effort to showcase the defaulters as main part of income tax return program so as to prevent potential taxpayers from underreporting or misreporting their income. An “information return” can be taken as not be a tax return as according to the experienced tax professional serving IRS. But as an alternative, it is a form 1099 that provides the IRS with...