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Form 1099-A (Acquisition or Abandonment of Secured Property)

A lender issues the Form 1099-A, Acquisition or Abandonment of Secured Property when the lender receives an interest in the property that was on the full or partial satisfaction of the debt, else if the lender got some reason to know more about that the property has been abandoned. Here, the property refers to a real property, tangible personal property, and any intangible property. The Form 1099-A is not for reporting the tangible personal property such as...

How to Correct a 1099 Form? Steps for 1099 Corrections

Form 1099 is basically an IRS or Internal revenue Service form that can be used by the taxpayers for reporting certain payments. There are different varieties of this form available for business owners and common individuals ranging from letters A to SA. Nevertheless, it is important for business owners to make use of Form 1099 MISC for reporting the money that they pay to the independent contractors. This form carries information regarding the business and independent contractor...

Benefits of IRS Taxpayer Identification Number (TIN) Matching

IRS TIN matching is one of the most important elements of the supplier validation procedure. TIN or Taxpayer Identification Number matching is a free service offered through the IRS services. It is one of the best practices and it is very important to match the TIN offered on the W-9 of the supplier with the TIN available on the file with the Internal Revenue Service while setting up the supplier in one’s master file. IRS TIN matching...

Benefits of Filing 1099 Taxes Online with Etax1099.com

Etax1099.com is an IRS authorized efile service provider for filing 1099 taxes online. Etax1099.com offers customized services for filing 1099 taxes for the tax professionals and even for the individual filers reporting their 1099 forms with great ease. Why Take the Services of Etax1099.com? Etax1099.com offers filing features in bulk and even offers customer support on the phone, email, and chat. It is very easy to efile 1099 using the efiling services of Etax1099.com. This is a form that reports income...

Must Know this Tax Preparation Checklist for Filing Your 1099 Taxes 2016

Prior to beginning with the procedure of preparing income tax return, it is necessary for you to go through the tax preparation checklist. There are different categories in the 1099 tax preparation checklist and not all the categories will strictly apply to you. Therefore, what you need to do is select the category that applies to you and ensures that you have all the necessary information available. Once you are completely ready to efile 1099 online with...

Understanding about 1099-K Tax Form Reporting Requirements

1099 K form is basically an IRS information return which is used for reporting some payment transactions for improving voluntary tax compliance. IRS 1099 K needs to be received by 31st January in the prior calendar year of receiving payments: From payment card transactions like credit, debit or store-valued cards.  In the settlement of third-party payment network transactions more than minimum reporting thresholds of gross payments exceeding $20,000 and above 200 transactions. Form 1099 Reporting Requirements The...

1099-INT Form Instructions for 2016-Efile 1099-INT Tax Form

1099 forms are a type of tax documents which are used for reporting certain kinds of payments which are made by financial institutions. These forms are used in U.S.A for preparing and filing information returns for reporting various sources of income other than salaries, wages, and tips. They can be filed through two ways mainly. Firstly, they are sent manually. Secondly, they are sent electronically through Filing Information Returns Electronically System (FIRE). These series of documents are...

1099 Form and 1099-MISC Deadline for 2016 to 2017

1099 forms are related to tax where they are used for reporting various types of payments.  They have certain due dates, after which, they can lead to some severe penalty. These forms are tax documents which are used for reporting some kinds of payments, which are made by financial institutions as well as others, making payments part of their business or trade as per IRS Regulations. This 1099 filing can be done in two ways. Firstly they...

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...