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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...

Tips to Save Time and Money When Efiling 1099 Forms Online

Filing tax form 1099 can be a challenging task and this goes common even for the ones who are most experienced in the taxpaying procedure. Thus, what are the methods that taxpayers need to use in order to cope up with this daunting task? The very first thing that tax payers need to do is that they should not take the stress and start panicking. Although taxes can turn out to be overwhelming, there are always some...

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...

Simple Tax Tips for Filing Form 1099 Online before Deadline

There are some important steps that you need to follow when submitting form 1099 prior to filing deadlines. Some of these steps have been provided below.  Simple Steps to Filling 1099 form Before Deadlines Step 1: Gathering the Information Needed Prior to completing and submitting form 1099, it is necessary for you to have some information handy for independent contractors and the information is as follows: ·         Total compensation amount paid to the independent contractor during a...

IRS Form 1099-A: Acquisition or Abandonment of Secured Property

Reporting COD or Cancellation of Debt is a procedure involving two varied information documents and they are the IRS Form 1099-C or cancellation of Debt and the IRS Form 1099-A or Abandonment or Acquisition of Secured Property. IRS Form 1099-A is generally provided to both tax payers and tax authorities when lenders repossess, foreclose or have reasons to suspect the abandonment of property. Whether or not an individual receives any of these forms within time remaining, it...

Risks for 1099 Employees and Independent Contractors

At present, the IRS is found challenging the status of all those workers with the status of Independent Contractors. Between the years, 1988 and 1992, the Internal Revenue Service reclassified over 400,000 Independent Contractors as employees. By doing this, the IRS collected around $52.5 million as taxes. During the year 1992, the IRS conducted nearly 1,700 business audits and reclassified around 90,000 workers as employees. By doing so, the IRS was successful in collecting $19 million as...

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...

Filing Tax Form 1099-INT – Form 1099 Interest Income

Do all the different people who receive 1099 form get the same form from the person, the government unit or the company who made them their payments? No, this is not the case. Each varied type of income mentioned has a completely different form 1099 associated with it. Independent contract workers generally receive form 1099-Misc standing for miscellaneous income. In opposition to various other forms which are more particular for specific income types. The businesses or the...