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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...

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...

Important Tips on Filing Form 1099 by the Independent Contractors

It is quite easy to view the IRS form 1099 as a representation of a huge liability. This is because the form reports income which has not been taxed as a withholding. It can be unpleasant for individuals to receive form 1099. However, it is important for individuals to set aside the right part of their income during the year ion order to make the payments for their taxes by submitting form 1099. It is also to...

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...

Correct your Filed 1099 Income Reporting Form with IRS

The taxpayer needs to report to IRS on any income for services offered as consultants for which they receive income from the payers and also whether or not receive the form 1099 from them (the issuer). Taxpayer as a service consultant from any field has to be careful in ensuring the receipt of the IRS form 1099 with the correct income information reporting from the payers concerned to the IRS. There are many instances as is natural...

1099 Vs W2: Comparison Between W-2 Employee and 1099 Self-Employee

Employers always choose what the best is for them in moving forward towards distinctive competency. For which the management should play a good role to keep up with the growing competition from other companies. In these circumstances the best manpower who are highly professional is preferred that opens up the great opportunities for 1099 vs w-2 employees with thick purse benefits who must be paid with a net paycheck throughout the year, meaning that tax withholdings are...

Guide to IRS Tax Form 1099-Misc Box 1 Rental Income

1099-MISC Box 1 is a RENT- In rental agreements, there are two types of leases that the taxpayer needs to know the first one is the capital agreements and the second one is the operating agreements. These two have major differentiations in tax form 1099 reporting requirements. Only the operating agreement requires the reporting on tax form 1099 and not the capital agreement. This is because only for a specified period of time the payments are to be made...

What Are the Different Types of 1099 Tax Forms?

A 1099 form is an information return that is filed with the Internal Revenue Service, IRS, that reports income earned from various ventures like; self-employment earnings, interests and dividends, payments from the government, and many more. There are a number of different types of 1099 forms and each one reports the different types of income you may receive throughout the year besides the salary reported on your W-2. Here are a few of the different types of...