What is 1099-MISC Form?
The IRS 1099-Misc form is intended for independent contractors and self-employed persons, and serves a very similar purpose as a W-2 does for an employee. It reports the payments that have been received from a single person or entity during the tax year. Not just any payments, but ones having to do with businesses. For example, if you hired someone to paint your office building, fix a company car, or write copy for your company blog, you may need to e-File 1099 Misc. If you hired an independent contractor for simple miscellaneous work, you probably don’t need to e-File one. These 1099 forms do require some personal information, such as name, address, and Social Security or employer identification number.
When looking at the 1099-Misc form, there are a million little boxes that seem so random. Fishing boat proceeds? Excess Golden Parachute payments? What does it all mean? The only thing you need to worry about when you receive one is the parts that are filled out with income. When you want e-File 1099 form, you will be asked about any other income you have received, and that’s the only time you really need to worry about your 1099-Misc. Ignore all the other boxes.
Register for free to E-File Form 1099-K, 1099-MISC and 1099-INT with ETAX1099 or Call us on 703-229-0326 for assistance on filing your 1099 taxes online.