We use Form 1098 and its variants to report contributions and other tax-deductible expenses to the taxpayers and the Internal Revenue Service. These forms cover mortgage interest payments, Contribution for motor vehicles including boats and airplanes, loan interest paid by the student, and the tuition and scholarship information of students. The due date to file the 1098 forms is March 31st with the IRS and the copies of these forms should be sent to the taxpayer by...

Businesses are mandated to file both their income tax returns and their information returns to avoid costly penalties later on. Businesses use the W-2 Form to disclose information on the wages paid to the employees in the previous calendar year. This Form can also be used to disclose other information such as, withholding of wages, deduction from wages, and information on benefits for the employees. Last date to file the W-2 form The W-2 Forms are due...

Business owners face a series of changes right from the start of the year 2020, including the procedure to file their tax returns. The redesigned Form 1099-MISC is a major change as firms will now be using Form 1099-NEC to report their expenses towards non-employee compensations. Here is the step by step guide to fill out the Form 1099-MISC with the IRS. Preparing to Fill the Form 1099-MISC Before filing the Form 1099-MISC, it is important to...

Freelancers and small businesses who hired contracted workers use IRS Form 1099-MISC to file their returns. But, recently the IRS has introduced new Form 1099-NEC to report independent contractor income; also termed as Non-employee compensation form. The deadline to file these forms with the IRS has been revised to help taxpayers get accustomed to the new filing process. Form 1099- MISC Form 1099-MISC is used to report miscellaneous income such as rents and payments made to an...

Businesses are busy as the Form 1099 deadline is approaching. Are you looking for a better place that follows simple ways for filing Form 1099? Do you take several days filing Form 1099? Then, you are at the right destination. Tax2efile stands to be a perfect destination for easy filling of form 1099. The design of the user-friendly software is an advantage for easy tax filing. The software also relieves people of confusion and stress in filing...

The Internal revenue system has released its instruction to fill the form 1099- MISC for the year 2021 that pertains to non-employee compensation. A business owner should file Form 1099-NEC against the compensation (at least $600) that is been paid to contract laborers who are not the direct employees of a business. Other payments greater than $600 that is paid in the course of the business such as rent and ‘other income payment’ should be reported under...