December 2021 - Tax2efile Blog

10 things you should know about form 1099?

Form 1099 helps in reporting income from interest, dividends, self-employment earnings, government payments, etc. Form 1099 corresponds to a series of documents that the IRS uses to file information returns. There are many different types of 1099 Forms that report different types of incomes that one receives throughout the year, apart from the salary that the employer pays. The person or the firm that pays you will be responsible for filling out the appropriate 1099 Form and...

Most Common 1099-Forms?(1099-int, 1099-div, 1099-NEC, 1099-misc, 1099-r and 1099-k)

The IRS has announced different types of 1099 Forms to help the taxpayers report their income with the IRS. The purpose of all these Forms is the same and they are used to report their income information with the Internal Revenue Service. These Forms allow the taxpayers to report information pertaining to their non-contractual job income, interests from the banks, dividends from the investments, etc. Issuers of the 1099 Forms should send one copy to the IRS...

Steps to take before you prepare your 1099 taxes

Before preparing to pay the 1099 taxes, the taxpayers have to gather all the annual tax documents that they have received to record their taxable income and other expenses. For taxpayers who have itemized their deductions, it is important to collect the receipts and organize all of them by category.  It could also be useful to take the taxes of the previous year for reference. The taxpayers could also download these tax forms from the IRS Government...

What is 1099-int used for? How to fill out 1099-int?

The Form 1099- INT is the IRS Form that is used to report interest income. The Form 1099- INT stands as a record that a financial institution paid interest to you. If you have earned more than $10 as interest from any bank, then you are obliged to receive Form 1099- INT. It stands as a record that states that a third party, who is not your employer, paid you interest. As the bank or financial institution...