Before you clock out for the holidays here is a reminder to file W-2s and 1099 Forms by the January 31st deadline!
Don’t get swept up in the hustle and bustle and forget to file Form 1099-MISC for your independent contractors. Don’t worry, you don’t need an expensive accountant and this solution won’t waste hours of your time. Visit our sister product TaxBandits to e-file and pay any owed taxes on time with their quick, easy, and secure step-by-step filing process. They provide filers with built-in error checks, bulk upload data, experienced US-based customer support, and so much more.
Here is what you need to know to file 1099-MISC Forms today!
Form 1099-MISC: Independent Contractors
Form 1099-MISC is used to report payments for services performed for a trucking business by people not treated as its employees, like subcontractors or independent contractors. The purpose of this form is to report miscellaneous income.
Employers must file Form 1099-MISC for non-employee compensation equaling $600 or more during the tax period. Your independent contractors will use this information to complete their income tax returns. Also, you are required to issue copies of Form 1099-MISC to your independent contractors by January 31.
Information Required To Complete Form 1099-MISC
Luckily it’s easy to complete Form 1099-MISC
as long as you have your business records on hand. As a business, you’re considered the payer, and you will need to provide your business name, EIN (Employer Identification Code), and address.
Your independent contractor is your recipient, and you will need their name, EIN or social security number, and address. If you don’t have this information already, you can request their information through a W-9. The W-9 process takes roughly 60 seconds using TaxBandits and only requires the driver’s valid email address.
Then you will need federal details such as the number of miscellaneous incomes you provided to the recipient with the amount of federal tax withheld. You will also provide state details such as the state income, payer state number, and state tax withheld.
Filing Form 1099-MISC With TaxBandits
You can complete Form 1099-MISC in a matter of minutes with TaxBandits. All you have to do is create your free account and follow the interview style e-filing process. Helpful tips along the way to explain what information is required to complete your form and where it needs to be entered.
Plus, they offer exclusive e-filing features to make the entire process super convenient. For example, you can save time by using the bulk-upload feature to import all of your independent contractor information at once.
Also, forget about heading to the post office! Simply use the postal mailing feature to have TaxBandits print and mail hard copies of Form 1099-MISC to each of your recipients.
If you need any assistance while e-filing 1099-MISC, the 100% US-based TaxBandits support team is standing by to help.
Don’t Forget About IFTA
Your 4th Quarter IFTA Return is also due on January 31, so head to ExpressIFTA to easily record all of the calculations you need to complete your return online. ExpressIFTA will even import your ELD data to make IFTA reporting even easier.
At the end of the quarter, all of your information will be totaled up in a quarterly IFTA report that you can download, print, email, and use to complete your IFTA return instantly! Get started with ExpressIFTA to take the hassle out of fuel tax reporting now!
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