Welcome back in this video. We're going over how to file Form 1099 miscellaneous electronically, so I highly recommend using this tax1099.com. This is what their website looks like. If you come here, you can get set up. It knows I'm locked in, but normally you can click a button on the bottom right to calculate what it would cost you. It's really affordable and really easy to use. Once you set up an account and log in, you'll be on the dashboard. Here you'll go to forms and then new form. These are all the forms you can choose from to file. Here, I'm going to click the 1099 miscellaneous, and they automatically file the Form 1096, which is the summary form that's due to the IRS by the end of February. So when you get in here, you'll enter your information here and then click Add payer now. Existing payers, so in the future, you don't have to re-enter your information. You'll just select yourself from the drop-down menu. It's the same thing with the people you're paying, right? You're going to enter their basic information here, and then in the future, they'll be saved in here. Now, for you, when you're filing this form, you need to enter either your EIN or your social security number, and you're just gonna check the button that applies and enter the number here. Now, for the person you're filing this for, you enter their number here. So it's whatever they gave you on the Form W-9, or if you just asked them, using the Form W-9 is best, but whichever they gave you, however you got it, you enter that here and select the appropriate whether it's an EIN for a business or a social security number if they're sole...
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When to File 1099 Form: What You Should Know
Are Individuals Required To Report 1099s with Their Tax Returns? No. In the event that you have non-salary income that exceeds a certain threshold, you cannot report it as an itemized deduction on your tax return, unless you want to be classified as an S corporation. If You Have Non-Salary Income Not Covered By 1099 But Do Not Want To Be Classified As S Corporation, You Are Still Required To Report It To the IRS If you have non-salary income that is subject to IRS 1099 reporting, you will Not be able to use your 1099-MISC to figure the adjusted gross income (AGI) of your business However, if such income can be included in gross income for other purposes, a 1099-MISC may be acceptable However, there is no 1099-MISC for individuals who are not S Corporation shareholders. What Income Must Be Categorized Under The 1099-MISC Form? Taxpayers may choose to classify individual income as taxable wages on a 1099-MISC, or they can choose to list as business income only gross receipts from your trade or business, or income paid for services performed for your trade or business. A 1099-MISC is used for reporting the amount of gross income that must be deducted from the payees of non-salary wages. Taxpayers may choose to classify individual income as taxable, or they may choose to list as business income only gross receipts from your trade or business, or income paid for services performed for your trade or business Generally, business income includes all wages, including wages paid to independent contractors, and not paid directly to consumers such as employees or contractors. You may include other non-salary income on your 1099-MISC if it meets IRS definitions of salary, wages or fees. For example, if you received 7000 in gross income for the year and worked 35 hours a week for a business, that would be considered the business gross income and subject to 1099 reporting. Other Forms To File A Form 1099-MISC is considered a business or professional tax return. The individual taxpayer returns are usually filed as Schedule C or Schedule E and include the same information requested by Form 1099-MISC. Taxpayers can also file Form 2350 or EZ Form 2350 if they are sole proprietors. Forms 2350 and EZ Form 2350 can be filed electronically.
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