5 Reasons to E-File your Form 1099-MISC for Tax Year 2021!
While the deadlines for other major forms like W-2 and 1099-NEC have passed, this doesn’t mean that businesses aren’t required to file additional 1099 forms in the coming weeks.
One of the main Forms 1099 that is required to be filed with the IRS is Form 1099-MISC. This form is due to the IRS on February 28, 2022, if the business is filing a paper copy of the form, and March 31, 2022, if the business is planning to file the form electronically.
Off the bat, there is one obvious reason that e-filing this form is more convenient than filing a paper copy and that is the additional time available to file. Keep reading to learn 5 more reasons why e-filing the Form 1099-MISC is the best option for your business this year!
What is Form 1099-MISC?
Form 1099-MISC is an IRS tax form that is used by businesses, also referred to as payers, to report miscellaneous payments of over $600 to the IRS.
Some examples of these payments, which are all made outside of the business’s payroll, include:
- Rents, prizes, and awards
- Payments to an attorney
- Crop insurance proceeds
- Medical and health care payments
- Fishing boat proceeds
1) Increase your Form 1099-MISC Accuracy
When e-filing with TaxBandits, you can rest assured knowing that your form will be accurate. TaxBandits has error checks built-in to the e-filing process to catch and help filers correct common errors that often go unnoticed on paper tax forms. Even minor errors can cause a form to be rejected by the IRS.
2) Bulk File Form 1099-MISC
Businesses that are required to file multiple IRS 1099-MISC Forms and tax professionals that are filing on behalf of many clients can take advantage of bulk filing. This speeds up the process significantly and allows filers to e-file their forms in batches rather than one at a time.
Check out this blog for a step-by-step guide to bulk filing Form 1099-MISC!
3) File with the IRS and State
With TaxBandits you can file with the IRS as well as filing with your state as needed. TaxBandits also provides helpful information to help you find your state e-filing requirements.
4) Postal Mailing Solutions for 1099-MISC
Businesses are required to provide the recipients of these miscellaneous payments with a copy of their 1099-MISC Form. With TaxBandits, distributing your recipient copies has never been easier!
You can choose postal mailing services, and/or grant your recipients access to view and download their forms online using the TaxBandits Form Access Portal.
5) Request Form W-9 Using TaxBandits
Businesses that work with vendors and independent contractors should always request Form W-9 from these individuals and businesses. This way when it comes time to file Forms 1099-MISC, 1099-NEC, etc, they will have the TIN number readily available.
TaxBandits has modernized the process for requesting Forms W-9 by bringing it completely online! With TaxBandits, businesses can easily request, receive, and store this information efficiently.
Easily File Form 1099-MISC with TaxBandits
As you can see, TaxBandits offers great features that simplify your filing process for Form 1099-MISC! Are you ready to get started today and meet your IRS e-file deadline on March 31, 2022?
Create your free TaxBandits account and begin filing Form 1099-MISC for the 2021 tax year!
