Join our FREE webinar “Vendor Payments & How to Stay Compliant” Webinar tomorrow, Tuesday, December 12th at 2 PM EST
Tax time is coming up, and it’s our personal mission here at TaxBandits to help you quickly and easily file your small business returns on your own. As tax season inches closer by the minute we are doing our best to alleviate any confusion.
If you need to file Form 1099-Misc, you’re actually in luck! One of our best bandits, Jarrisel, is actually hosting the “Vendor Payments & How to Stay Compliant” webinar tomorrow, December 12, at 2 PM EST! Tune in to learn all about filing taxes for your independent contractors or vendors. Check out some of the information we will be going over!
Vendor Payments & How to Stay Compliant
Form 1099-MISC is the form used to report payments for services performed for a business by people not treated as employees. Aka a vendor or independent contractors. Employers are required to file Form 1099-MISC if they compensated non-employees $600 or more during the year for services rendered.
The be clear, vendors or independent contractors are self-employed individuals who control their own working circumstances. They control how and when they perform the work they are hired to complete. Examples of these workers include photographers, assistants, drivers, seasonal help, child care, third-party rental agencies, attorneys, and more.
Form 1099-MISC is for vendors while Form W-2 is for traditional employees. It’s important to know if your worker is an employer or vendor so you can issue them the correct form. We will go over what factors you need to evaluate for this in the webinar.
This will help you determine if you need to withhold income taxes and pay social security and Medicare taxes for the worker or not. Otherwise, you could face penalties from the IRS.
In order to comply with the IRS you need to file Form 1099 with the IRS, file with your state, and distribute copies to your recipients. TaxBandits makes complying extremely easy because you can file with the IRS and comply with your state online in just a few minutes.
Most states participate in the Combined Federal/State Filing (CF/SF) program, where the IRS forwards your information to your state, but be sure to check your state requirements while filing.
Also, you can use TaxBandit’s postal mailing feature to have us mail out hard copies of your forms to each of your recipients.
To complete Form 1099-MISC you will need to provide the following information:
- Payer details: Name, EIN, and address
- Recipient details: Name, EIN/SSN, and address
- Federal details: Miscellaneous incomes and federal tax withheld
- State filing details: State income, payer state number, and state tax withheld.
Be Sure To Join Us!
All of this important information and more will be covered in greater detail by Jarrisel during the “Vendor Payments & How to Stay Compliant” webinar at 2 PM EST. Be sure to have your questions ready, because they will be answered live!
If you can’t tune in you can watch a recording of the webinar online. Plus, if you need any assistance our dedicated, US-based team is standing by to help. Give us a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751, reach us via live chat, or take advantage of our 24/7 email support at support@TaxBandits.com.