Meet Your 1099-MISC And W-2 Deadline With This Checklist!

1099-MISC, W-2 Checklist

The IRS craves perfection and they will notice any and all small mistakes in your forms. So, before you breathe a big sigh of relief and go order a cocktail, be sure to go through this checklist, brought to you by the experts at TaxBandits!

1. Double Check Your Basic Information

Entering the most simple information is often the easiest place to make a mistake. Always be sure to double-check your basic information, even if you think there is no possible way that you could spell the name of your business incorrectly! 

Don’t forget the small details, double-check information such as …

  • Employees names and information
  • Employer’s information
  • TINs

TIN matching is essential for you to report an error-free W2 return and it helps you to stay away from correction and penalty notices from SSA.

With TaxBandits you don’t have to sweat the small stuff, we validate all of your Employees’ TIN against the SSA database.

2. Make Sure Your Numbers Are Accurate

Remember, the income and compensation information that you are reporting will affect your employees as well as your business, so you want to be 100% sure that your numbers are accurate.

3. Have A Print/Mail Plan

So, you have the correct information compiled in your W-2’s and 1099’s, now you have to make a plan for how your returns are going to get there.

Make sure that you have a way to print and mail these to the correct recipients and agencies. Remember, if you are submitting over 250 returns, you will need to file electronically, so be sure to plan accordingly.

Print/Mail 1099/W2

Don’t worry, TaxBandits has your last minute needs covered. You can quickly file your W-2’s or 1099’s using our seamless, cloud-based software. Our interview style filing process allows you to e-file your Forms without the hassle of paper forms. We also provide a print and mail facility wherein the recipient copies will be printed and mailed to your employees/recipients.

4. Know Where Your Forms Are Going

This may seem obvious, but when you are sending your forms to different reporting agencies and ALL of your employees and/or contractors, errors are possible. When you are submitting these forms be sure this is where you are sending them…

  • W-2’s are submitted to the SSA (Social Security Administration)
  • 1099’s are submitted to the IRS

 5. Recipient Copies Are Crucial

Recipient copies are crucial to correct filing. Your employees and contractors must receive a copy of their W-2 and 1099-MISC from you by mail, so you must double check the addresses for all of your employees. 

Remember, your employees need their W-2 and 1099-MISC to complete their own income taxes, so it’s very important to send these forms to the correct mailing address. 

Postal Mail 1099/W2

When you file with TaxBandits, you never have to worry about your W-2’s and 1099’s lost in the mail. We use USPS validation to ensure that each of your recipient copies reaches its correct destination. 

Timing is everything when it comes to your recipient copies. If you don’t abide by the correct deadline, the IRS will penalize you. Be sure that your 1099-MISC and W-2’s are postmarked by January 31, 2020

Struggling to meet your deadline?

TaxBandits can help you cross the finish line! Not only is our software user-friendly, but we have a team of experts available around the clock, via chat, email, and phone. Create a free account today!

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