I read the IRS website, so you don’t have to. Use these tips to prepare for the April 2nd IRS Deadline.
The most known tax deadline is April 15th, but business owners are directly impacted by the April 2nd IRS deadline.
For those of you who must file Form 1099-MISC or ACA Forms (Form 1095-B and 1095-C) have to e-file by Monday, April 2nd. If those terms are enough to make your head spin, don’t worry. I read the IRS website so you don’t have to. Use these tips to prepare for the April 2nd IRS Deadline.
You may be thinking, “I already gave these forms to my employees; I should be in the clear, right?” – Yes and no. Although distributed to your employees on either January 31st or March 2nd the e-filing deadline for 1099 Forms and ACA forms is next Monday, April 2nd.
We are here to provide you with tips on everything your business will need to know to prepare for the April 2nd deadline efficiently.
Which Forms Do I Need To File for the Deadline?
Great question! Here’s the answer to the big April 2nd IRS Deadline question:
1. Form 1095-B
Form 1095-B is used to report specific information regarding minimum essential health insurance coverage to the IRS and individuals. This form is [typically] issued by insurance providers, including insurance companies, self-insured employers, employers with fewer than 50 full-time employees, and other agencies that provide health insurance coverage.
2. Form 1095-C
Form 1095-C is the annual statement that applicable large employers (ALEs) use to report to the IRS about the insurance offered to its large number of full-time employees.
3. Form 1099-MISC
Form 1099-MISC is used to report payments for services performed by someone not considered an employee of the company. Employers must file Form 1099-MISC for non-employees who received compensation of $600 or more for the year services rendered.
Now that you know more about these forms let’s get to the good stuff!
How to Prepare for the April 2nd IRS Deadline
Meeting tax deadlines can be stressful, nerve-racking and time-consuming. With a simplified e-filing process like TaxBandits, you can be sure that you’re filing your forms most easily and quickly.
Take advantage of these useful tips to prepare for the IRS deadline:
Gather Tax Related Information in Advance
The first step for preparing for the April 2nd IRS Deadline is organizing the documents and information you need.
Information required to e-file Form 1095-B and 1095-C:
- Employer Details
- Employee Details
- Employee Offer/Coverage Data and Codes
- Covered Individual Details
Information required to e-file Form Form 1099-MISC:
- Payer Details: Name, EIN, and Address
- Recipient Details: Name, EIN/Social Security, and Address
- Federal Details: Miscellaneous Incomes and Federal Tax Withheld
- State Filing Details: State Income, Payer State Number, and State Tax Withheld
Research Any Tax Changes
Each year, new laws pass that can affect taxpayers based on the state in which they live or own a business. Take a few moments before filing your taxes to see if there have been any significant [tax] changes that would affect your filing(s). Your state’s Department of Revenue website is a useful resource.
Save Time By E-filing
The days of completing long tax forms by hand are quickly phasing out. Why spend hours filling out a paper form, making a mistake and scrambling to find a bottle of White Out to fix the error when you can just e-file online with TaxBandits? Let the ‘Bandits steal back your time; create a free TaxBandits account to get started.
Take Advantage of a Tax Extension, If You Need It
As an entrepreneur and business owner, you have too many things to get done, and there are never enough hours in the day.
If you need more time to prepare for the April 2nd deadline you can apply for a 30-day extension of time to file Form 1099-MISC, 1095-B or 1095-C by completing Form 8809 by the original filing deadline.
Quickly apply for this extension with a free TaxBandits account.
What do you do to prepare for tax filing each year? Comment below and share this blog with a fellow business owner to make life easier this tax season!
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