As the calendar flips to a new year, it’s not just resolutions that should be on your mind; it’s tax season!
The familiar rhythm of year-end financial tasks is upon us, and the key to a smooth tax filing experience lies in preparation. Whether you’re a seasoned pro or this is your first foray into the intricate world of taxes, having a comprehensive year-end filing checklist can be your guiding light.
In this blog post, we’ve compiled a thorough guide to help you navigate the complexities of tax season, ensuring that you don’t miss a single detail in the process. After all, we are your seasoned 1099 and W-2 experts.
The information here and the many advanced features that come free in your TaxBandits account add up to a recipe for success!
Year-End IRS Tax Form and Filing Deadlines
The TaxBandits application features an extensive array of supported forms, catering to both small business owners and large CPA firms and enterprises, facilitating effortless maintenance of IRS compliance for businesses of all sizes.
Form W-2 is a vital information return used to report wages, taxes withheld, and other pertinent financial information for employees. The deadline to file W-2 with the Social Security Administration (SSA) is typically January 31st, while the deadline to distribute recipient copies to employees is also January 31st.
The 1099 Series is a collection of information returns filed to report various types of non-salary income, such as freelance earnings, dividends, and interest. The deadline to file 1099 with the IRS varies depending on the form, but the deadline for distributing recipient copies is generally January 31st. While TaxBandits supports many 1099 Forms, here are the most common:
Form 1099-NEC: serves as the information return for reporting non-employee compensation, including payments made to freelancers, contractors, and other non-employee service providers
Form 1099-MISC: an information return used to report various types of income, such as payments for services performed by individuals who are not employees, rent, and other miscellaneous income.
Form 1099-INT: an information return specifically designed for reporting interest income earned, typically from sources such as bank accounts, savings bonds, or other interest-bearing investments.
Form 1099-DIV: an information return used for reporting dividend income distributed to investors by corporations, mutual funds, and other entities.
*A complete list of all 1099s and their respective deadlines can be found here.
Form 941 is the Employer’s Quarterly Federal Tax Return, used to report income taxes, Social Security tax, and Medicare tax withheld from employee wages. It also includes the employer’s portion of Social Security and Medicare taxes. The deadline to file Form 941 for the 4th quarter of 2023 is January 31st.
Form 940, also known as the Employer’s Annual Federal Unemployment (FUTA) Tax Return, is used by employers to report and pay their annual federal unemployment tax. The deadline to file Form 940 is typically January 31st of the following year.
Forms 943, known as the Employer’s Annual Federal Tax Return for Agricultural Employees, are filed by employers who pay wages to agricultural workers. The filing deadline is typically January 31st.
Form 944, known as the Employer’s Annual Federal Tax Return, is an annual tax return filed by certain small employers who have been notified by the IRS to file this form instead of Form 941. The filing deadline for Form 944 is generally January 31st.
Form 945, the Annual Return of Withheld Federal Income Tax, is used by employers to report federal income tax withheld from non-payroll payments, such as pensions, annuities, and gambling winnings. The filing deadline for Form 945 is generally January 31st.
New Features for the 2023 Tax Season
We are helping you kick off tax season the right way with new features and enhancements to our existing features. Here are the highlights:
Effortless W-9 Requests:
Send W-9 requests to independent contractors and vendors within a few clicks using only their email addresses.
Secure Portal Submissions: Once the recipients receive an email prompting them to complete, e-sign, and submit W-9s securely through our portal
TIN Matching Services:
Ensure accurate information with unlimited TIN Matching for all businesses in your TaxBandits account at just $19.99 per business.
Take control of your filing schedule with the ‘Schedule Filing’ feature. Set the transmission date to meet IRS deadlines, allowing flexibility for edits until 10 PM EST the day before filing.
TaxBandits Tips for Getting Started
There is so much to be done in the new year, here are our best tips for a successful filing season with TaxBandits this January
Start as soon as possible- Now is the time to tie up any loose ends before you begin the filing process:
Organize Employee Information: Gather accurate details, including Social Security numbers, addresses, and any changes in employment status throughout the year.
Review Contractor Data: Ensure you have up-to-date information for your contractors, including their Taxpayer Identification Numbers (TINs) or Employer Identification Numbers (EINs).
Verify Form W-9s: Request W-9 forms from your contractors to collect essential tax information and guarantee accuracy in your filings.
Update Payroll Records: Confirm that your payroll records accurately reflect any adjustments, bonuses, or benefits provided to employees during the tax year.
Bring your information to TaxBandits – Whether you are filing just for your business or a tax preparer filing on behalf of multiple clients, there is an easy option for everyone to bring their filing information to the application.
Manual entry – This is a simple and easy option if you’re filing a handful of forms.
Bulk Entry – If you plan to file many forms or forms for multiple businesses, this is a great option. TaxBandits provides many different templates. With our new Smart Upload feature, you can import form information using your existing template!
Integrate with your accounting software for 1099s – If you use any of the following accounting software you can easily connect your account to TaxBandits to simplify your 1099 filing. This includes Sage Intacct, QuickBooks, Zero, FreshDesk, and ZohoBooks.
Activate TIN Matching for 1099 recipients – With TaxBandits you can opt-in to a year of unlimited TIN Matching services for just $19.99 per business
From here, you just need to review and file forms! Be sure to take advantage of our new ‘Schedule Filing’ feature. You can schedule the date that your forms are transmitted, ensuring that you meet the deadlines, while still allowing yourself the option to update forms as needed in the meantime.
Ready to begin your checklist? Creating your account is the first step!