Every year during tax season, many taxpayers are surprised to receive 1099 forms in the mail. Both of these forms are the most frequently received forms and are about the income you have earned outside of your regular job. But how are these forms different from each other, and how do they affect our taxes?
In…
You may file or receive 1099-MISC and 1099-NEC in tax season. If you are a business owner, freelancer or independent contractor. These Forms are used to report the non-employee compensation paid to contractors or freelancers, but missing the filing deadlines can result in significant penalties.
In this brief, we will explain:
What a 1099 form is…
An Employer Identification Number (EIN) is essential for businesses and nonprofit organizations. You need it to hire employees, open business bank accounts, and file taxes. However, many business owners wonder what happens if they lose or misplace their EIN.
Luckily, finding your EIN is not as difficult as you may think. Using E-File Workforce Payroll, you…
Received a 1099-K form and don’t know how to report or offset it? You are not alone. Many freelancers, sellers, and even casual users of platforms like eBay, Ticketmaster, Venmo, and Cash App are suddenly facing unexpected tax forms. These forms are directly impacting your tax bills. However, you can write them off, and we…
If you are starting a new job or running a business, you will surely come across the two main tax forms, the W2 form and the W4 form. These forms look similar at first glance, but both of them are used for different purposes.
In this brief, we will describe the difference between W2 and W4…
Think of the 1099 form as a heads-up to the IRS. But what if your business is already incorporated? This guide cuts through the confusion! We will explain when and why corporations, including S Corps, C Corps, and LLCs, get a 1099 form, and when they don't.
What is a 1099, and why are Corporations Exempt…