Before you filing form 1099, you must first know which type of 1099 you need. Many accountants and business managers already know the answer to this question. There’s definitely some complexity, nuance, and redundancy in the tax code. (Ask us sometime about how Form 1099-A is actually a subsection of Form 1099-C.)
That said, a good portion of the time, many of the filing forms are neatly circumscribed within specific commercial activity. Form 1099-S, for example, is used for real estate proceeds and applicable brokers as determined at the time of closing. As such, retirement fund managers may have detailed knowledge about Form 1099-R but know comparatively little about the rest of the tax code.
Moreover, when the time comes to find the software support for your 1099 forms, you won’t have to worry with Advanced Micro Solutions (AMS). Our W-2/1099 Forms Filer platform offers support for all your 1099 forms.
Intro to Forms Filing for Small Businesses
Filing form 1099 is relatively easy for the subcontractors and other recipients who receive them. In today’s modern, tech-driven, flex-schedule economy, many 1099-MISC forms serve like w-2s as simple proof of income only with slightly different reporting rules for tax deductions and liabilities. For the business clients/employers who actually make these income payments, however, the process is a bit more complicated:
Filing Form 1099 with Recipients: This needs to be done by the end of January. It’s actually Copy B and Copy 2 that the recipient is supposed to receive by Feb 1st, but many payers prepare all the copies at the same time. This is important to know because Copy A is a special scannable version of the tax form that must be obtained ahead of time—unless you plan on e-filing directly with the IRS using our E-File software options.
Filing 1099s with the IRS: This is Copy A and, as we just explained, must be filed with the IRS. The deadline for this filing is the end of February if sending your paper filing through the mail, or the end of March if you’re electronically filing. The E-File Direct module from AMS includes the IRS “F.I.R.E.” system, as well as the SSA “BSO”/”ACCUWAGE” system.
Filing Your Own Business Taxes: For many businesses, these 1099 payments are expenses that offset some portion of the company’s income. In fact, if you don’t comply with the rules for filing form 1099, you may have to pay more in tax liability than you need to, even if you identify your error at some point down the road.
Discover the powerful, yet user-friendly, data management features that come with our W-2/1099 Forms Filer. This intuitive, menu-driven platform offers multiple data entry options. You can import pretty much any kind of file. You can enter information on screen displays that resemble the actual forms or through a spreadsheet format. You can set up and define “default” values. This Forms Filer software also includes reliable printing, reporting, networking, and security.
Finally, this platform creates a sophisticated module interaction which means that businesses can build customized software packages with cost-effective price points that make sense for their firm:
- W-2/1099 Forms Filer
- Payroll Module
- E-File Direct
- Affordable Care Act Filer
- 1042-S Filer
- Software-Generated Forms
- Forms Filer Plus