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All our Pros are local, US-based, CPAs and EAs. If you have any questions or concerns about your return, you can reach out to your Pro at any time using Taxfyle's chat feature.
Use our free 1099-NEC/MISC buildlers for your contractors, or let one of our licensed and experienced Tax Pros handle the entire process.
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Reporting miscellaneous income (rent, awards, medical & healthcare payments)
Automated 1099-MISC generation
Email a copy to yourself and 1099-MISC recipient
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Reporting non-employee compensation to contractors
Automated 1099-NEC generation
Email a copy to yourself and 1099-NEC recipient
Analysis of filing status to maximize tax benefits
Business activity review to ensure maximum tax benefits
Year-end write-up services
Use our free 1099-NEC/MISC buildlers for your contractors, or let one of our licensed and experienced Tax Pros handle the entire process.
Starting at
Reporting miscellaneous income (rent, awards, medical & healthcare payments)
Automated 1099-MISC generation
Email a copy to yourself and 1099-MISC recipient
Starting at
Reporting non-employee compensation to contractors
Automated 1099-NEC generation
Email a copy to yourself and 1099-NEC recipient
Starting at
Businesses that handle multiple independent contractors
Businesses looking to file different types of 1099 forms
A CPA or EA will prepare all your 1099s from start to finish
Ensure proper tax compliance
These help us determine how we can help best and connect you with the right Pro.
Receive an upfront quote and get connected to a Pro upon submitting a job.
After uploading all important documents, your Pro can get to work.
Just confirm your forms and you're ready to go! 1099s have never been easier.
All our Pros are local, US-based, CPAs and EAs. If you have any questions or concerns about your return, you can reach out to your Pro at any time using Taxfyle's chat feature.
We take all necessary precautions when protecting your sensitive information. Through internal tests and monitoring, we work to ensure your data is safe.
According to the IRS, the average taxpayer spends 13 hours preparing their own tax return. Save time and let the Pros handle it!
Pros dedicate their professional careers to understanding tax laws. With their help, your deductions will be maximized so your business can grow.
Just as it is important for you to maintain the privacy of your data; at Taxfyle, we take that same obligation seriously.
A 1099-MISC is a tax form used to report miscellaneous income payments of $600 or more that you've made to other businesses or individuals in the course of your business. Think rent payments, royalties, prizes and awards, and more. Our 1099-MISC tool streamlines the entire process, saving you time and stress.
Manual filing is time-consuming, prone to errors, and doesn't offer the automated filing capabilities of our tool. We save you hours of paperwork, eliminate the risk of mistakes, and ensure accurate e-filing directly to the IRS. Plus, our secure cloud storage keeps your records safe and accessible.
The deadline to file Form 1099-MISC with the IRS is March 31st if you file electronically, and February 28th if you file on paper.
Here's a breakdown of the key dates to remember:
January 31st: Deadline to furnish copies of Form 1099-MISC to recipients for certain payments, such as direct sales of $5,000 or more.
February 15th: Deadline to furnish copies of Form 1099-MISC to recipients for payments reported in boxes 8 or 10.
February 28th: Deadline to file Form 1099-MISC with the IRS if filing on paper.
March 31st: Deadline to file Form 1099-MISC with the IRS if filing electronically.
Missing the 1099-MISC filing deadline isn't ideal, but it's important to stay calm and understand your options. Here's what you need to know:
Penalties: The IRS imposes penalties for late 1099-MISC filing, which can vary depending on how late you file:
30 days or less: $50 per form (capped at $250,000 per year)
More than 30 days, but before August 1: $100 per form (capped at $500,000 per year)
After August 1 or not filed at all: $280 per form (no cap)
Intentional Disregard: If the IRS determines you intentionally disregarded the filing requirement, the minimum penalty skyrockets to $530 per form, or 10% of the reported income, whichever is higher.
Here's a breakdown of the key information needed on IRS Form 1099-MISC:
1. Payer Information:
Name, address, and TIN (Taxpayer Identification Number) of the business or individual who made the payments.
2. Recipient Information:
Name, address, and TIN of the person or entity who received the payments.
3. Payment Information:
Box 1: Rents (payments of $600 or more for the use of real estate or personal property)
Box 2: Royalties (payments of $10 or more for the use of intangible property, such as patents, copyrights, and trademarks)
Box 3: Other Income (various types of payments of $600 or more, including prizes and awards, healthcare payments to non-employees, golden parachute payments, and more)
Box 4: Federal Income Tax Withheld (if any was withheld from the payments)
Box 5: Fishing Boat Proceeds (gross proceeds paid to a fishing boat crew member)
Box 6: Medical and Health Care Payments (payments made to healthcare providers that are not employees)
Box 7: Nonemployee Compensation (now reported on Form 1099-NEC)
Box 8: Substitute Payments in Lieu of Dividends or Interest (payments made as a substitute for dividends or interest)
Box 9: Crop Insurance Proceeds (payments made by a crop insurance company)
Box 10: Gross Proceeds Paid to an Attorney (payment made to an attorney in a settlement agreement)
Box 11: Fish Purchases for Resale (cash payments of $600 or more for fish for resale)
Box 12: Section 409A Deferrals (deferrals of compensation under nonqualified deferred compensation plans)
Box 13: Excess Golden Parachute Payments (excess payments under a golden parachute agreement)
Box 14: Gross Proceeds Paid to a Broker (payment made to a broker for a covered security under section 6045(g))
Box 15a: Section 54A Deductions (amounts paid or incurred to an eligible terminated S corporation)
Box 15b: Section 199A Dividends (dividends eligible for the qualified business income deduction)
4. Account Number:
Required if you have multiple accounts for the recipient or if you're filing more than one Form 1099-MISC for them.
5. FATCA Filing Requirement:
Check this box if you're required to file Form 8938 to report specified foreign financial assets.