4 Reasons to Get Excited About the Upcoming Tax Season
December 17, 2018
By: Rick Roddis, President of ComplyRight Tax Solutions, the leading manufacturer of 1099, W-2 and ACA tax forms, envelopes and software.
Mention the words “tax season,” and most small business owners groan. But like most things in life, it’s all about how you look it. Rather than dread tax season and all it entails, why not consider it a fast-paced and exciting time of year? What may be overwhelming for others can be rewarding for you … with the proper attitude and actions.
3 solid reasons to embrace tax season this year:
1) Efficient options for filing – You can choose to file 1099s, W-2s and ACA forms a few different ways, depending on your business needs. The first approach is submitting paper forms – a traditional method typically used by employers with minimal filings. Beyond that, you can take advantage of desktop software to input data and create the necessary forms. Software provides a handful of features and functionality that surpasses paper filing.
And then there’s electronic filing, where you enter data online and the information is automatically processed and submitted to the IRS and SSA. You can also have recipient copies printed and mailed, which makes e-filing the most convenient method of filing. Keep in mind, too, that if you’re e-filing, you can skip Form 1096, or W-3. Unlike with paper filing, e-filing automatically calculates the totals and transmits the information.
2) Time to collect necessary information -- Yes, tax season is right around the corner … but you still have a few weeks to line up certain details. To properly file the 1099-MISC for contractors, freelancers and consultants, for example, you need a Form W-9. The W-9 captures the individual’s legal name, address and Taxpayer Identification Number (TIN). Ideally, you should have the contractor fill out this document before services are provided. Otherwise, request it immediately to avoid the rush for information.
3) Opportunity to file 1099-MISC forms early – The early bird gets the worm … and is less stressed, too. Instead of waiting until January, try to begin filing your 1099 forms now. You can jump ahead if an independent contractor has completed their work for the calendar year and you have the necessary information.
Get as Excited as We Are about Tax Season
Stop dreading tax season! Navigating your tax-filing responsibilities can be a breeze with the right tools. Office Depot has everything you need to file your forms accurately and on time – from paper forms and envelopes to reliable software and an e-file solution.
All content provided herein is for educational purposes only. It is provided “as is” and neither the author nor Office Depot, Inc. warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein. The information should not be relied upon as replacement for professional tax advice.
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