Tax Preparation Checklist: Get a Jump Start on Your W-2 and 1099 Filings
November 8, 2018
By: Rick Roddis, President of ComplyRight Tax Solutions, the leading manufacturer of 1099, W-2 and ACA tax forms, envelopes and software.
You might not be thinking about filing tax forms yet – but you should. We’ll be ringing in 2019 before you know it, and tax season will soon follow.
Fortunately, Office Depot has got you covered with a pretax season checklist to help you prepare. Let’s look at steps you can take now to make the season a little smoother later.
Be Aware of the Tax Deadlines
As a business owner, one of your responsibilities is the mandatory filing of 1099-MISC forms for independent contractors and W-2s for employees. The deadline to distribute these forms to recipients is January 31, 2019. This is also the date you must file these forms with the IRS – whether you are paper or electronically filing.
See chart for other important dates.
1099, W-2 and ACA Filing Deadlines Chart provided by ComplyRight Tax Solutions.
Consider these tips to help you avoid the last-minute rush for the 2018 tax season:
Collect your paperwork: To properly file the 1099-MISC, you need a Form W-9 and a Tax Identification Number (TIN) for each independent contractor. The contractor provides you with the Form W-9, which includes his or her Social Security number and TIN. You should have every contractor, freelancer and consultant fill out this document before services are provided. This will ensure you have the information you need to file. If you don’t have a W-9 for one of your contractors, request it immediately.
File 1099-MISC forms early: Rather than wait until January, you can begin filing your 1099 forms in fourth quarter. As long as an independent contractor has completed all work for the calendar year – and you have the required information – you can file.
Decide How You Will File
You have options on how to file. The first is submitting paper forms. This is the traditional, tried-and-true method many employers choose for handling their informational returns.
Others use desktop software to complete their W-2s and 1099s. This involves purchasing a new version of software each year to input data and create the necessary forms.
A third option is electronic filing. In recent years, the number of businesses electronically filing has risen significantly. With an e-file website, you simply enter your information and your data is automatically submitted to the IRS and other government agencies. Plus, you can select to have your recipient copies printed and mailed for you. This can be the most convenient and accurate way to get the job done.
Explore the Solutions You Need Most
Planning for tax season doesn’t have to be a burden. Office Depot has all the tools you need to file your forms on time. Whether you need paper forms and envelopes, reliable software or an e-file solution, look no further than Office Depot to make your tax season a little less taxing.
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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