Well, it is that time of year again… That’s right, it’s tax season, and as an integrated wellness employer you are responsible for submitting and supplying recipients copies of Form 1099/W-2 to your employees and IRS/SSA. Here is how you can generate a free IRS Form 1099/W-2 today!
How to Generate a Free IRS Form 1099/W-2?
Employee Vs. Contractor
Understanding the classification of your workers is one of the most vital components of running a successful business. Typically an employee receives training for their positions and is managed by you or a supervisor. A contract usually works for multiple companies and has total control over when and where they work is completed. Their pay is also flat fee or rate that is given once the task is completed.
So why is knowing the distinction important? As a holistic employer, you have very different responsibilities depending on the type of worker your business employs. Everything from labor laws to health benefits will depend on this classification. Most importantly you will need to withhold and pay tax for your employee but not for any contractors you employ.
What is Form 1099?
Form 1099 is a series of information returns reporting income from self-employment, interest, and dividends, or independent contractors to the IRS. The various 1099 Forms correspond to numerous types of reported income.
If your integrative wellness business employees an independent contractor you will need to report payment for services performed on Form 1099-MISC. You must file Form 1099-MISC for non-employees compensated $600 or more for the year services were rendered.
There are three important deadlines to remember when filing Form 1099-MISC:
January 31st: If you are reporting Nonemployee compensation (NEC) in box 7 of your 1099-MISC Form the deadline for filing with the IRS for both paper filing and e-filing. Recipient copies of Form 1099-MISC must be received by all independent contractor on or before this date
February 28: Paper filing deadline for 1099-MISC
April 1: Online filing deadline for 1099-MISC
What is W-2 Form?
A W-2 Form is an information return that is filed with the Social Security Administration (SSA) by you, the employer, for your employees each year. In addition to filing with the SSA, you must send copies of Form W-2 to your employees to report salary and other compensation offered throughout the year.
January 31st: Deadline for filing Form W-2 with the SSA. Employee copies need to be sent on or before this date.
Where Can I Generate a Free IRS Form 1099/W-2?
Our sister product, ExpressEfile is the easiest place to generate free W-2/199 Forms. Fill out the required information fields then print, or download completed forms. There is no limit to the number of blank 1099 or W-2 Forms you can generate for your small business. In addition to the free options, they offer affordable upgrades like IRS e-filing and postal mailing options.
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