If you run a baby business that pays consultants or contractors, again 1999 agency it’s time for 1099s and W-2s.
1099 forms are acclimated to abode assorted assets paid to individuals who are not employees, while W-2s are acclimated to abode wages, withholdings and added advice for employees. Both allegation be mailed or delivered by Feb. 1 and submitted to the Internal Revenue Account by March 1.
If you accept alone a few forms to ample out, you may be bigger off accomplishing it by hand. The pre-printed forms are accessible at best appointment accumulation stores. However, if you accept abounding to do, it ability be account affairs a software affairs that does best of the assignment for you.
1099 Pro Inc. of Calabasas (http://www.1099pro.com or  876-0200) has programs to advice both ample and baby businesses with these tax chores. The company’s signature product, 1099 Pro ($199), is aimed at companies with 30 or added advisers or payees. TaxPro 8.0 ($69.95) is advised for abate firms.
1099 Pro allows you to ascribe all the tax advice via your PC, again accomplish professional-looking copies after the allegation for pre-printed forms. All you allegation is a laser printer and some bare paper, and it does the rest.
The one barring is alleged Copy A, which gets filed with the IRS. The agency requires those copies to be printed on IRS-approved forms. Aloof pop those imprinted forms into your printer and 1099 Pro can booty affliction of that too.
Remember, if you accept 250 copies of any one anatomy to ample out, again you allegation book electronically. Here you accept two choices.
You can book anon with the IRS chargeless of charge. However, you’ll allegation to use appropriate software and get a “transmitter ascendancy code” from the IRS.
Or you can pay a alleged account agency to do it for you.
1099 Pro offers a account that can advice with that as well. For 25 cents a record, with a minimum allegation of $70, it will electronically abode all your abstracts to the IRS.
For best baby companies, the 1099 Pro software apparently is overkill. However, the company’s added program, TaxPro, aloof ability fit the bill. It doesn’t accept as abounding accretion and whistles as 1099 Pro, but costs a lot beneath and it creates the forms best businesses use.
This easy-to-use affairs creates 1099-MISC (miscellaneous income), 1099-INT (interest income) and W-2 forms. Although the affairs generates all the advice you’ll allegation for the forms, it can’t book them to bare cardboard like 1099 Pro. You’ll allegation to use pre-printed forms that you can acquirement from appointment accumulation stores. Or you can adjustment them anon from the software vendor’s Web armpit (http://www.1099pro.com/plist.htm).
If you accept aloof a few forms to complete, or if you don’t already accept agent or beneficiary abstracts in cyberbanking form, you can artlessly ample out the anatomy on-screen. Filling out a 1099 anatomy takes alone a few seconds, back there isn’t all that abundant advice to enter.
A W-2 is a bit added complicated. The interface is a lot like the forms themselves, so if you’ve anytime completed a anatomy by hand, again you’ll apperceive how to do it with this program. If you don’t apperceive what to do, the program’s advice arrangement will adviser you through anniversary step.
Once you’ve completed the forms, you can book them out on the pre-printed b and you can accomplish a printed abode for your files.
If you already accept your abstracts in cyberbanking form, you may be able to acceptation it into the software. Like 1099 Pro, the affairs accepts some abstracts from Quicken (the payees’ name and abode but not banking data) and is able to acceptation all abstracts from DacEasy. It additionally can acceptation accepted argument files that you can accomplish from Excel and some accounting programs.
In accession to press the forms themselves, the affairs generates a array of letters for your records. It additionally prints the IRS 1096 assignment anatomy that accompanies 1099s, W-2s and added forms that go to the IRS. Like the 1099s and W-2s themselves, these allegation be imprinted on accustomed IRS forms that you run through your printer.
E-Z Legal Forms Inc. (http://www.e-zlegal.com or  822-4566) offers a beneath able-bodied and beneath big-ticket W-2 and 1099 architect alleged W2 Maker. This Windows affairs doesn’t acceptation abstracts but lets you bound access advice on awning and prints it to the aforementioned pre-printed IRS accustomed forms as TaxPro.
If you haven’t been there lately, accede visiting the IRS Web armpit (http://www.irs.gov). You can get aloof about any anatomy you allegation from the site, which additionally includes instructions and affluence of added advice for baby businesses and added taxpayers.
The IRS will let you download 1099 and W-2 forms to attending at or convenance on, but you can’t use them. You allegation write, blazon or book on the pre-printed IRS accustomed forms. That, however, is not accurate with all tax forms. Some of the forms you download from the Web armpit can be printed out, abounding in and submitted. The IRS armpit additionally has some advantageous information, including “Recommended Reading for Baby Business” at http://www.irs.ustreas.gov/prod/bus_info/reading.html.
Lawrence J. Magid can be accomplished via e-mail at [email protected]
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