When you are self-employed, you are your own boss. You are expected to set aside at least 15.3% of your income to pay your taxes.
You must also file your taxes on your own come tax season. While there’s no “refund,” you may be able to qualify for numerous deductions.
You will not get a yearly form from anyone when you are not working under an employer. You will have to learn how to create a 1099 form yourself. Don’t worry. The process is far from complicated. Keep reading to find out how you can make one online
How to Create a 1099 Online
Although it is possible to obtain a 1099 form online, it is better to create the form yourself because it’s quicker. Most people who get the forms online have to deal with the added step of printing it out and making copies for reference.
If you lose the original, you will have to spend additional time redoing the form. It is better to create a 1099 form online because you can fill out all the information you need online.
Any mistakes you make can be edited, and you can save the file on your PC, phone, or any hard drive after receiving the completed form via email. If you would like to complete a form in minutes, you can use this site: https://www.thepaystubs.com/1099-form-create.
How to Fill Out a 1099 Form
Most people do not have issues filling out a 1099 form because it’s short and offers easy-to-follow steps anyone can follow. The main thing you want to keep in mind is to fill out the form correctly so you can avoid making mistakes. On the top of the page, you will need to enter your basic demographics (name and address).
You will also need to add your social security number or Employer Identification Number (EIN). You must enter your income and taxes withheld too. If you have trouble doing this, you can use a self-employment tax calculator.
Sending the 1099 Form to the IRS
Once you complete the 1099 form remember to keep a copy for yourself and send another to the IRS. You can keep everything online by using a 3rd party tax prep software service like TurboTax.
You do have to pay a fee to file, but the ease and the assistance they offer makes the service more than worth it. Another good thing is the IRS will receive your 1099 form and payment (if applicable) when you do it electronically.
Taking Care of Your Taxes as a Self-Employee
It won’t take a lot to figure out how to create a 1099 form online because everything is laid out to help you understand what to fill. At first, being a self-employee may seem overwhelming because you are expected to calculate the taxes you owe and file it.
The good thing is that there are websites and software available to help you when you are uncertain. This filling out your 1099 online is simple, and so is filing it online.
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