While you might be winding down your calendar year, the responsibilities of running a small business never stop. Tax season is fast approaching. One of the first requirements you’ll have in your business in 2014 is filing your W-2 & 1099 paperwork. Business owners are required to provide income statements to all employees and independent contractors by January 31, 2014, so they can file their personal income taxes. Notification is due to the Internal Revenue Service (IRS) by March 31, 2014, if you file electronically.
The deadline for state W-2 and 1099 filing varies by state, but 41 states require reporting. For the majority of states, the filing deadline is Feb. 28, 2014, but that is not the case across-the-board. Feel free to refer to the information here to determine the requirements for the states where you have employees or contract workers residing in. Now, if you are one of those business owners who dread tax paperwork, you could use online reporting software to make tax season easier for your small business.
www.speedEfiler.com is reporting software that enables businesses to quickly process W-2 & 1099 filings online. The great thing about this software is that it gives employers the ability to deliver their W-2 & 1099 forms electronically and it’s IRS compliant. New to the program this year, your employees and contractors will have the option to receive a secure email enabling them to electronically view their 1099 or W-2, download it or have a printed copy mailed to their home. This added feature is available through products from Greatland Corporation, one of the country’s leading providers of W-2 and 1099 products for business. Each year, more than 30,000 businesses rely on Greatland’s online products to manage their W-2 and 1099 filing needs.
If you paid an independent contractor $600 or more in a calendar year, you should be filing a 1099-MISC for that person or business. Just make sure you have a current address before filing the 1099-MISC form. Filing tax paperwork can be very stressful, especially if you have to track down your accountant to get it done. If you manage your own accounting records, you can key-in your W-2 and 1099 data, import it from QuickBooks file or you can import various file formats including (XLS, XLSX, and CSV files.) All data is validated for placement and calculation errors allowing users to feel confident that their reports are accurate and formatted properly.
The step-by-step instructions are quite user-friendly and, even if you make a mistake with your input data, it can easily be edited every step of the way. The new speedEfiler.com allows recipients to get their tax information on the day it is filed by the business owner. Once you’ve organized your records, for less than $60, you can take care of your filings for 10 employees with the federal and state government, and have all your copies delivered to recipients.
This year, the IRS is permitting payers to truncate social security numbers on recipient 1099s, as an added security measure. The IRS implemented showing only the last four digits of social security numbers as a way to reduce the risk of identity theft and speedefiler.com will apply this change to your data.
speedEfiler.com also offers complete state year-end filing and fulfillment, regardless of the state or unique reporting requirements. Greatland offers the only retail electronic filing websites that provide direct-to-state filing for all states with filing requirements in a single transaction.
The generous folks at Greatland have a special offer for my blog readers who want to file W2s and 1099s electronically this year. Spend $10 and choose the complete Federal, State, and Recipient filing bundle, you will get one filing free! Use the Code SMBIZLADY at checkout.
Are you ready for tax season in your small business?
About Greatland
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing guidance, products, and solutions for small to mid-size businesses and accountants. the company offers an extensive array of specialized products for business: W-2 forms, 1099 forms, W-2 and 1099 software, online filing, business checks and check writing software, presentation materials, income tax preparation supplies, and mortgage forms. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Follow us on Facebook or Twitter: @GreatlandCorp
Disclosure: Melinda F. Emerson, the publisher of succeedasyownboss.com was compensated to write and publish this article.