Important IRS deadlines and other reminders to help you get the most out of your Eagle View e-filing solution.
1099-MISC past due.File now to avoid higher penalties. Get Started
Resources16 Reasons To Make the Right Choice in January Changes in Tax Rates Changes to Standard Deductions Changes to Itemized Deductions Child tax credit and additional child tax credit Form 1099 - 2019 Deadline: January 31 W-2 Filing Deadline: January 31 W-2 Extensions - What's New? Printing and Mailing Deadline I've got 99 Problems but a 1099 Ain't One!
16 Reasons To Make the Right Choice in January
It's true. Accountants and tax preparers work their tails off and at this time of year there's hardly any rest until the end of the tax season. Anyone wanting to save themselves some time and money is probably looking for online solutions for their 1099 or W-2 information returns. Here are 16 great reasons to e-file this January
New! Changes in Tax Rates
For 2018 most tax rates have been reduced. The tax rates are 10%, 12%, 22%, 24%, 32, 35% and 37%.
In addition to lowering the tax rates, some of the changes in the law that affect you and your family include increasing the standard deduction, suspending personal exemptions, increasing the child tax credit, and limiting or discontinuing certain deductions. Most of the changes in this legislation take effect in 2018 for federal tax returns filed in 2019. It is important that individual taxpayers consider what the TCJA means and make adjustments in 2018 and 2019.
New! Changes to Standard Deductions
The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status. The standard deduction reduces the income subject to tax. The Tax Cuts and Jobs Act nearly doubled standard deductions. When you take the standard deduction, you can't itemize deductions for mortgage interest, state taxes and charitable deductions on Schedule A, Itemized Deductions. Starting in 2018, the standard deduction for each filing status is:
The amounts are higher if you or your spouse are blind or over age 65. Most taxpayers have the choice of either taking a standard deduction or itemizing. If you qualify for the standard deduction and your standard deduction is more than your total itemized deductions, you should claim the standard deduction in most cases and don't need to file a Schedule A, Itemized Deductions, with your tax return. THIS MEANS THAT Many taxpayers will no longer itemize their deductions and have a simpler time in filing their taxes.
New! Changes to Itemized Deductions
n addition to nearly doubling standard deductions, the Tax Cuts and Jobs Act changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. THIS MEANS THAT Many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Check your 2017 itemized deductions to make sure you understand what these changes mean to your tax situation for 2018.
Child tax credit and additional child tax credit
Child tax credit and additional child tax credit
For 2018, the maximum credit increased to $2,000 per qualifying child. Up to $1,400 of the credit can be refundable for each qualifying child as the additional child tax credit. In addition, the income threshold at which the child tax credit begins to phase out is increased to $200,000, or $400,000 if married filing jointly. THIS MEANS THAT more families with children under 17 qualify for the larger credit.
Form 1099 - 2019 Deadline: January 31
New filing date. Form 1099-MISC is now required to be filed on or before January 31, 2019, when you are reporting nonemployee compensation payments in box 7. Otherwise, file by February 28, 2019, if you are not reporting data in box 7. The due dates for furnishing payee statements remain the same. There is no change to due dates for recipient copies.
W-2 Filing Deadline: January 31
- 2018 forms must be filed with the SSA by January 31, 2019 regardless if using paper or filing online.
- E-file date was January 31 last year.
W-2 Extensions - What's New?
- Extensions to file with the SSA are not automatic.
- One 30-day extension may be requested.
- Application Form 8809 must be used, including a detailed explanation on why additional time is needed.
- IRS only will grant extension in cases of extraordinary circumstances or catastrophe.
- This does not affect extensions to furnish W-2 forms to employees.
Printing and Mailing Deadline
In order for us to print and guarantee mailing your forms by the January 31st deadline, you must complete your order no later than Midnight (PST) January 30th. Orders placed after Midnight (PST) January 30th are not guaranteed to be printed and/or mailed by the January 31st deadline.
I've got 99 Problems but a 1099 Ain't One!
An accountant's job can be a stressful especially in the height of the tax season. There's a hundred things that can go wrong, but we're here to make at least one of those things go right your 1099 filing.
There's more than one 1099 form out there and the deadlines vary. Here's your guide to help avoid 5 of the most common 1099 mistakes.
While reading this article, if you are a traditional software and paper forms filer, beware of the pitfalls and be certain to consider the assistance you can receive from online filing solutions like Eagle View.
This material may not be published, rewritten or redistributed without permission, except as noted here. This site includes, or may include, links to third party Internet Websites controlled and maintained by others. When accessing these links the user leaves this site. These links are included solely for the convenience of users and their presence does not constitute any endorsement of the Websites linked or referred to nor does Tenenz, Inc. have any control over, or responsibility for, the content of any such Websites. All rights reserved.