5 Reasons to Pre-file 1099 Forms this Taxmas

This December, let your business shine as brightly as your holiday decor by ensuring your tax tasks are handled beforehand. How? By pre-filing your 1099 forms. Think of it as hanging your stockings early, knowing you’re all set for the big day when it comes. Getting 1099 Forms ready well before the deadline will save you from stress, penalties, and errors and set a stress-free new year. Tax1099 makes this process much easier, faster, and even more beneficial, especially with the addition of new features this year.

So, come and let’s deep dive into why this proactive step is the ultimate Taxmas miracle!

 

Top 5 Reasons to Pre-file 1099 Forms

Pre-filing 1099 forms isn’t just about checking a box; it’s a proactive strategy that can save time, prevent headaches, and ensure seamless compliance with IRS requirements. As deadlines loom closer, taking the initiative to file early offers significant advantages for businesses of all sizes.
Here are the top 5 reasons why pre-filing 1099 forms is a smart move to stay ahead of the game.

 

Avoid Bottlenecks During Tax Season:

Form submissions may seem a long way off, but the last–minute frenzy can mean expensive mistakes. With pre-filing, you will be ahead of the curve, giving you time to gather recipient information, verify accuracy, and avoid the last-minute crash. Also, there’s a low scope of making any corrections during the tax season, especially when resources are stretched thin.

Tax1099 is equipped with a wide range of features and offers early filing option. Businesses that pre-file their 1099 forms by December 31, 2024, will receive a Free TIN Match service as cashback in the wallet. This Early Bird Discount provides taxpayers with a unique opportunity to ensure error-free filings, eliminate the risk of penalties, and reduce any last-minute stress. 

 

Get Ample Time for Review:

Give yourself a head start in the race against deadlines by pre-filing your 1099 forms. It allows you the luxury of time to carefully review every detail—double-checking recipient information, ensuring TINs match, and verifying payment amounts. By addressing potential errors early, you can avoid costly corrections, last-minute scrambles, and the dreaded IRS B Notice (CP2100) and P Notice (972CG).

Well! Think of it as a stress-free way to stay ahead of the game and file with confidence!

 

Fix mistakes and make adjustments

If you are waiting for the necessary documents from an employer, financial institution, charity, or some other source

delay 1099 filing because you haven’t received the necessary tax documents from an employer, financial institution, charity, or some other source, be proactive and ask for them. The earlier you get these, the more time you have to sort out any mistakes and make adjustments that could help lower your taxable income before the final tax deadline of the year.

Some of the most common mistakes involve basic math errors, forgetting to report income, not claiming credits for which you may be eligible, and not taking proper account of investment losses, which can often be used to offset gains in your portfolio.

1099 forms will sum up your short- and long-term net gains and losses. If you have net gains, you’ll owe tax on them. But if you have net losses, you can use them to offset up to $3,000 of ordinary income ($1,500 if you’re married and filing separately) and carry forward any excess losses to future years.

 

Free Up Your Team’s Time for What Matters Most

Pre-filing your 1099 forms doesn’t just save time—it streamlines your entire workflow. By pre-filing, you can leverage automation tools to automate repetitive tasks like data entry, TIN matching, and form generation, freeing up valuable time to focus on other priority tasks that drive your business forward.

Tax1099 simplifies the process by allowing you to import recipient data through Excel uploads or API integrations, ensuring a smooth and hassle-free filing experience. With fewer last-minute tasks and reduced dependency on stretched resources, your team can focus on more strategic year-end priorities.

Pre-filing sets the stage for an organized, error-free tax season—keeping your workflows efficient and your compliance on track!

 

Get Early Bird Discounts

If you choose to pre-file 1099 forms, you could take advantage of early filer incentives or discounts for eFiling services. Not only this will help you reduce the total cost of filing, but it also ensures you stay ahead of deadlines with zero stress.

Tax1099 is offering a Free TIN Match as cashback in your wallet for pre-filing by December 31, 2024. So, with pre-filing and Free TIN Match, your total filing cost takes a dip while your compliance stays on point!

 

Just get it done!!

Pre-filing is a win-win situation for all. People usually consider filing form tax forms as one of the most onerous financial tasks of the year, and getting it done could make all the other items on your financial to-do list seem easier.

So, take the stress out and opt for pre-filing!