E-File Magic 1099 Software – Blog

The IRS has announced that mortgage insurance premiums will be treated as qualified residence interest.  This provision did expire on 12/31/11, it has now been extended, due to The American Taxpayer Relief Act and will expire on 12/31/13.

Mortgage insurance premiums needs to be reported in box 4 of Form 1098.

E-File Magic has updated our software, forms and Excel Template to reflect this change.

Download our 1098 software today!

January is a month we love here at E-File Magic!  It’s our busiest month, and we work all year to get the software and website ready for the 1099 Filing Season.  You might think we’re strange, but we love tax forms and we are more than happy to help you with using our software or submitting your Excel Orders.

If you have a question, send us an email at support@efilemagic.com or give us a call at 877-836-6680. Our customer support hours are: Monday – Friday 8:00am to 5:30pm PST.

At E-File Magic, we love hearing feedback on your experiences with our service.  Please feel free to send an email with any thoughts, concerns or compliments!

We hope using our services will help you enjoy tax season a little more as well.

Download our E-File by Excel Template Today!

Man, every time I go to Vegas I hope to win the car.   You know what I’m talking about, it’s the shiny car sitting on top of the slot machines.  I walk into the casino and think, “I feel lucky today, I should sit down and play a couple rounds on this slot machine.” Alas, the only thing I walk away with from the car giveaway slot machines is an empty purse.

If I did win the car I would be thrilled!  I would be able to drive it home – hair blowing in the wind, radio up loud listening to my favorite music. Along with my shiny convertible the casino would also give me a W2-G!

Form W2-G, Certain Gambling Winnings, will describe the Fair Market Value of the my winnings for the IRS and the amount of taxes I paid, if any, towards my winnings.

Now, here’s something I learned about gambling winnings by reading the W2-G Instructions; you have to pay taxes on your noncash payment.  My shiny red convertible would be a noncash payment.  According to the instructions, “If the FMV exceeds $5,000, after deducting the price of the wager, the winnings are subject to 25% regular gambling withholding. The tax you must withold is computed and paid under either of the following two methods: 1) The winner pays the withholding tax to the payer.  In this case, the withholding is 25% of the FMV (Fair Market Value) of the noncash payment minus the amount of the wager.  Or 2) The payer pays the withholding tax,  In this case, the withholding is 33.33% of the FMV of the noncash payment minus the amount of the wager.

Now, I don’t know about you, but I doubt the casino (payer) will pay the taxes on the gambling winnings of my car so option 1 will probably be the more common scenario.  I guess I better start saving up for the next time I go to Las Vegas.  That way I’ll have extra money to pay for the taxes on my new car!

Download E-File Magic W2-G Software Today!

I don’t know anyone who loves getting a letter from the IRS (unless it’s a letter stating their was a mathematical error on their tax return and they are getting a bigger refund).  And I also don’t know many people who like finding out after the fact that the Tax ID numbers on their  1099 forms  didn’t match the recipients name.  To help avoid both of these issues use our Bulk TIN Matching service.

It’s simple to use, all you have to do is download our software, enter your recipient data, validate the recipient information and click on the TIN Matching Service Tab.  We will send your data to the IRS and let you know when we get a response on whether your recipients names and TINs match or not.

Download E-File Magic Bulk TIN Matching Software!

The last couple of blogs I’ve mentioned our 1099 processing software.  Today, I decided to talk a little bit about our other service, E-File by Excel.

E-File by Excel is a super easy way to file your 1099′s.  All you have to do is download our template, fill in the Company Information, fill in the Recipient Information into the proper forms and upload the completed template to us. We take care of the rest.

After our E-File Magic Team processes your template we will email you a finished PDF copy of your forms and E-File your data to the IRS.

You can also customize your order by adding our Bulk-TIN Matching and our Print and Mail services.

E-File by Excel Service will make the busy tax time of year a bit easier!

The deadline for e-Filing your 1099 forms to the IRS for 2012 is April 2nd.  E-File Magic is asking that we receive all form submissions by April 2nd at 5pm Pacific to guarantee e-Filing by the end of the day.  As always, we will still accept your submissions after the cut off time, we just cannot guarantee your forms will be e-Filed by the deadline.

Creating a Company/Filer/Payer is one of the most fundamental steps in the E-File Magic Software.  If you do not complete this section the software will not let you go to the next step of adding recipient data.  This section of the software is where you put the company’s information that is sending the 1099 to the recipient.  I suggest watching the video on how to complete this step.  It’s very entertaining!  Once you have watched the video, if you would like to download our 1099 software please do so!

Registering your E-File Magic software is a very important step in our 1099 Software process.  Make sure you add all the fields in correctly with a current phone number and email address.  If anyone needs to contact you from E-File Magic, we will use your registration details information for contacting.  Please check out this video, which is short and sweet about Registering E-File Magic.

Download E-File Magic’s 1099 Software Today!

After my husband learned how to tile a bathroom floor by using You Tube, I’m completely convinced that you can learn how to do practically anything by watching a video.  So, along those lines, the E-File Magic Team decided to make a video on how to install our 1099 Software to your PC.    This video will completely show you the steps on how to install from clicking on the download icon on our website to opening the software up once the install is completely.  So watch the video and then download our 1099 Software!

There are many deadlines when it comes to taxes.  And most of these deadlines are etched in our brain forever; like April 15th is usually the day to file taxes and the 4th Thursday in November is always Thanksgiving (hey, I do a lot of work on Thanksgiving, I consider it a deadline).  Anyways, here is another deadline for you, E-File Magic is requesting that all transmittal for our print and mail service be received by January 23rd, 2012 so we can get all forms out by the IRS deadline of January 31st.  If you miss the deadline of January 23rd and would still like to use our service, you may, and we will try to get all mailings out but, we cannot guarantee that you mailings will be sent out by the 31st.

So download our 1099 software today and get to work!  January 23rd is right around the corner!