E-File Magic 1099 Software – Blog

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!

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!

Recently, the E-File Magic team spent a rainy afternoon recording tutorial videos for our 1099 software!  There is 14 videos in total and they are extremely educating.  Currently, you can find the videos on our website and on You Tube and they are slowly making their way to our Facebook Page and Twitter Page as well (Oh, by the way, did you know we have both a Twitter and a Facebook account?  You should check them out!)

After you watch our videos, download our software! You’ll be glad you did!

I just received my first tax tip of the year from the IRS and it’s really good.  It gives you tips on being prepared for the upcoming tax season.  My favorite tax tip is number 2 – start watching for 1099′s and W-2′s.  Towards the end of January your mail box should start filling up with these forms and it’s very important to keep them with your tax records and to use them to report income in the appropriate places.  Below is the tax tip email from the IRS.

IRS Offers  Tax-Time Tips

The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are the Internal Revenue Service’s top 10 tips to ensure a smooth tax-filing process.

1. Gather your records Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.

2. Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.

3. Have a question? Use the Interactive Tax Assistant available on the IRS website to find answers to your tax questions about credits, deductions, general filing questions and more.

4. Use Free File Let Free File do the hard work for you with brand-name tax software or online fillable forms. Everyone can find an option to prepare their tax return and e-file it for free. If you made $57,000 or less, you qualify to use free tax software offered through a private-public partnership with manufacturers.　If you made more or are comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms.

5. Try IRS e-file IRS e-file is the　safe, easy and most common way to file a tax return.　Last year, 79 percent of taxpayers – 106 million people – used IRS e-file. Many tax preparers are now required to use e-file. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days.

6. Consider other filing options There are many options for filing your tax return. You can prepare it yourself or go to a tax preparer. You may be eligible for free face-to-face help at a volunteer site. Give yourself time to weigh all the options and find the one that best suits your needs.

7. Consider direct deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than a paper check in the mail.

8. Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax, on the IRS website. It’s a comprehensive resource for taxpayers, highlighting everything you’ll need to know when filing your return.

9. Review! Review! Review! Don’t rush. We all make mistakes when we rush. Mistakes slow down the processing of your return. Be sure to double check all the Social Security numbers and math calculations on your return as these are the most common errors. Don’t panic! If you run into a problem, remember the IRS is here to help.

Download E-File Magic Software for all of your Form 1099 needs!

As the year winds down, almost everyone is thinking about finishing up their shopping and what treats they are planning on making and eating during the year end.

Well, here are E-File Magic, we are preparing for the January rush.  Our website, www.efilemagic.com is ready and full of 1099 resources including my wonderful blogs which talk about many of the forms we offer, the website also offers instructions for all forms and samples of how they will appear once you have finished entering your recipient data into the software.

Download E-File Magic Software Today and get yourself ready for the January 1099 rush!

When you win at a casino you are ecstatic!  Sometimes you just put a quarter in the slot and you get lucky.  Who hasn’t walked through a casino and seen the BMW sitting above a bank of slot machines and thought to themselves, it would be so cool to win that car.

Gambling winnings are taxable income, and if you have significant winnings you will be receiving a W-2G.  You will receive a W-2G for winnings of $1,200 or more from a bingo game or slot machine, $1,500 or more from a keno game, $5,000 or more from a poker tournament, and the winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are; $600 or more, and at least 300 times the amount of the wager.

If you need to send out Form W-2G for gambling winnings.  E-File Magic is easy to use, affordable, and nice to look at.  Download our W-2G Software today!