Understanding the Concept of tax form issuance
Tax season knocking on your door? Don’t let W2s, 1099-NECs, 1099-MISCs, or any other form alphabet soup ruin your day! At TFR & Company, Inc, we specialize in helping businesses and individuals navigate the maze of tax forms with ease and confidence.
- W2s: Make sure your employees receive the right info on time.
- 1099-NECs: For your contractors, we ensure compliance without the confusion.
- 1099-MISCs: Still relevant? We’ll help you figure it out!
- And more
What are the WH and 1099 forms?
WH (Withholding) Forms
WH forms, also called withholding forms, are records that reflect income from certain payments withheld for taxes. Examples of these payments are wages, salaries, bonuses, and other types of remuneration. WH forms assist companies in reporting the amount withheld and guaranteeing adherence to tax laws.
1099 Form
1099 forms are a set of paperwork used to report many types of income other than wages, salaries, and tips. Companies provide 1099 forms to people or organizations that get paid. These may include interest beneficiaries, independent contractors, and freelancers. Different 1099 forms are available, such as 1099-INT for interest income, 1099-DIV for dividend income, and 1099-MISC for other sorts of revenue.
