Money is more important for every person to lead the life happily and to get all the necessary things in life. There are many ways to earn money either by doing business or going to work and get salary as an income. For every income, it is compulsory for the person to pay income tax to the government. Taxes are paid every year and the tax is collected from the taxpayer according to the income of the person. The tax is different in all the countries and they follow their own rules and regulation. Likewise, the United States federal government follows some rules and regulation for collecting tax from the people. The Internal Revenue Service is the revenue service which collects the taxes for the government from the taxpayers. There are different rules they follow to collect the tax from the people and the 1099 tax form is compulsory to be submitted every year by the taxpayers to the IRS.
Rules for Income Tax e-filing Service
The income tax e-filing is very easy and simple work that can be used by doing the registration process. The registration process is done by providing a permanent account number and PAN card number to the e-filing registration portal.
Portal: You can visit the portable by visiting the website of the income tax department. If you are a new member to the portal then you can choose the option of registration by providing PAN number.
Registration: The person can select the registration procedure and fill the necessary details on the registration page. Provide the correct basic details, provide the applicable mobile number, and email address. After registration was over then type the password and kept it with you safe. After providing the password the system will validate your details.
Transaction ID: After your registration gets over then your details will be screened and the activation mail will be sent to your email address. With the link provided, you can activate your e-filing account and then log into the tax filing portal.
Account information: The account button available in the portal will provide different services like outstanding tax demand, a list of CA, etc. You can file your returns with the help of e-file tab available on the site and you can also download your forms. Another option that is profile setting is used to update your profile such as change PAN details, password, etc.
Filing requirements of Form 1099
It is compulsory for the each taxpayer to fill the 1099 tax form and the copies of the form will be provided to the payer, payee, IRS, and state tax department. The report must be filed electronically the IRS and the information regarding rental property income, income through contracts, income through interest, and other incomes are to be filed except the salary, wages, and tips. The website will help you to fill all the requirements and they will send the form to the IRS at once you submitted the form.