January is a busy month for the accounting department to declare taxes and you must have tons of documents to be filled out. The 1099 Form is one of these tax documents.
The 1099 form is a tax document from the IRS (Internal Revenue Service) and it should be filed by January 31 each year. It is used to report any payment with a non-cooperation / individual that equals or exceeds a total of $600 US dollars within the previous year (1/1-12/31).
For better efficiency, GoFreight provides a new feature as shown below. There are two steps that you can easily run a 1099 report.
Mark your trade partners as a non-corporation or an individual
Examine your trade partner information on GoFreight and mark those who are non-corporations or individuals. Enter Tax ID / USCI No for the trade partner first and tick the Track Payments for 1099 checkbox.
Run a report on GoFreight
- First, go to the 1099 Report which is under the Accounting > Report section and select the year and offices.
- Second, download the excel report and it will show information such as Tax ID No., Name of non-corporation or individual, address, and total paid amount of the selected tax year.
- 1099 Report: GoFreight will now help run a 1099 report for the selected year if trade partner has been added for 1099 payment tracking.
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