When it comes to filling out taxes there isn’t much fun in the process. On every tax form, you will have to pay attention to make sure you fill out the form correctly and entirely. Many forms will also require you to look up the actual numbers to support what you are writing on the form. While many tax forms are boring or monotonous, there is one that is disliked more than all the others.
The Worst of the Worst
Experts and laypeople alike dislike form 1099-B as a tax form. 1099-B happens to be the form that you receive to declare your investment income. The reason why this form is so difficult is because of its tedious nature and the numerous calculations it requires from investors. Most investors will receive a 1099-B form from a number of companies.
Even if you are OK with receiving and getting your 1099-B income together, there is one extra problem that is out of your control. The issue is that many financial businesses apply for and receive an extension when it comes to sending out 1099-B forms. Though the forms have a deadline of February 15th to get to customers, a lot of companies file for extensions and receive them. This can throw off your entire tax schedule.
Getting Over the Hurdle
If you have other methods for figuring out your 1099-B income, such as online statements or looking at your bank statement, you may be able to get around waiting for your investment forms. If you are able to log in and find the information, doing so can keep you on a tax schedule.
Image credit: Mark Moz