Outright.com will begin providing a 1099 tax filing service for entrepreneurs and sole proprietors on top of its current W-9 service. The site is also launching what they say is the first community for the self-employed where startups and entrepreneurs can find bookkeepers.Just in time for tax season, online bookkeeping service
For most of us, tax day is April 15, but for entrepreneurs required to meet the February 1 deadline for providing 1099 forms to contracted employees, the madness starts now.
"Startups working with contractors should have collected form W-9 by now," Outright's Paul O'Brien told ReadWriteWeb. Using those W-9 forms from users and their contractors, the site does the rest - automatically filling out 1099's, e-filing them with the IRS and sending copies directly to the contractors.
Starting tomorrow, the new 1099 service will cost users $5 per filing, though for each contractor that joins Outright after their 1099 is filed, the site will refund their $5 fee. The fee for the 1099 can be deducted as a business expense on the user's personal tax return.
The site will also be rolling out a social directory to help connect entrepreneurs and startups with Outright's expanding community of bookkeepers. O'Brien says that there are a few thousand bookkeeping professionals using Outright, and this new directory will help them find businesses who need help around tax season.
Outright claims it is tracking over $1.2 billion worth of self employed and startup business, an increase of 21% from just three months ago when it announced tracking $1 billion. Self-employed individuals make up 75% of Outright's users, and the majority of the remainder employ fewer than 10 people.