![]() ![]() It is very important to verify your company name, address, Federal ID # or Social Security #, phone, fax, email and website.Īll of this information is required on the 1096 form that needs to be filed with the IRS and QuickBooks will pull the information from your company information section in QuickBooks. Again at the top of QuickBooks go to Company then scroll down and select company information. Now you need to verify that all of your company information is correct in QuickBooks. Check with your CPA on current thresholds but for Box 7 it is currently $600. The last thing you need to fill in is the "Threshold" column at the far left. If you need to track this in further detail make subaccounts under the parent account and make sure to select the parent account when mapping your 1099. Typically most people use "Professional Fees" to expense independent contractor expenses. In Box 7 in the 1099 Category column select an account to link to where you expense your independent contractor expenses. ![]() ![]() On the Company Preferences tab click "Yes" next to the phrase "Do you file 1099-MISC forms?" Now you need to map the expense so QuickBooks knows where you expense your independent contractor expenses. At the top of the QuickBooks screen go to Edit and scroll down and select Preferences.Īt the bottom of the Preferences menu is an option called "Tax: 1099" select that option. I will focus on the QuickBooks end of 1099s in this blog post and talk about the tax end of things in another blog post.įirst, I will tell you how to let QuickBooks know that you have independent contractors that you need to track payments for and issue 1099-Misc forms to. QuickBooks does have a good way to track and issue 1099 payments made to your independent contractors.
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