Does it take you longer than you would like to prepare the 1099s?
Do you struggle with the built-in 1099 reports and functions in QuickBooks
The first bookkeeping task in the New Year is handling the 1099s, the form you send to your service providers and independent contractors that shows how much you paid them. Turns out the hardest part is tracking down the social security numbers of your vendors.
So now is a good time to get started. I will show you:
- A more accurate report than the built-in QuickBooks report
- Several online filing programs
- Tips to make this easier next year
2020 UPDATE – Beginning in January 2021, any 1099s issued for Non-Employee Compensation, which is Box 7, should be filed on form 1099-NEC. All other payments such as rent and attorney payments will remain on the 1099-MISC. This is a good year to switch to an online filing platform so that you don’t have to buy packs of 2 different forms.
INDEPDENDENT CONTRACTOR VS EMPLOYEE UPDATE – In the video I describe the Federal rules to qualify as an Independent Contractor. Your state might have a more restrictive definition. For example in California, AB5 went into effect on January 1st, 2020 and ICs must be a bona fide business. See this post for more details. This course shows you the steps to pull the information to create the 1099s. However, you need to be aware of the rules in your state and locality about who qualifies as an Independent Contractor.
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