quickbooks and hassle free 1099 reporting!
DESCRIPTION
The 3 things you MUST know for hassle free 1099 reporting thru QuickBooks!TRANSCRIPT
THE 3 THINGS YOU MUST KNOW TO PRINT 1099’S IN QUICKBOOKS!or . . . how to make life easier at tax time!
EMPLOYEE ORINDEPENDENT CONTRACTOR?
IRS website: Behavioral
Control Financial Control Type of
Relationship
http://www.irs.gov/pub/irs-pdf/fw9.pdf?portlet=3
1099 CATEGORIES
1099-MISC only
QB does NOT handle other types like: 100-
INT or 1099-DIV
Box 1: Rents**
Box 2: Royalties
Box 3: Other Income
Box 4: Federal Tax Withheld
Box 5: Fishing Boat Proceeds
Box 6: Medical Payments
Box 7: Nonemployee Compensation*
Box 8: Substitute Payments
Box 9: Direct Sales
Box 10: Crop Insurance Proceeds
Box 13: Excess Golden Parachute
Box 14: Gross Proceeds to Attorney
1099-MISC AND 1096Setting Up 1099 Reporting
Linking Tax Categories to QB Accounts
http://www.irs.gov
DETERMINING YOUR 1099 VENDORS
DETERMINING YOUR 1099 PAYMENTS
DESIGNATING 1099 VENDORS
PREPARE FOR 1099 REPORTING
#1 RUN REPORT(S)#2 MAP ACCOUNTS
#3 RUN REPORT
Default settings:
#3 RUN REPORT
Version #1
#3 RUN REPORT
Version #2
#3 RUN REPORT
(FINAL) Version #3
PRINT 1099’S
LIVE QUICKBOOKS DEMO
Q? and A!
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