1099s: how to create and file online (who gets a 1099?) tutorial for bookkeepers
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- Опубликовано: 21 ноя 2022
- A complete bookkeepers guide to: creating 1099s, who gets a 1099, when to send out a W-9 to contractors, how to file 1099s online with the IRS. I'm using the program tax1099.com to file these online. Creating, sending and filing 1099s can be confusing--it depends a lot of how much the contractor makes, how they were paid and what type of business they are. Let me know in the comments if you have any other tips for organizing the 1099 workflow!
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Awesome tutorial, just what I need!
Great job! Thank you.
Thank you! Very helpful!
You're welcome!
I thank you for sharing your knowledge in this video, you just saved me from overpaying someone substantially to complete this simple task.
I'm glad the video was helpful and you watched it just in time!
Krista (FinePoints Admin)
Thank you!!!
Such an informative and easy to comprehend 1099 overview. Thank you
We are glad you found this easy to understand and helpful!
Krista (FinePoints Admin)
I like all of your videos it’s very helpful
Happy to hear that!
Thank you for sharing this video about preparing a Form 1099. Although it sounds interesting, I have never done this before. I think I would need more of an explanation of this, so I can understand it better.
Thanks for watching! :)
@@FinePointsBookkeeping You're welcome.
I found this very helpful, thank you! There is a link on the IRS website to order the 1099 forms. Is the only difference in going this route having to complete by pen and mail in vs typing and electronically filing?
Hi Carrie. That sounds accurate. If the IRS is mailing you a 1099 form to fill out, you will need to mail in your completed form in order to file.
Krista (FinePoints Admin)
@@FinePointsBookkeepingI need help! I am about to be a subcontractor. Do I need to send 1099? To people I hire for the job? Or that is the prime contractor?
Hello! To clarify- if a contractor is paid a via several payment methods, i.e. some payments by check and some payments by by something like PayPal, the 1099-NEC needs to be filed, but the total amount paid to the contractor on that 1099 should ONLY include the amounts paid by check, and not the amounts paid via PayPal and whatnot, is that correct? So essentially, the 1099 wouldn't include all payments sent to that contractor for the year for both PayPal and by check, only the 'eligible' payments (by check) sent to them for the year?
I have been a caregiver for a local family part time for a year. My only source of income. What income tax form would I fill out? Thank you. Bless!
Hi my husband have truck business and for we need 1099 what we need to fill mam which one 1099
I had the same question as Cheryl Bowman. I have used the 1099 feature through QBO. It IS a little clunky when "finding" all the vendors that should get 1099s, but after that, I thought it was super simple and you don't have to manually enter data. It pulls it all from their QBO vendor profile. Intuit sends the vendor an email that walks them through how to log in and download the digital 1099 AND they also snail mail them a copy. I can't remember the pricing. It was done in blocks, like 1-5 1099s is $XX, 6-10 is XX. I thought the pricing was reasonable.
Hi Penny! Thanks for sharing your experience with 1099 feature in QBO.
Krista (FinePoints Assistant)
Good to know! I think I'm going to try it this year. :) From, Morgan
Thanks! Very informative. As a business small business owner and "not" a book keeper, do you or someone you know someone I can work with to file a 1099 for a few employees I have? thanks in advance! Tony
Hi Mag,
If you want to send me an email at hello.finpoints@gmail.com I can forward you an email where Morgan goes in depth on how to file a 1099!
Krista (FinePoints Admin)
You stated any type of Corporations or S-Corps do not need a 1099 if you hired them as a contractor. Do you know the tax code on this? Please advise and thank you for all your information!! Very helpful!!
Hi Judy. Morgan is not a CPA or tax preparer. She recommends that you reach out to a local CPA to find this information.
Krista (FinePoints Admin)
When you create a vendor there's a box to check that tracks 1099s
Ohh, good to know, thanks!!
Hello, I made a mistake, how can I fix it? I put payer as the client and the client as the payer i did submit this i need to submit other 1099 again or is any way to fix the one already submitted
Hi! Just starting out bookkeeping business. I am getting a lot of catchups from clients who want to prepare 1099s before anything. Is there a way to do that on Quickbooks Online if They are not set up as clients?
Hi Danya. When you say they are not clients, do you mean they are not your clients? Or your clients do not have QBO yet? Sorry, I don't fully understand your question. :)
Krista (FinePoints Admin)
Let me correct what I mean. I still don't have too many clients in this business I am doing. I made a typographical error when I was explaining this; but, I hope you understand what I mean.
What about contractors that did work for me in December 2023 but I am not paying them until January 2024? Can I include that December expense in the 2023 1099 NEC?
I think you can do that either way, it depends if your books are accrual or cash basis. Normally, I don't include it in 2023
Hi, why we do not need to send the 1099 to the payee with the payment term credit card? Sorry if I missed anything here? Thanks
It's a (weird?) IRS rule--I haven't looked in to the reasoning behind it.
That is because the payment processors are required to issue the 1099 to the recipient. Let’s say you’re paying an LLC $10,000 via Amex. Amex then issues the 1099 to the recipient. Now if you would also issue a 1099 for the payment of the $10,000, the IRS basically receives the information that this person was paid $20,000. When that person then files taxes and reports the correct amount of $10,000 received, the alarm bells go off at the IRS, because it looks like they underreported their income.
🎉im a first time filer as ssa is only income, my employer and i both paid estimated total taxes for social security and Medicare , what do i need to put in box3 and box5
Hi Jeffry! Morgan is not a CPA or tax preparer and can only speak on her experience with 1099s. She recommends you ask your local accountant what is best for this circumstance.
Krista (FinePoints Admin)
How come you don't use the 1099 feature in QuickBooks?
I haven't used it before, but maybe I'll try it out this year. In a Bookkeeper Launch training they recommended this program that I'm using in the video. Have you done them in QBO and do you like it?
@@FinePointsBookkeeping Sorry. I didn't actually answer your question. I have not yet used the QBO 1099 feature yet but I will be when the time comes. I have done some training with it and I like how everything flows together. You can indicate in a vendor profile if they are a 1099 vendor so all of those vendors show up in the 1099 app and when you are ready to create the 1099s, all of their information and what they were paid flows into the app. No extra juggling of their information.
Good to know! Thanks for the info. I think I'm going to try it this year. :)