26. Quickbooks Online - How to SETUP 1099



Back shall be forced or setting up a role I want to discuss how to set up a 1099. How do you know need create a 1099 and when you have a employee that CW Jewett will generally speaking it's a labor thing and this is generally speaking with us is like 99.9% of the instances so you open a coffee shop and you want a construction company to redo a patio, will they would be a 1099 contractor simply puts two different tax forms 10 and nine 1099 is more of a short-term employee is up to the contractor to file his own taxes at the end of the year were to talk about how to record that in the next video in this video and set them up 1099 company doesn't tax the contractor the are the IRS does at the end of the year W-2. It's the tax form you fill out before a job on you. Get tax with every paycheck. Obviously the big thing now is health insurance. At least in America some W-2 offer health insurance packages but 1099 note it's all up in the independent contractor enough of the fourth fill how to be set up a 1099 and how do we track it in a report. Rocco send it to them. Yep Going and set ups. What would you do is go to expenses get a pay some peeps new vendor over herewith 1099. I highly recommend filling out as much information you have as possible so just straight from top candidate Dave last name Brown shuttle to Dave Brown's out there. Dave Brown, this is not good. We are to contact them to send him a form for the IRS Gmail.com phone 555-5555 schemata but I know God is with us knowing it is time Gmail.com. Just fill everything out, but the main is the Social Security phone number address is huge for 1099s. It is just thought address discovered at a Avenue Avenue city town Carlsbad Troy live with rabbit, CA 92008 County country US here's where the kicker is, I'm just going. Don't worry about the account number enough business ID number first multimedia like construction guys probably just can be his Social Security number on his can put in a fake one and when you see what happens. This is like for numbers for mine should work and then I was super and click on this track payments for 1099s. So what really do is now the credibility of Dave Brown right here. Bill let's say this guy owes us z/OS job subcontractors front patio. We bid it for the exact price of 14 13,008 793 that understating buttons on the keyboard entry fee is $0.66 about that. Save and new. This is a serious expense saving, no, no, that's it. So now is go back to our dashboard and also did this in a report so we've God's go down to on the left-hand side really go to reports and were going to go to all reports and let's look at our review expenses and purchases expenses by vendor and there is Dave Brown get a couple and get these out here that is how we set up a 1099 and QuickBooks online that's really what you do is you set up their tax ID number or their Social Security and then you click add it add to 1099s working talk more about this video is kind of a rant I you guys probably knew the difference between 1099 and W-2 to begin with in the next video. When talking to prepare 1099s and again it's for the previous year so we actually met you can't do much with these for the sake of the tutorial because 2017 and none of us can show up monster shortly and ask you for some information you know what I will take you through it. I could take you up to what I know what to click on for that. So the next video and talk about how to record 1099s you write it off as an expense. A tax deductible expense. That's it is a nice pretty girl legend


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