How to set up accounts for contractors that will be given 1099s.

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QuickBooks Accounting - The first thing you must do is tellQuickBooks that you will be issuing 1099s. Click on Edit (from the menu bar),then Preferences. Scroll down until you find the picture that says "Tax:1099" and click on it. On the Company Preferences tab, answer yes to thequestion about the issuance of 1099 forms, and then follow the rest of theinstructions on this screen.

Next,you'll need to identify those vendors who are eligible to receive a 1099. Clickon Vendors, then Vendor List. Double-click on the first vendor in the list,then the "Additional Info" tab. In the lower left hand corner, put acheck mark in the box that says “vendor eligible for 1099” and enters their taxID number they have provided. Repeat this process for any vendors that need toreceive a 1099.
Finally,to run the 1099's and related information, click on Reports, then Vendors, thenany of the 1099 reports. Verify the data, correct if necessary, and print your1099's all within QuickBooks.
It's important to review this topic with youraccountant to ensure you are collecting the proper information and preparingthe 1099 forms correctly for your business. Forno obligation free consultation contact us today! ABA Tax AccountingAuthorized QuickBooksAffiliate612-282-3200 Toll Free (866)936-0430 amare@abataxaccounting.comhttp://www.youtube.com/watch?v=yWvYfSr40FwQuickBooks AccountingServices