During the summertime, it is a great time to make sure you have all of the tracking information and preferences lined up in QuickBooks for the future tax season.
Go to preferences, tax 1099, and then map out the accounts that pertain to your business. Most businesses use box #7, non-employee compensation. This is where you set the parameters up for your subcontractors who are paid more than $600.00 annually.
This is also a great time to get all of your "ducks in a row". Make sure you have all the up-to-date information on your subs. Get them to fill out a W-9 and if it applies, get them to fill out the subcontractor form waiving worker's compensation. In Rhode Island, this form has to be filed with the state.
So enjoy your summertime preparing your books for next tax season!
Go to preferences, tax 1099, and then map out the accounts that pertain to your business. Most businesses use box #7, non-employee compensation. This is where you set the parameters up for your subcontractors who are paid more than $600.00 annually.
This is also a great time to get all of your "ducks in a row". Make sure you have all the up-to-date information on your subs. Get them to fill out a W-9 and if it applies, get them to fill out the subcontractor form waiving worker's compensation. In Rhode Island, this form has to be filed with the state.
So enjoy your summertime preparing your books for next tax season!
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