QuickBooks – subcontractors?
Posted by admin | Filed under Small Business
MMC asked:
How do I make a report/statement for my subcontractors for the end of the year? For example, I need the total amounts, for the whole year, for ABC Construction Company, Joe Smith P.E. Engineering Services, Bob Jones Excavating Company, etc. They are all under account name called Subcontrated Services. All I keep is getting the total amount of the Subcontracted Services Account for the whole year. I appreciate a reply. Thanks
How do I make a report/statement for my subcontractors for the end of the year? For example, I need the total amounts, for the whole year, for ABC Construction Company, Joe Smith P.E. Engineering Services, Bob Jones Excavating Company, etc. They are all under account name called Subcontrated Services. All I keep is getting the total amount of the Subcontracted Services Account for the whole year. I appreciate a reply. Thanks
December 9th, 2009 at 8:05 pm
What you need to give your subcontractors each year is a 1099 as they need to report this income from you when they file their personal taxes. Make sure you have the contractors correct names, address and Social Security Numbers (and or tax ID #’s) in the system. Then look under Reports and you’ll see 1099’s in the pull down menu (I’d give you specifics but I don’t have QB on this laptop) You’ll need to get 1099 forms from Office Depot or elsewhere. You need the official forms and the 1093 that accompanies them to the Social Security Admin.
Do not issue 1099’s to C or S corp companies or anyone that you’ve paid less than $599 to within the year. Individuals, Sole Proprietorships and Single Member LLC’s all need to be issued 1099’s. And lawyers also receive them.