In this chapter, we discussed how to set up 1099 contractors in QuickBooks, how to track payments that have been made to 1099 contractors, the various ways you can pay 1099 contractors, and how to report and file 1099 forms at the end of the year. If you hire individuals such as an attorney or a bookkeeper to provide services to your business, you now know how to set them up in QuickBooks and track payments that are made to them throughout the year. You also know that the threshold for reporting 1099 payments is $600 in payments within a calendar year. Finally, we have shown you how to sign up for the 1099 service provided by Intuit so that you can print and mail 1099 forms.
1099 reporting is just one of many tasks that must be performed at the end of the year. In the next chapter, we will discuss other tasks that must be completed so that we can close the books for the...