Greenleaf 1099 Cheat Sheet - Greenleaf Accounting

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1099 SUCCESSCHEAT SHEET5 steps to be ready for1099s at year-endand the tools to makeyou more efficientBy Deb Howard Greenleaf, EAFounder of Greenleaf Accounting Services, LLCCreator of 1099s & Independent Contractors: What Small Biz Owners Need to Know

1099 Success Cheat Sheet1KNOWTHE RULESEvery small business owner needs toknow the rules of 1099 reporting andwhether they will need to send out 1099forms at the end of each year. Whilethere have been whispers of rulechanges, the basic guidelines havestayed the same for years. And now youhave a handy flowchart to answer yourquestions! Print the decision matrix chartincluded with this cheat sheet so you’llnever again have to wonder if a vendorwill need to “be 1099’d” at year-end.The number one question to ask yourselfis if you bought goods or services fromthe vendor. 1099 forms only report thepayment of services. So whether youbought office supplies or airplanes,vendors who sold you a physical productdo not need to receive a 1099-MISC format year-end.The next big question is if you paid thevendor 600 or more during thecalendar year. If you only paid a vendor 250 in all of last year, they are belowthe threshold and no 1099-MISC form isneeded at year-end.Lastly, determine if the vendor is acorporation. If they are incorporated,then they are exempt from receiving a1099-MISC form unless they are aMedical/Health provider or attorney.Tools for this step: The flowchart on PageSix will give you the full scoop!http://www.greenleafaccounting.com/1

1099 Success Cheat Sheet2COLLECT THOSEW-9 FORMSRemember the final step, determining ifyour vendor is a corporation? Well, if theword “Corporation” or “Inc” is in theirname, then it’s a pretty safe bet that thecompany is a corporation.But what if those words aren’t in the vendor’s name? What if their name is “AcmeServices, LLC” and you’re not sure?That’s where the W-9 Form comes in.The W-9 Form is a one-page form thatyour vendor completes with their legalname, address, and Tax IdentificationNumber. Most importantly, they “checkthe box” to indicate whether they are acorporation or not!http://www.greenleafaccounting.com/My pro tip for you regarding W-9 forms isthis: Don’t under any circumstances everpay your vendor until you’ve gotten asigned W-9 form back from them.Friends, there is no joy in tracking downa vendor that you used way back inMarch to beg them for a W-9 when theJanuary 31st 1099 filing deadline isapproaching!Tools for this step: Free form at IRS.gov,W9Form app by PDFfiller, Track1099.comOnline W-9 Request App2

1099 Success Cheat Sheet3TRACK YOURPAYMENTSOnce you know who will need a 1099-MISCform at year-end, you will still need to keeptrack of how much you’ve paid each vendor.That’s where accounting software comes inhandy!I am the most enthusiastic salesperson thatQuickBooks Online will ever find, but even Ihave to admit that there are other apps outthere to help you track your vendor payments.Tools for this step: QuickbooksOnline, Xero, Zoho BooksWhether you love your Xero or are a QBOaddict like me, there are lots of choices in themarketplace. Just choose the one you like anduse it consistently!All of the programs listed below will help youtrack which of your vendors might need a1099-MISC form at year-end and will help youknow which of them have hit the magic 600threshhold!http://www.greenleafaccounting.com/3

1099 Success Cheat Sheet4FILE ONLINEEven after you’ve identified all vendorswho will need a 1099-MISC form atyear-end and tracked all your payments,you still have to decide the best way tofile the forms in January. It is certainlypossible to do it all on paper andsnail-mail your forms to the IRS and yourvendors. In fact, you can request formsfor free from IRS.gov.For the sake of your sanity though, Iencourage you to look into any of thee-filing providers listed below. Most ofthem will pull information directly fromyour accounting packa

CHEAT SHEET 5 steps to be ready for 1099s at year-end and the tools to make you more efficient By Deb Howard Greenleaf, EA Founder of Greenleaf Accounting Services, LLC Creator of 1099s & Independent Contractors: What Small Biz Owners Need to

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