Here are some tips to ensure that you process your 1099 Forms in the most efficient way THE FIRST TIME AROUND and by the January deadline:
- Always give contractors an updated W-9 form upon hiring. This will help save you from scrambling to find their information at processing time.
- Decide ahead of time what types of moneys you will be including on the vendor’s 1099 forms. Make sure you understand the correct account mappings to Box 7 of the 1099-MISC form.
- Purchase an adequate supply of 1099 forms from an office supply store ahead of time. Keep in mind that you cannot accurately plan for the number of reprints needed due to outdated vendor information or other issues that may arise. Give yourself a generous overage of forms.
- Know the deadlines for all copies of the 1099 forms.
- Mail the correct copies of the form to the appropriate parties. Your contractor will receive the Recipient Copy and possibly a State Copy as well.
- Understand the differences between QuickBooks Online and QuickBooks Desktop software when processing 1099 Forms. You will need the Plus version of QuickBooks Online if you would like access to printing 1099 forms.
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