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Call Now If you use independent contractors for your business, you must complete an IRS 1099 form for each one that states the amount of money you paid for services rendered during the tax year. QuickBooks can track money paid to an independent contractor and automatically populate a printable 1099 form with his relevant financial data. Enable 1099 Option Launch QuickBooks, then click "Edit" from the menu bar. Select "Preferences" from the drop-down menu, then select "Tax:1099" on the left side of the window. Click the "Company Preferences" tab, then select "Yes" in the "Do You file 1099 MISC Forms" section. Click "OK." Set Up Vendor Click "Vendors" from the menu bar. Select "Vendor Center" from the drop-down menu. Right-click on the independent contractor for whom you want to create a 1099 form. Click "Edit." Click the "Address Info" tab and review the contractor's information to make sure that it is accurate. Click the "Additional Info" tab. Click the "Vendor Eligible for 1099" box. Type the contractor's tax ID number into the "Tax ID" box. Print 1099 Insert the blank 1099 form into the printer, then click "File" from the QuickBooks main menu bar. Select "Print Forms" from the drop-down menu, then select "1099s/1096" from the list. Select the contractor for whom you want to generate a 1099, then click "Print 1099." A preview of the 1099 automatically opens. To view the detailed data on the form, deselect the "Alignment" box and select "PDF." Click "Open PDF in Preview" to review the information on the form. Click "Print" to print the completed 1099 form. References Resources Warnings Print the 1099 data on a blank 1099 form created for use with a printer. Writer Bio An avid technology enthusiast, Steve Gregory has been writing professionally since 2002. With more than 10 years of experience as a network administrator, Gregory holds an Information Management certificate from the University of Maryland and is pursuing MCSE certification. His work has appeared in numerous online publications, including Chron and GlobalPost. How to Add a Vendor's Tax in QuickBooks Do Non-Profits Fill Out 1099s for Consultants? Filing a 1099 Form Without an EIN Number How to Employ Someone With a Contract Am I Required by Law to Obtain Form W-9 From My Vendors? Can QuickBooks Pro Prepare and File Tax Returns? How to Make a Pay Stub With QuickBooks Do I Pay Taxes on Behalf of a Contractor? How to Change Printer Settings on Peachtree AccountingYou probably have multiple ways of collecting money from clients and customers to run your small business. One of the best options available is PayPal. PayPal makes it possible to accept payments without setting up a merchant account. It's an easy, flexible and safe way to take customer payments, which is probably why PayPal has more than 392 million active accounts. However, receiving payments through a third-party processor can make things complicated come tax season. And you may wonder if you have to report the income you earned through PayPal to the IRS. This article will outline your options and explain how to fill out a PayPal 1099 form. Did you know? PayPal processed more than $1 trillion in payments over the last year and 31,455 payment transactions per second. Do you have to report income earned through PayPal to the IRS? You have to report income to the IRS, including payments from customers via PayPal. If you don't report your income, the IRS can consider it under-reported income, and you may get hit with additional taxes and fees. In fact, if you sell over a certain amount, then PayPal will automatically report these payments. That's because IRS Section 6050W states that payment processors – like PayPal – are responsible for reporting information about customers who receive payments for goods and services. How much do you have to sell on PayPal to receive a 1099? If your annual sales on PayPal are relatively low, there's a chance you won't receive a 1099. And if your yearly income from a particular client falls below $600, that client may not send you a 1099. But whether you receive a 1099 or not, you're responsible for reporting any income you earn on your taxes. Any money you earn is considered taxable income, regardless of whether or not you receive a 1099 in the mail. If your gross income falls below $20,000 and you have fewer than 200 transactions in a calendar year, you'll file the 1099-NEC on your own. The 1099-NEC is a form used to report self-employment income. FYI: In 2020, the IRS introduced the 1099-NEC form to replace the previously used Form 1099-MISC. How does PayPal track my income? PayPal tracks the gross sales transactions of each account for a calendar year. If you earn more than $20,000 from the sale of goods and services and exceed 200 separate transactions, PayPal reports this income to the IRS. However, some states have a lower reporting threshold for merchants. In Vermont, Massachusetts, Virginia and Maryland, the minimum reporting threshold is $600 in gross payment volume, regardless of how many transactions occurred. The minimum is $1,000 in gross payment volume in Illinois, with at least four separate transactions processed. If you exceed the minimum income requirements, PayPal may contact you and ask for your Social Security number or Employer Identification Number (EIN). From there, the company should send you a copy of a 1099-K by January 31. Did you know? You can also use PayPal to accept credit card payments from customers, expanding your company's payment options. What is a 1099-K? Form 1099-K is a form you'll fill out and submit with your tax returns. Third-party payment processors – like PayPal – are required to send a 1099-K to merchants that meet the reporting requirements. Here is the information you can expect it to include on a 1099-K: Your name, address and contact information Your tax identification number (TIN) The payee's TIN The payee's name, address and contact information Gross amount of payment transactions Total number of payment transactions The merchant category code Income earned by the month The state and state identification number State income taxes withheld Federal income taxes withheld What is the difference between a 1099-NEC and a 1099-K? Self-employment comes with many benefits, but it can make things more confusing come tax season. It can be difficult to understand the different forms you're required to fill out to comply with IRS regulations. If you regularly use a service like PayPal, you may hear about forms 1099-NEC and 1099-K. The IRS released Form 1099-NEC in 2020, replacing Form 1099-MISC. This form is specifically designed for freelancers and consultants. If your small business earns more than $600 a year to a particular client, you can expect to receive a 1099-NEC from that company. But if you earn more than $20,000 in gross annual sales and have more than 200 transactions through a third-party payment processor, like PayPal, you'll also receive a 1099-K. These forms are required because, unlike W-2 employees, self-employed individuals can claim business deductions, which lowers their taxable income. Tip: Learn more about the pros and cons of hiring 1099 vs. W-2 employees. Taking deductions against PayPal and 1099 income You can deduct business-related expenses from your annual income if you file a Schedule C. In fact, you get to file expenses regardless of how much you earned the previous year. If you were actively engaged in business activities and didn't earn any income, you can still deduct your expenses. It just has to be considered an ordinary and necessary expense by the IRS. An ordinary expense is something that's common in your industry. A necessary expense is something that's helpful for your type of business. These are some of the most common business expenses that are fully tax deductible: Accounting fees Third-party payment processing fees Marketing and advertising costs Continuing education expenses Payments to contract workers Payroll expenses Software subscriptions Domain names and website hosting Legal fees Rent Office equipment Exceptions to consider However, the IRS does specify that three types of expenses must be categorized separately from other expenses. You must separately track the cost of goods sold, capital expenses and personal expenses based on these descriptions: Cost of goods sold: Cost of goods sold is any expense related to manufacturing your product. This includes expenses for raw materials, storage or labor costs. Capital expenses: Capital expenses are the money you spend to buy, maintain or improve your company's assets – such as equipment or rental property. Personal expenses: Personal expenses are expenses that aren't related to your business. For instance, if you paid to go on vacation with your family, that's considered a personal expense. How to go about filing your PayPal income For your new business, tracking and filing your PayPal income is pretty straightforward. But as your company expands, it will become more complex and your transactions will be more difficult to track. That's why it can be helpful to start using accounting software to manage your income and expenses right from the beginning. Here's a look at some accounting software to consider. Tip: If you're new to accounting software, check out our reviews of the best accounting and invoicing software solutions. QuickBooks QuickBooks is one of the most popular options available, and it's our pick as the best option for your growing business. Learn more in our review of QuickBooks. One of the best things about the software is that it's scalable. The company offers four different plans, along with a variety of add-on services. It utilizes double-entry accounting and offers comprehensive reporting features. However, QuickBooks does come with a bit of a learning curve, especially if you're unfamiliar with basic accounting principles. Xero Xero is a cloud-based accounting software, and it's one of the best options available for your expanding business. Read our full review of Xero for more information. One of the unique things about Xero is that it allows account holders to add an unlimited number of users, regardless of their pricing tier. This can make Xero more affordable than other types of accounting software on the market. Xero uses double-entry accounting, and allows you to create a variety of financial reports. You can also use the software to send online quotes, invoices and automatic payment reminders. FreshBooks FreshBooks is accounting software that's designed for customers with little knowledge of accounting. Learn more in our FreshBooks review. The software is intuitive and easy to use, and offers all the basic functionality for your business. FreshBooks allows you to send invoices, track your expenses and record payments. It also gives you the option to both track your time and send client estimates. Additionally, the software integrates with nearly 100 different apps. Zoho Books Zoho Books is one of the best options available for your small business – whether you are solo or have just a few employees. Read our review of Zoho Books for more information. You can use the software to keep track of all your outstanding invoices and collect customer payments. Zoho Books lets you send invoices and automated payment reminders. You can also use the software to track and manage inventory. Zoho Books is part of the Zoho productivity suite. One of its accounting software features is managing the details of individual client projects. You can schedule tasks and timelines from the app, which offers convenience and efficiency. Final thoughts on filling out a PayPal 1099 If you earn money through PayPal from the sale of products or services, you're expected to report that income to the IRS. At the very least, you'll need to fill out a 1099-NEC, but if you meet the minimum income requirements, PayPal will send you a 1099-K as well. One of the most important things you can do is to stay on top of your company's income and expenses from the very beginning. Utilizing accounting software will help you avoid many accounting mistakes by connecting you directly to your business checking account. Accounting software will help you accurately categorize your expenses and keep track of customer payments. And come tax season, you can give your accountant access to your accounting software. That way, you can rest assured that all your T's are crossed come spring.QuickBooks Payroll is offered in both online and desktop versions. Service plans for this software range between $29 and $125 per month, plus monthly per-employee fees. You can add QuickBooks' accounting software to each service plan for an additional fee. This review is for small business owners who are considering using QuickBooks Payroll as their payroll service. After conducting extensive research and analysis, we recommend QuickBooks Payroll as our 2021 pick for the best online payroll service for small businesses. QuickBooks Payroll is ideal for small businesses because of its flexibility and variety. The service is available in numerous service plans at a variety of prices, so businesses of any size and budget can find a plan to meet their needs. Another feature that makes QuickBooks Payroll a solid choice for small businesses is its integration with QuickBooks' accounting software, which many small businesses already use. Other reasons we recommend QuickBooks Payroll is its ease of use, employee self-service options, range of payroll reports and one-month free trial. To read more about the best options for payroll services, read all our reviews and learn more about the buying process. Editor's note: Looking for information on payroll systems? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need: QuickBooks Payroll Pricing, Service Plans and Features Part of QuickBooks Payroll's appeal is that the company offers several plan types at a range of prices. Several plans combine the company's accounting software and payroll service. This range of options makes this software a great option for a wide variety of businesses. Below, you'll find a full breakdown of the pricing and features for all of QuickBooks Payroll's plans. Keep in mind that first-time customers are eligible for a 30-day trial on all of these plans, so you can give the software a test-drive before you commit to a monthly or yearly plan. QuickBooks Payroll Plans QuickBooks Payroll is available in a variety of service plans. There are online versions, desktop versions and plans that combine QuickBooks' payroll and accounting software. If you're looking for both accounting software and a payroll service, pairing the two could be ideal for your small business. Every time you run payroll, all of the info – including check amounts, state and federal taxes, and deductions – automatically downloads into your QuickBooks accounting software. Opting for a plan with accounting software also gives you the ability to track income and expenses, maximize tax deductions, run reports and send estimates. QuickBooks allows for invoicing the acceptance of payments. QuickBooks Plus also lets you manage bills, track inventory and manage contractors. Here is a breakdown of some of the options: QuickBooks Online Payroll Plans Core Cost: $45 per month, plus $4 per employee per month Features: full-service payroll, autopayroll, health benefit options and 401(k) plans Premium Cost: $75 per month, plus $8 per employee per month Features: everything in the Core plan, plus same-day direct deposit, workers' compensation administration, mobile time tracking, access to an HR support center and expert setup Elite Cost: $125 per month, plus $10 per employee per month Features: everything in the Premium plan, plus tax penalty protection, customized setup and access to a personal HR advisor With each of these plans, you have the option to get either one month free or a 50% discount for the first three months of service. You can also add QuickBooks Online accounting software, which will cost you between $25 and $150 per month. QuickBooks Desktop Payroll Plans Basic This plan only runs payroll and does not handle any payroll tax obligations. Cost: The base fee is $29 per month, plus there is a monthly fee of $2 per employee. The first six months are offered at a 20% discount. Features and tax services: This package includes the ability to print instant paychecks for W-2 employees and 1099 workers, as well as direct deposit and live support. Enhanced This plan handles all payroll and some tax responsibilities. Cost: The base fee is $45 per month, plus there is a monthly fee of $2 per employee. The first six months are offered at a 20% discount. Features and tax services: This plan includes everything in the Basic package, plus it calculates all federal and state payroll taxes. You are responsible for making all tax payments. Intuit fills in all of the federal and most state payroll tax forms for you, and it gives you the option to pay these taxes electronically. Additionally, this plan includes email reminders for taxes and the ability to print W-2 forms for employees. Assisted This plan handles all payroll and payroll tax responsibilities. Cost: The base fee is $109 per month, plus there is a monthly fee of $2 per employee. The first six months are offered at a 40% discount. Features and tax services: This is the most comprehensive service. The package runs payroll; completes and files all federal, state and local forms; and guarantees that tax payments are correct and on time. If the company makes an error, it will correct the mistake and pay all of the resulting payroll tax penalties. QuickBooks also sets up this package for you by having a company representative enter all employee information into the system before you get started. In addition, the Full-Service package takes care of processing and printing employees' W-2s. At the time of this writing, QuickBooks was offering a 50% discount on all of the above rates for the first three months of service for new customers. The only other cost is for businesses with employees who work in multiple states, in which case there is an added $12 monthly charge per state. A benefit of QuickBooks Payroll is that each of the plans allows unlimited payroll runs for no extra charge, thus giving businesses the option to pay employees weekly, biweekly, semimonthly or monthly, all for the same price. QuickBooks accounting software can be added to any of the plans listed above. It starts at $15 per month and includes four pricing plans that range up to $150 per month. Key takeaway: QuickBooks Payroll offers three online plans and three desktop plans. Prices range from $45 to $125 per month (plus $4 to $10 per employee per month) for the online version and $29 to $109 (plus $2 per employee per month) for the desktop version. Features QuickBooks Payroll has a wide range of beneficial features. Most important, QuickBooks handles all of your payroll processing and payroll tax responsibilities. You can run payroll an unlimited number of times each month. This gives you the freedom to pay employees whenever you want, so everyone doesn't have to be on the same pay schedule. This flexibility can be especially valuable if you have both full-time employees and independent contractors. QuickBooks handles all of your payroll tax needs. It calculates your taxes, fills out the necessary paperwork and makes the payments. For some plans, QuickBooks also offers a tax guarantee, which means if the software makes an error, QuickBooks will correct it and pay any imposed fines. The integration with QuickBooks' accounting software is another huge bonus of this solution. The result is that both software programs work in lockstep. Data is automatically transferred back and forth between the two programs, thus making it simple to run payroll and manage your finances. This can be a huge benefit for small business owners who don't have the luxury of having an in-house payroll specialist and accountant. QuickBooks also offers several HR-related resources, including access to a human resources advisor to turn to when you need guidance on important HR issues. Other services include health benefits by SimplyInsured and retirement plans offered by Guideline. QuickBooks announced in 2021 it is improving its integration with the popular customer relationship management (CRM) tool HubSpot. According to QuickBooks, the new integration will include more data entry automation, reducing the likelihood of error and saving staff members time. It will also feature a centralized dashboard through which users can create financial workflows to suit their needs, as well as move invoices seamlessly across QuickBooks and HubSpot. Did you know? QuickBooks Payroll handles all payroll processing and payroll tax responsibilities. It also allows for unlimited payroll runs, provides access to an HR advisor and integrates with QuickBooks' accounting software. Ease of Use Small business owners will be pleased with how easy it is to use QuickBooks Payroll. It is a cloud-based service that has no software to install or maintain and can be accessed online from anywhere. The easy-to-use platform is clearly labeled and simple to navigate. Running payroll starts by selecting the employees to pay. For hourly employees, you enter the number of regular, bonus, overtime and vacation hours they worked during that pay period. Salaried employees already have their pay rates saved. Then, you review the payroll info. You can see each employee's payroll details as well as your total costs. During this stage, you can also compare the current payroll with the previous one to make sure everything lines up. The last step is to click the Submit to Intuit link. The service confirms that it received the information and processes payroll. Employees who have direct deposit are paid in two business days. You also have the option to print checks from your office. Adding employees to the system is also simple. The software walks you through each step of adding basic details about each employee, such as their pay rate, federal and state tax information and withholdings, tax exemptions, and benefit deductions. Some service plans allow QuickBooks to handle this task for you. You can email or fax your employee roster and information to a QuickBooks payroll specialist, who will enter the details. The system is also accessible via a mobile app for iOS and Android devices. With the app, administrators can run payroll, pay taxes and view company payroll history. Employees can log in to the online system on either a web browser or the mobile app to view their paystubs, pay history and paid-time-off accruals. QuickBooks Payroll users can download a variety of reports, including payroll summaries, payroll details, employee details, tax payments, tax and wage summaries, tax liability, workers' compensation, total costs and contractor payment details. Customer Service You can reach QuickBooks Payroll representatives by phone and email Monday through Friday between 9 a.M. And 9 p.M. ET, and live-chat support is available 24/7. On the website, you'll find payroll guides and advice, training videos, details on how to set up the system and a user community that has answers to questions on all of Intuit's products. We were pleased with the customer service Intuit provided when we contacted the company numerous times by phone and email, posing as a business owner interested in payroll services. Each time we reached out by phone, a representative immediately answered our call. With some of the other large payroll services we considered, we had to wait on hold for lengthy periods before someone was available to speak with us. We were just as pleased with the support we received via email. Many of the representatives we contacted over the phone followed up with an email. Each time we wrote back with a question we had, whether it was the same day or weeks later, we received a prompt and thorough response. The representatives never pressured us to sign up for the service. Instead, they listened to us, answered our questions and encouraged us to call back with any further inquiries. This was a difference from what we experienced with many other payroll providers we contacted. Tip: You can reach QuickBooks' customer support team by phone weekdays between 9 a.M. And 9 p.M. ET or via live chat 24/7. Limitations One potential downside of QuickBooks Payroll is the cost. If you choose one of the more robust service plans, there are base fees of over $100 per month, which is more expensive than many of the other services we considered. However, the more costly plans offer a number of HR-related tools, which some businesses may find appealing. We were also disappointed that only the most expensive QuickBooks plans offer a tax guarantee. Most of the services we examined offered this guarantee to all customers. Another potential negative is the large number of complaints filed against Intuit, QuickBooks' parent company, with the Better Business Bureau (BBB). As of December 2020, more than 1,600 complaints had been filed against the company. While the number of complaints is concerning, it is unknown how many of these complaints are specific to Intuit's payroll service, as the complaints listed on the BBB website encompass all of Intuit's products and services. Despite the complaints, Intuit has an A+ rating with the BBB. Ready to choose a payroll service? 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