Don’t wait until after they’ve qualified. It’s a good idea to have every independent contractor fill out a W-9 form as soon as you hire them. This helps the IRS ensure that your payments are not “under the table,” and that the subcontractor is declaring their full income and paying appropriate taxes. In January, you must send all your subcontractors 1099-MISC Forms if you paid them by cash, check, or ACH, and file a 1096 with the IRS. They are self-employed or an LLC (S-Corps are exempt). We have the perfect video course demonstrating all the information below for just $19 at our online, on-demand QuickBooks 1099 training class! Independent Contractors and 1099sĪn Independent Contractor is a Vendor you pay over $600 in a year for services. QuickBooks Online’s Contractors Center takes care of the requirements for you! When submitting 1099-MISC Forms, it can be confusing to determine who qualifies. How much time have you spent chasing down subcontractors for their addresses and tax ID? With only one month to gather independent contractor information and submit to the IRS, anything that saves you from having to pester a small business is quite welcome.
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