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jresha
April 7, 2024
Question

Should 1099-Misc doing a Schedule C, list out every single transaction or can I report monthly or even quarterly totals in a single file? What date should I list in QBSE?

  • April 7, 2024
  • 1 reply
  • 0 views
I have two sources of income. A  bi weekly paystub as a 1099 and my own business as a 1099 where I only do 1-3 clients a day.

Up until now I have been reporting all income sources and mileage as separate transactions in QBSE. Recently a client that does taxes told me I didnt have to list them individually but rather as monthly, quarterly, or even yearly reports and that the IRS usually wants more simplified forms.

How would I list this in QBSE and what date should I use, first or last? I would assume I can do the same for any expenses that are the same. For example, could I list all of my transaction fees when my customer pays as one report?

1 reply

H
Heide DC
April 7, 2024

I appreciate you for giving detailed information on your concern, jresha. Allow me to share some info when filing your taxes with QuickBooks Self-Employed (QBSE).

 

When preparing your tax documents from January to April, you can get a 1099 form from your client or employer only. Just to make sure your contact info is correct, especially your mailing and email address is up-to-date, then ask your client or employer to invite you to fill out a W-9 form.

 

Also, listing out every single transaction on a report is unavailable. However, we can run reports to get your federal estimated quarterly tax payment and annual tax info.

 

To fill out your W-9, here's how:

 

  1. Open the invite email and select the link.
  2. If you already have a QuickBooks Self-Employed account, select Sign in.
  3. Go to the Clients tab.
  4. Follow the steps to fill out and submit your W-9.

Now your employer has the info they need to complete your 1099-MISC.

 

You can check this article for reference to get your 1099-MISC in QBSE: Fill out a W-9 and view your 1099-MISC in QuickBooks Self-Employed.

 

Once done, you can run financial reports if you want to get your year-end reports.

 

After that, you'll have to review and check everything before you send your info to Turbo Tax Self-Employed. Please know that you can send your tax info to Turbo Tax once.

 

Moreover, I suggest contacting the IRS so they can help with federal estimated quarterly tax payments or filing your taxes.

 

Furthermore, you can check this article to be guided on filing your taxes with QBSE: QuickBooks Self-Employed annual tax guide.

 

Don't hesitate to comment down below if you have questions about Schedule C taxes and 1099 info. I'm more than willing to help. Stay safe.

 

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