Chapter 19: Taxes
Throughout the year, if you’ve paid any contractors more than $600, you’ll need to issue them a 1099. This is a super simple form that tells the IRS how much you paid a given contractor. This way, the contractor can report the income they received, but more importantly, you can deduct what you paid them as a business expense. Quickbooks makes sending 1099’s super easy, since you should already have your contractors added into your Quickbooks for accounting purposes.