What is the best way to categorize a contract laborer on QBO?
In QuickBooks Online (QBO), categorizing a contract laborer correctly is important for accurate financial reporting and tax compliance. Here's how you can do it: 1. **Set Up the Contractor:** - Go to the "Payroll" or "Expenses" menu, depending on your QBO version. - Select "Vendors" and then click "New Vendor." - Enter the contractor's details, including their name, address, and any other relevant information. 2. **Categorize Payments:** - When you pay the contractor, categorize the payment under an appropriate expense account. Typically, you would use an account like "Contract Labor" or "Subcontractor Expenses." - To do this, go to "Expenses" and select "New Transaction," then "Expense" or "Check." - Enter the payment details, select the contractor as the payee, and choose the "Contract Labor" account in the category field. 3. **Track for 1099 Reporting:** - If you expect to pay the contractor $600 or more during the year, you'll need to issue a Form 1099-NEC. - To track this, ensure the contractor is marked as eligible for 1099 reporting. Go to the contractor's profile, click "Edit," and check the box for "Track payments for 1099." 4. **Review and Reconcile:** - Regularly review your expenses to ensure all contractor payments are categorized
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