thorough as always. I have been looking for a video of this quality to share with clients so that they can understand why I am hasseling them about getting these W9s for contractors. Thank you again. Good luck on getting the 100K+ followers. You deserve it!
Thanks for this info Clara. What about the owner of the business and is receiving sales commissions under the same entity. How should this be recorded in the books? And, is this a 1099able situation?
@@agnesviacrucis2257 Hmm, this is confusing to me. If owners are getting commissions payments, they should either be paid out as W2 wages (if the owner is an employee) or the payments should be recorded as owner's draws. This sounds like it might be done incorrectly and I'd consult your tax professional to make sure it's set up properly. you can't pay the owner as a "vendor" and that's kinda what this sounds like.
Hi Hannah! Hey, I use Melio Payment to pay my Vendors....wouldn't Melio be considered a Third Party Payer like PayPal? Do I need to send 1099s in this case? (for anyone over $600)
No, Melio is not a third party payer…if you paid vendors through ACH or checks then you need to treat those vendors like you did the payments yourself. I know Melio has a report you can run to help you issue 1099s!
You are bringing the HEAT these last couple of uploads. Right on time! Thank you
Trying my best! Thanks for watching!
thorough as always. I have been looking for a video of this quality to share with clients so that they can understand why I am hasseling them about getting these W9s for contractors. Thank you again. Good luck on getting the 100K+ followers. You deserve it!
Soooo helpful. Thank you Hannah!
Thanks for watching!
I agree with your opinions on 1099s but I also still love doing them :D
Haven't even watched it yet but very timely, I've been wondering. Commenting for the algorithm!
Thank you!
Looks like you got there🎉
Yes! Recorded and edited before the 100k hit over the weekend! So excited to have made it!! Onward to reach more business owners!!!
Thanks Hannah - what about the payments for services to a dba? @11:07 agreed that lawyers can’t be trusted:))
Hi, Thanks for the video do I need to issue 1099 to a professional who works for me remotely from Philippines.
No, this is for US based serve providers only.
@ClaraCFO thanks for help
Thanks for this info Clara. What about the owner of the business and is receiving sales commissions under the same entity. How should this be recorded in the books? And, is this a 1099able situation?
The owner is receiving sales commissions of making sales in their own company?
@ yes and from other two companies.
@@agnesviacrucis2257 Hmm, this is confusing to me. If owners are getting commissions payments, they should either be paid out as W2 wages (if the owner is an employee) or the payments should be recorded as owner's draws. This sounds like it might be done incorrectly and I'd consult your tax professional to make sure it's set up properly. you can't pay the owner as a "vendor" and that's kinda what this sounds like.
Hi Hannah! Hey, I use Melio Payment to pay my Vendors....wouldn't Melio be considered a Third Party Payer like PayPal? Do I need to send 1099s in this case? (for anyone over $600)
No, Melio is not a third party payer…if you paid vendors through ACH or checks then you need to treat those vendors like you did the payments yourself. I know Melio has a report you can run to help you issue 1099s!
@@ClaraCFO Ah good to know. Thank you so much, Hannah! Okay, I better get on it. lol!
Do individuals that do not have a business, need to send 1099s to attorneys that they paid?
no! this is only for businesses who are taking those expenses on their returns
@ClaraCFO thank you