Many Q&A discuss how to pay a 1099 employee, but I am a 1099 Advisor myself.
Many Q&A discuss how to pay a 1099 employee, but I am a 1099 Advisor myself. My Broker pays me as a 1099. How do I record my expenses when I take clients to cafes, or when I myself buy office supplies, pay registrations fees etc.? How do I record when my Broker pays me commissions; I never ever get income paid directly from my clients.
Re: Many Q&A discuss how to pay a 1099 employee, but I am a 1099 Advisor myself.
the 1099 is an information form, it tells the IRS and you how much you were paid - as log as your gross sales equal or exceed that amount nothing happens. This has nothing to do with how you run your business
You run a business, you record the expenses you pay for
you record your income as you get it or make sales, use a sales receipt if the client is not going to pay later
Welcome to the Community! Sometimes, a helping hand is all a self-employed needs to take charge of their income and expenses. I’m so glad QuickBooks Self-Employed can be that helping hand for you.
As a self-employed, the commissions and the 1099 payments you received are considered as self-employed business income. While in recording the expenses you use in buying office supplies can be categorized under Schedule C: Office Expenses.
For the meal expenses paid during your client meetings outside the office, as long as this is related to your self-employed job or business, record it under Schedule C: Meals.