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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.

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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

QuickBooks Team

Re: Many Q&A discuss how to pay a 1099 employee, but I am a 1099 Advisor myself.

I’m delighted to see you here, @craigkorthTFA.

 

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.

 

On the other hand, I’d recommend reaching out to your accountant for you to be guided accurately in categorizing your transactions. You can also reach out to our AnswerXchange Community Team for further help on tax-related questions or visit the IRS website for 1099 Independent Contractors and Self-Employed.

 

Always feel free to drop by the Community page if you have other questions about categorizing your transactions. I’m always here to help.

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