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1099 misc Avoiding double payment

Single member LLC, filing 1040.

 

I have billed for and received payment for contract work with an outside company.  Invoices were created and filed under Accounts Payable.  I have received a 1099 Misc for the same amount.  P/L is showing payment, regardless of deposit status, which I have currently backed out/deleted.  

 

How do I avoid double payment/double taxes?  To me, it looks like I have received payment, and also need to file the 1099misc, which would be double payment on my taxes.  

 

Talk to me like I am a 5 year old. :)

Thank you.

1 Comment
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Moderator

1099 misc Avoiding double payment

Thanks for reaching out to the Community forum, @EmpowerPhysicalRehab.

 

I want to ensure this is taken care of. Due to the nature of this matter, I recommend reaching out to the IRS. This is for you to be properly guided on how to file your taxes.

 

Additionally, I want you to get the most out of QuickBooks for your business. You can check some articles that are designed to help you get acclimated with the software. They can be accessed at the following link: QuickBooks Tutorials.

 

If you have any other questions concerning QuickBooks, you're always welcome to come back again by commenting below. I'm here for you. Take care. 

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