So, I am in a similar situation and just want to clarify and understand better.
I have an LLC using an EIN
So, I invoice my clients and generally count that as business income.
But I also have 2 clients that 1099 me.
The 1099s generally have my EIN on it (not my SS).
So my 2 questions are:
When doing taxes; I understand that I report my income I would subtract the 1099 from my business income and then use the 1099 separately? Am I correct about that?
And if I am correct about that, what is the best way to record this accurately in Quickbooks so that the end of year taxable income is accurate, and the 1099 income and invoices are not counted twice?
Thanks,
T
