How to print 1099-DIV in Quickbooks

Interestingly enough I have one client that takes draws (ie dividend payments) for each stockholder but Quickbooks itself doesn’t really have a way to print out 1099-DIV statements however you can fool the system. If the Dividend payments are ordinary dividends, use the RENT box under 1099 preferences, if the payments are qualified dividends, use the ROYALITIES box under 1099 preferences since both of these boxes line up on a regular 1099-MISC statement form with the correct boxes on a 1099-DIV form.

Then run your 1099 wizard/report and print the 1099-DIV just like you would your 1099-MISC forms.

Quickbooks 2006 update – don’t install

beware if quickbooks 2006 tells you it has a new update, don’t install it unless you have already upgraded to IE 7.0, something funky (for the lack of better term) happens when you install the update. All of sudden my HP all in one printer stopped working, my CRM database kept trying to install itself over and over again, my QB 2006 file kept closing itself.  After I deinstalled QB 2006, my all in one printer decided it would work and my new computer seems stable again.

Something about that latest update is linked with IE 7.0 which in itself, breaks most of my programs.

is it a hobby or a business?

If you show a loss for 3 out of 5 years, the IRS can always say that you are not really in a true business motive and that you are just incurring losses for tax reasons…the IRS can say that you are conducting your business like a hobby. If the IRS determines that your not really in a true business but rather a hobby, then they can disallow your losses