Account Ledger: Prepare tax forms

Charms can help you prepare the tax form 1099-MISC as well as the tax form 990 or 990-EZ.

IMPORTANT: Charms does not provide tax advice or instruction on completing or submitting tax forms. Address all your tax questions with a certified tax specialist.

What would you like to do?


Prepare tax form1099-MISC

Charms can fill out form 1099-MISC and you can provide a copy of this form to the people you pay for services.

IMPORTANT: You must use the original IRS Copy A of form 1099-MISC (which appears in red) when submitting to the IRS. The Charms printout is not an official IRS copy.

Prerequisite: To receive a 1099-MISC, the recipient must be set up as a Charms contact, and on the Add New Contact page (or Update Contact Information page), you must select Need 1099 to ensure the contact is available for selection on the Prepare 1099 page.

  1. On the Main Sections menu, click Finances, click Account Ledgers, and then click Prepare 1099s.
  2. Select the year you are working with.

NOTE: Contacts with complete information display a check mark in a green box 

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. Contacts  missing information display a question mark in a red box 

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. Click the contact name to update their missing information.

  1. Enter the contact's Tax ID.
  2. Enter your organization's Federal Tax ID and State Tax ID.

  3. Click 

    display1099.png

    .

A file opens in PDF format and includes a 1099-MISC tax form for each contact listed.


Prepare tax form 990 or 990-EZ

The 990 tax form is an annual reporting return that certain federally-tax exempt organizations must file with the IRS. In this process, Charms prepares a financial report that lists the dollar amounts needed to populate the 990 or 990-EZ tax form.

  1. On the Main Sections menu, click Finances, click Account ledgers, and then click Prepare Form 990.
  2. Depending on your situation, click Prepare 990-EZ or Prepare 990.
  3. Select your bank account from the Select Bank Account list.
  4. For each Income category, select the applicable revenue item as it pertains to the revenue categories on the 990 form.
  5. For each Expense category, select the applicable expenses item as it pertains to the expenses categories on the 990 form.

  6. At the bottom of the page, enter your Date Range and click 

    preparereport.png

    .

The report opens in a new window with the option to print.

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