How to track 1099 income AND W2 income in Wave?

kaykay331kaykay331 Member Posts: 2

I get paid via both 1099 and W2 for one of my businesses. How do I track that income accurately in Wave to distinguish between the two so that when it comes time to pay taxes, I don't end up including my W2 income (which already has taxes taken out of it) in with my 1099 income that I still need to pay taxes on quarterly? Is there a feature that helps with this automatically, or would the only way to calculate my 1099 income be to take my total income and subtract the W2 invoices/payments by hand (which sort of defeats the purpose of using software to a degree, no?) Would I create a separate income account maybe?

Comments

  • MikegMikeg Member Posts: 587 ✭✭✭

    @kaykay331,
    Although they are both "active income" from the IRS's perspective, they are reported differently. You would not mix a W-2 with income that are making on a Schedule C. Your 1040 will give you the total that you made.

  • kaykay331kaykay331 Member Posts: 2

    Thanks for the suggestion, Mike, but unfortunately, I'm looking for a way to track before I get to the end of the year and filing a 1040/etc since I have to pay quarterly taxes throughout the year. Sorry if I was unclear in my earlier post, but I am looking for a way to estimate how much I owe in real-time or even just how much I am making in each "category" in real-time. My CPA files my end of year income on separate forms, like you mentioned, but I would like to distinguish the two methods of income in Wave so that I can have a better awareness of where I'm at week-to-week or even day-to-day (obviously before deductions, etc). Thanks for your thoughts, though! Much appreciate!

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