Adjusting your tax settings
Adding/Updating Brokerage Tax ID
Head to your Brokerage menu (the menu with the gear cog), click Edit Settings
Add/update your Brokerage's Tax ID
Turning on Tax Reporting
In your Brokerage Menu>Settings, scroll down to the Allowable tax year field and add the year(s) you want to report on.
Adjusting your Tax Reporting Threshold
In your Brokerage Settings, adjust your tax reporting threshold If you do not want to generate tax reports for those who made under a certain amount in the year.
*please note, we do not generate 1099s/T4As on $0 commissions made.
Reporting Other income/Mentor Fee income
You can now report both other income and mentor fee income on your tax reporting forms. However there are changes for US Clients.
Both the 'Report Other income' & 'Report Mentor Fee Income' option(s), when selected, will be reported in box 1 on your 1099 NEC form, along with your Agent's regular ytd earnings.
Adjusting your Deductions for Tax Reporting
Determining How you will Report Whether you're reporting Gross, Full or Partial NET Commissions, you will have to adjust each deduction accordingly to how you will be reporting. Here's the definitions for all three ways to report: Gross Commissions ...
Tax Prep Checklist
Navigating your tax forms, updating your agent’s contact information, isn’t rocket science but it can be overwhelming! Being well prepared is the difference between peace of mind or utter chaos! We’ve put together a checklist that will guide you ...
QuickBooks Online Settings & Mapping
In this article we will outline Xero's API Settings & Mapping in Loft. Front End Mapping You’ll notice that you now can see back end mapping has been brought to your front end in QuickBooks Online>Settings page under your Integration menu. *mapping ...
In this article we will outline Xero's API Settings & Mapping in Loft. Front End Mapping You’ll notice that you now can see back end mapping has been brought to your front end in Xero>Settings page under your Integration menu. *mapping settings ...
Canadian QuickBooks Online Sales Tax Postings and Filing
Unfortunately, the QuickBooks Online API will not allow Loft to post sales tax the same way we are able to in Xero. In an Agent's payout we post a bill to be paid to the Agent. This bill will include posting the top line commission expense and income ...