The Small Business Tax Help Blog

Posts Tagged ‘contractor’

Question: Can an LLC pay another LLC?

My husband recently became an LLC (due to local tax law revisions), and his father, who owns the company that he used to be considered an independent contractor for, is paying him as an LLC himself. This is a family-owned masonry company. They have always been separate, paying for their own insurance, paying their own taxes, but now a new law states that they all have to be an LLC in order to work and get paid. The confusion lies in whether or not my father in law can still pay my husband what is owed for working hourly through him, or does he have to be paid directly from the homeowner? I hope this makes sense, please ask questions to help me clarify……

Answer: yes an llc can pay another llc

The Horse Business Hotline – Private Contractor vs Employee

Question: Independent Contractor And Taxes?

I Know being an independent contractor that I do need to file taxes, question is, how do I go about doing this correctly?. If someone can give me a step by step process and a list of the forms I will need..it will be appreciated. I have used search engines to help answer some of my questions but their written very confusing.

TIA

Answer: 1040 and your 1099 form showing your income.

Listing of any tax payments you made.

www.irs.gov

Determining the Legal Status of Your Workers: Independent Contractor vs. Employee

Quality service, tax savings and free sports shirts

Question: How to report independent contractor earnings??? Please help?

am a referee and I make minimal money. How do I report this? What form? Please help…Also, should it be done quarterly or what? i am sure with the deductions I can claim, the taxes would be low. please help…..

Answer: schedule C.and possibly SE for taxes. You should receive a 1099 if one entity paid you more than $600 in 2007. If you made less than that – don’t worry about it

Japan Nuclear Disaster Update 30: It was, is, and will be worse than you thought [Greg Laden's Blog]

Perhaps the most interesting single thing on the table in today’s update is the revelation that at least one of Fukushima’s reactors suffered sufficient damage from the earthquake that hit the region … prior to the tsunami … to have likely gone out of control or melted down. This is hard to assess because the tsunami caused so much additional damage as to obscure earlier damage, and because …

2008 State of the City Violence Prevention Webisode

Question: What is the proper way to report income for a tutoring position as an independent contractor?

I have been offered a part-time tutoring position. I would be working as an independent contractor. I’m not sure if this would even be a consistent income but I believe that over time I would be increasing the hours I tutor. I’d like to know what is the proper procedure for reporting small amounts of income like this. Would it fall under self-employment where I’d have to pay estimated quarterly taxes. Is there a minimum you have to expect to earn before this is a requirement? Thanks!

Answer: You’ll report the income on a schedule C, or C-EZ. Be sure to keep track of your expenses, since you can deduct them. You’ll also need a schedule SE to calculate self-employment taxes on the net from the C or C-EZ. The numbers from the bottom of the C and SE will transfer to your 1040.

If you don’t expect to owe at least $1000 in total taxes (income and self-employment) over what you have paid in from withholding or other methods, then you don’t have to file quarterly estimated returns.

Insolvent car sales firm faces wind-up

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