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Are Contracting Fees Paid To A Prime Contractor Tax Deductible?
Question by gillypeater | Posted in United States
Are fees paid to a prime contractor to tolerate our company to receive a contract under one of their existing contracts deductible? For example, we submit a bid to the prime contractor for $120,000 to work the project. The prime contractor receives this $120,000 from the government for the services
Answer: No, reaffirming Bostonianinmo's atone for, you may not deduct the $20,000 "fee" you "pay" the primary contractor.
Here is the rationalization...
If you declare $120,000 (not $100,000) of gross revenue and, then, deduct the $20,000, it will still outcome
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Can President Of A Simple Not-for-profit Organization Be Treated As Contractor For Tax Purpose?
Question by Zijuan Z | Posted in United States
I'm filler employee income tax withhold form for a very simple not-for-profit organization. It hires couple of teachers which I criticize them as contractor, so I don't need to withhold their income tax, and only send them Form 1099 at the year end. I'm wondering if I can also nurse the president and
Answer: It may be more vocation but i would advise you to withhold tax on these individuals, especially if they do work for you often. The IRS has been watching this very closely. And with your officers NEVER EVER pay them with 1099. That is one remarkable way to have the IRS after you all. You could even
What Is A Good Investment That Will Lower A Contractor's Tax Burden?
Question by Annoyed | Posted in Investing
As I contractor, I don't have a 401(k). However, I do shape ok money. What I would like to do is find out what options I have to lower my overall tax burden AND contribute to an investment mechanism. Overtaxing = bad.
Answer: You can locate a traditional IRA. Contribuitions to it are tax defered as is the income that it generates. You can invest in municiple bonds. All gains from those are tax exempt from federal taxes. You can invest in sound stocks with good lump prospects long term and leave your money in them. No
Do ignoring contractors pay more in taxes than employees? I know the taxes aren’t taken out of the checks like they normally are for employees, but I’m wondering if the real dollar amount paid by the contractor would be more. I guess another way to ask is, do the employers pay anything towards taxes
Answer: Beyond contractors (non-employees) pay more tax than employees...but they get to write off expenses whereas employees do not.
The federal gov't taxes your gains, as you are probably well aware. This is rectified when you file your 1040 at the end of the year. In addition to this taxation,
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