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| Hiring out help... (tax related) https://mail.karaokescene.net/forums/viewtopic.php?f=1&t=1873 |
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| Author: | bopper [ Thu Apr 29, 2004 10:31 am ] |
| Post subject: | Hiring out help... (tax related) |
I was wondering if anybody has ever been investigated for paying their help under the table. For me it just works out better this way. I have fix or six guys that help me on different occassions. Not one I really consider an "employee." I was just wondering if anybody actually goes through the process of the W4. I guess if you hire out a DJ it will be different. Just for an extra hand I wouldn't see it really being a big deal. thanks bopper |
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| Author: | EElvis [ Thu Apr 29, 2004 11:27 am ] |
| Post subject: | |
Legally If you hire them as contractors, and pay them less than a total of $600.00 for the year, you don't even have to do a 1099 on them. If you are paying taxes on your show you will pay less taxes by claiming them and 1099ing them as a business expense. If you W-2 them you need workmans comp, unemployment, social security taxes etc. Overheads a killer. Cash business is a good thing.... |
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| Author: | karaokefun [ Thu Apr 29, 2004 11:29 am ] |
| Post subject: | |
I think it depends on what you do with your income. I am technically an employee of the bar I do my shows at, so I get a 1099(?) from them at the end of the year, and I pay my taxes on it. When someone subs for me, the bar pays me, and I pay the sub. As long as I don't declare that as an expense on my taxes, then I think I'm OK. But I'm no accountant, though. |
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| Author: | BeachHeadBum [ Thu Apr 29, 2004 11:02 pm ] |
| Post subject: | |
Bopper .... Under the table is big in private parties... sometimes.. as far as clubs and corperate.. usually it's a "no go" all I can say is just declare it and take your lumps. it'll save a headache later. if you have employees let them take the hammering if they don't file. Just do the right thing. I just heard about a large audio company in Dallas that got nailed for $75,000.00 in back taxes for the last 4 years. They are total history. I'm glad they don't sell retail. I'll be reading the details in about a month in the trades I suppose. Mind you $75K is the price of an analog 60 channel concert front of house console. depending where you bought it. So the must have been hurting. |
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| Author: | marty3 [ Fri Apr 30, 2004 12:39 am ] |
| Post subject: | |
Find a good tax accountant. They are worth it. |
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