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To: Tenacious 1

The biggest problem with 1099 employees, and I use them all the time, is that many are too greedy to not set aside the 30% or more of their check when they get it in to cover the taxes at the end of the year.

I had one guy literally break down and cry a few years ago when I told him I had to 1099 all the money I had been paying him for the lathe work he had been doing for me in his little garage.

He even offered me cash to lose the thing, I had to tell him my accountant takes care of all that and I sure as hell wasn’t going to get audited because he decided to buy a new truck and pay cash rather than set some aside for taxes.

I almost guarantee it got “lost in the mail”.


33 posted on 10/07/2013 9:58:17 AM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: Abathar

Sell the company, take the tax hit and move somewhere that is warm and has a beach.


37 posted on 10/07/2013 10:03:35 AM PDT by EQAndyBuzz (Make today a great day. Insult a liberal.)
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To: Abathar

I have one main 1099 “contractor” and another I use sometimes. I put in writing what that means with each check. We actually talked about having him deposit 30% into the business account when he takes his check to the bank. Then I can write him a check to send with the 1099 for the entire amount he deposited. That way he’d have it when he needed it. I agreed to do that but he never went through with it.


55 posted on 10/07/2013 11:37:21 AM PDT by Tenacious 1 (Waiting for next tagline.)
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