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Paying your employees in cash???

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  • #16
    This was a 1099 issue. IRS classified them as employees.Now I keep detailsd records. Everything is backed by paper. Every dollar is accounted for.
    What advice do you have for those just getting started, in order to avoid as many of these problems as possible?
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    • #17
      Hire an accountant at first. Have them show you how to set up payroll, and book keeping. Then buy a accounting program (software) and do your own if you're comfortable with it. Most accountants have software ,so it just plugging in numbers. With todays computers and software it is easy to keep your own books and do your own taxes. As a small business owner it is easy to get on a roller coaster with 1 year paying alot of taxes and then the next getting a refund. When you know every month what your profits or loss are, then you can adjust your expenses, to stop the roller coaster ride. I started doing my own book work and taxes. I know where I am every 2 weeks, so I have no surprises at the end of the year. I am no accountant , but could be now, after all I went through.


      • #18
        I have one guy that helps me, I plan to pay taxes this year, i pay him cash, cant i technically hire him as a sub contractor, and he does his own taxes, just to cover my own ***, but pay taxes on the money i make?


        • #19
          The IRS has a detailed list that classifies sub contractors. If you stay within the guide lines,yes you can use them as subcontractors. I know that they have to have their own equipment and do work for other customers, just to name a few. Ask an accountant they can give the list. Or maybe the IRS website.


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