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My husband and I have a small drywall business but now have a large job - How do taxes work?

Here's the deal. My husband is a full time carpenter but has been laid off since Sept 2008 but we have a very small drywall business on the side. Since he's been laid off he's been trying to pick up more work. He has been awarded an addition for a house from a General Contractor. I guess my question is we now be employing 3-4 guys can we just 1099 the guys? Any help and suggestions would be helpful. Thanks you

Asked By: Crissy D - 3/1/2009
Best Answer - Chosen by Asker
1099 forms, or Information Returns, are tax forms used to report income, other than the standard wages and tips found on W-2 forms, to the United States Internal Revenue Service. 1099 forms are to be filed by any businesses, organizations, corporations, estates, charities or individuals who perform financial... More
Answered By: JMA - 3/1/2009
Additional Answers (5)
ok
Answered By: coolkid931 - 3/1/2009
 
Get a tax software to double check----I would just 1099 your employees.
Answered By: Michael P - 3/1/2009
 
sure, if the employees will go for it...Are there any stipulations in the contract that you carry insurance. You'll need workman's comp...and its expensive
Answered By: Dave87gn - 3/1/2009
 
No - you can not just 1099. If you are truly employing 3-4 people you need to check with an accountant, There are taxes you must collect and pay to the state you reside in. Whereas all other tax areas can be postponed until year end or to specific dates for reporting, payroll taxes are the taxes where collection and... More
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Answered By: Wildpb - 3/1/2009
 
Ask the General Contractor if he supplies the liability insurance and workers comp insurance. You may be reponsible for those. Also be sure that you give the GC an Invoice for your services. Sub contractors can be given 1099's. Be sure to have them give you an Invoice before you pay them. This will ensure they are... More
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Answered By: smithsmallbiz1 - 3/2/2009
 
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