Questions? need help?

Hi, Im new to this sight and i hope im posting in the right spot.
My boyfriend had been working 4 a person repairing roofs, putting up fencing and doing general repairs. He is trying to go out on his own. Im doing the business end of it. So if anyone out there can help with 1099, taxes, gas, lodging, or anything else you can think of. Also he is working for a man who sends him out on calls he pays him and then my boyfriends pays his guys. How does that work out at the end of the year.

Any help would be great, Thanks so much!!!

You should change your user name.

LMBFAO!!! That was a hilarious one liner Tar Monkey!

I too was LMAO but then realized the seriousness of your post.My best advice for you is to hire a CPA who specializes is small business.,mainly construction.

1099 is a very rough way to go.Since your knowledge of tax credits,exemption’s,filing,payments and basic tax responsibilities is very limited.

And by the dynamics of your post.,it is a good chance that you might not be up to date on your tax obligations.

People on this site are more than qualified IMO to give you solid advice.But since nobody has or wants your personal information but it is needed to find your standings with the IRS.Your best bet is to contact and hire a CPA who can look at your status and guide you in the direction that best suits you and the business.

A road block you might find is that your not married.I can send my wife to speak with my CPA and provide critical personal information and have access to any and all private and personal information that would not be acessible if we were dating.

Just remember the IRS is the only agency that can put a lock on your business or home and take everything in it and nothing can be done by you.

Right now, before you NEED it at the end of the year, find a copy of Schedule ‘C’ at IRS.gov and print out a copy or two. Even though it will probably be last year’s version, use it now to run your current, or last years numbers to get an idea of where you stand.
Not counting your personal deductions yet, assume you owe the IRS 30% or whatever schedule ‘C’ says is your net. You’ll then have an idea of where you’re headed, and where to head next.

Waiting until tax time can be an expensive eye-opener!

Oh. If the guys your BF pays don’t actually own their own company, and have their own EIN#, you won’t need 1099’s. You just have to pay their taxes, WC, MC, etc. for them from what you withheld when paying them. You have to pay the WC and match their MC/SS withholding.

Not much to it, eh?

I didn’t hear anything about Insurance- Liability or Workman’s Compensation. On a roof=a lot of risk. It falls directly on your BF as he is pays then he is their employer, your BF’s

CPA Work is pretty straightforward once you find one, they can set up all the withholdings, calculate the WC and Liability Rate according to your payroll.

Good Luck.