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Jack you have to be the very first guy I have ever meet that had a sense of humor that is from Canada.
Not saying Canadians are not nice people, but I have yet to talk to one with much humor appreciation, with the exception of you of course.
Dare I bring up the lack of tipping? No it is not a city in China!
Didn't have time to read all comments, but one business that I have a contract with inquired if I would give him a 1099? I asked my book keeper to look it up. It was interpratated as only having to pay taxes on services provided(processing) not purchasing the material. Those who intially have capital gains from selling are responsible for any taxes. I reiterated to him, and he said well I paid taxes on this material when I bought it from the supply house, why would I pay them again? I agreed, I think gov. Is taking action against those who do it solely for income free of taxes. It's like putting 50k cash in the bank they want to know where it came from? I'm tired enough said tonite for me.
I always thought that filing a 1099 meant you are an independent contractor and you paid your own taxes as opposed to an employer deducting taxes and you being reimbursed for overpayment.Quote:
Originally Posted by rewire
I wouldn't think that would have anything to do with who you purchase material from.
Didn't read the entire thread either but, that's how brokers I know have paid employees.
They would get a paycheck without any taxes taken out and would then pay the appropriate taxes at the end of the year.
I'm certainly no tax pro but, I just thought I'd share what I've experienced.
He paid sales tax is what I'm guessing...How could he be paying income tax on something he has not yet made income or profit on yet?Quote:
Originally Posted by rewire
I know I came off harsh on the OP when he started this mess, but having been involved in these types of threads before, I had a pretty good idea how this was going to evolve. There are many folks starting out and even those that have been around that are not tax savvy and I would recommend you interview 2-3 professionals and come up with a plan on how you are going to handle your taxes. Do not take a chance on trying to figure out what is true or false here as it may cost you a lot of money down the road.
Ok, look at it this way:
I sell junk batteries to Exide. I registered my company with them when I started. They send me a 1099 each year for what I sold them that year.
I sell metal to a local scrap yard. My company is not registered with them (not required to be). They have never sent me a 1099.
I am a sole proprietor type business.
I am REQUIRED BY LAW to declare ALL income from Exide and the scrap yard on my taxes if combined income is $400 or more.
If you have income, you are required to report it. You don't need to be registered as a business.
Kris Kringle I don't see where I said I don't work for a living and am lazy but its cool we can always agree to disagree. I am not one for arguing at all. So I extend to you an electronic handshake and a hug. Oh and you might actually like cutting scrap its not like punching a clock at all everyday is different and you get to cut up the history of this country. Take for instance I cut up a majority of the tanks from the old conoco Phillips refinery so they could make way for new machinery to process oil from the canadien oil sands via the keystone Xl pipeline. I had a part in it and the stuff that was cut up was old eastman Kodak stuff. History at its finest. I also don't hook up gauges or torch line its all off a bulk tank set at 200 psi we just hook up to hoses at each manifold or station through underground piping.
That looks like a lobbyist/politician handshake.
Idaho being cold and flu season the only time I'm shaking hands is if it's full of cash! A check will also do!