412: The Scary Truth About 1099's and Subcontractors

412: The Scary Truth About 1099's and Subcontractors | Things To Know!

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00:00 Intro
01:35 Topic overview
03:52 Hiring a Subcontractor
07:35 Liability
10:08 Example
13:45 Clarification
16:10 Household Employee tax
19:33 Nanny Tax
21:53 Contractor vs Employee
25:28 W9’s
30:19 Story Time

Пікірлер: 37

@gogirl8045 Жыл бұрын

So glad to be here. I Really appreciate 🙏 ALL yr info. Thank you 😊 😘 👱‍♀️

@ssnydess6787 Жыл бұрын

Several years ago I hired a contractor to assist in building a house. As he was doing excavation work, he damaged the excavator he had rented and expected me to pay for the damages. I pulled out my contract documents and lo and behold, they stated he would hold me harmless and be the line of liasbility protection between me and any liabilities he was involved with. A simple letter from my lawyer helped this go away, but then he walked off the job. So I finished the project without him.

@deannacheriamore2828 Жыл бұрын

Thanks Mark!!💯

@NotAnnaJones Жыл бұрын

I love your channel.

@kesharjones6481 Жыл бұрын

Hi, thank you so much for you guys help. can you exsplain 1099 A? and when to file them or use them?

@nancydulay317 Жыл бұрын

Waited to hear more about the California rules. Could you please elaborate on this?

@godisgood789 Жыл бұрын

Invaluable information! Thank you very much! You guys are Amazing 😃 👍 🙌

@numismaticstacker Жыл бұрын

Each state has different requirements in operating a business. Paint contractors don't need a license in MN but they do in FL. I am insured with GL and COMP. My workers are Independent Subcontractors with GL and get paid based on the job given.

@Jaylowrider Жыл бұрын

ABC rule - You cannot 1099 someone in your same field - If you paint you can’t 1099 a painter - Now if you do paint, you can 1099 an electrician or a plumber, you will still need COI of GL and WC with you named additional insured. Workers comp audit will get you

@SgtSam1 Жыл бұрын

Has me thinking about how to treat my kid working in the business 🤔 Was 17 when but has since turned 18.

@underdog2594 Жыл бұрын

If hiring a subcontractor, you can always ask for a copy of their COI for liability and a copy of their worker's comp insurance

@Jaylowrider Жыл бұрын

Not if they are in the same field as you - if you do tile or flooring you can’t 1099 someone doing tile or flooring, even if they have a COI. Now a plumber or electrician, yes, and you will need their COI - GL and WC - But if it’s the same work/field you are in, they are considered an employee

@JesseWickline Жыл бұрын

Is there a way to lookup the tax id number if you messed up and paid without collecting the w9 ?

@SunshineKane1 Жыл бұрын

No lie, my CPA and neighbor’s stove is broken😂😂😂😂

@shiladityadas1850 Жыл бұрын

Hi, I have strated s small business in Q4 last year and my 14 years old son is helping in book keeping and website maintenance for that business. I am paying him $100 per month for the same. My question is : do I need to put him in 1099 for tax declaration or not required? Is there any max limit to pay him? I heard it's $400 yearly from my CPA but I doubt.. Pls guide

@lettruthprevail9820 Жыл бұрын

What if it is a rental?

@oscar3940 Жыл бұрын

Hi mark that one person you're going to have come over and help you move things around in your office can you make an agreement with them stating if you get hurt you're on your own

@OldVetNerdSage Жыл бұрын

Hey Mark & Matt! I did some consulting work last year. I thought we were to receive our 1099s by Jan 31st, but he said I should get it by end of Feb. I'm coming from the W2 world and was curious if this is this something I should be concerned over? Thanks in advance!

@MarkJKohler Жыл бұрын

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!

@mariachaires8063 Жыл бұрын

What about a homeowner who has a duplex rents the rear unit and added a driveway for the rear unit, a 1099 needs to be issued to the person who did the driveway correct? But what do I put as an EIN would it be the social?

@MarkJKohler Жыл бұрын

Maria, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!

@GaryWallis Жыл бұрын

Did you know that ALL 1099 and W forms are tax class 5, gift and estate tax forms?

@josephtomasello4556 8 ай бұрын

Mark- my son is a Barber- they pay him 1099-k. Independent contractor. How can I help him?

@NoteConference Жыл бұрын

Be a lender and think 1098's

@MikeSmith-nu9wt Жыл бұрын

I'm kinda like workman's comp. , if they get hurt , I send them down for a drug test right off the bat . You got 24 hours , but I'll cover your injury bills , we'll talk when you get back ..😂

@laniermobiledetailing4423 Жыл бұрын

How do you have seven thumbs up but only three views, one minute after posting?

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@eliaslawnandpainting Жыл бұрын

Hello Mr Mark. I would like to contact your office for a one on one consultation. Is rhat possible? Its kind of urgent. Thank you

@pmstff700 Жыл бұрын

They promote the business, but there is waiting list and not taking any businesses as new clients but wi refer you

@eliaslawnandpainting Жыл бұрын

@@pmstff700 ok thanks. Kind regards

@MarkJKohler Жыл бұрын

Hello William, we would love to help get you in for a consultation. Please email my assistant Kirbi at kirbi@markjkohler.com and she will help get you set up for a consultation. Thank you!

@Marysiewert Жыл бұрын

@obiukwu5938 Жыл бұрын

Did he say schwarznegger or (n*gg*r)? Be careful and mindful of the things you say and how you pronounce words!! Video is good content and I watched Mark live at an event in Nashville. Not a hater I just point things out on how I hear it and not afraid to address it.