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Basic self-employment question here: I am thinking about taking on a piece of freelance work where I would work on a contract and hire another person to help me complete the work. This will be one-time, and if I take the contract I will receive a 1099 in my name. What would I need when it comes time to file my tax return to account for the portion of the 1099 income that was paid out to the other person I need to hire? edit: the other person would be hired as a contractor, not on a payroll. Mark Kidd fucked around with this message at 19:35 on Mar 30, 2011 |
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Mar 30, 2011 18:54
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furushotakeru posted:I'm not worried about the very poor, because they have a safety net. This is where I'm rolling my eyes. Have you seen the income guidelines for Medicaid? (Differ from state to state, but ridiculously low everywhere)
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Jun 8, 2012 22:24
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furushotakeru posted:Just in case it wasn't obvious I was channeling Mitt Romney there, and I wasn't serious. drat, I call myself a professional writer, but it seems like I'm always the worst at gauging sarcasm in writing. Sorry Mr. President!
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Jun 9, 2012 00:22
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It seems like a two-part question. For the donor's taxes, the receipt should be enough. From what I can tell, your organization tracks the value of in kind contributions -- a good idea for many reasons. Based on my experience in practice rather than tax code, the organization would have some maneuvering room to set a fair value for the donated goods if you didn't know their actual value as long as you could justify the valuation. But since you do know the actual value, and unless your organization has a policy about valuing in kind contributions that requires otherwise, I'd round up the actual amount of the purchase to the nearest dollar and log that as the value of the contribution.
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Oct 24, 2012 21:44
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