Paying Workers - What Can You Write-Off?

As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified - as an employee or independent contractor.

Independent Contractor

Whenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely deductible. You simply claim the deduction on your return. If you pay them more than $600 during the tax year, you also must issue a 1099-MISC in January of the following year. Importantly, you do not have to pay employment taxes or make withholding on the compensation.

Unfortunately, the IRS doesn't allow you to randomly classify a worker as an independent contractor. The key to the determination is whether you "control" the actions of the worker. Generally, you must be able to show the IRS that the worker is an independent contractor because they have the ability to control the details and means by which the work is accomplished. To this end, it is helpful to show the worker sets their own ours, has a work place and risks not getting paid if the work is below standard.

Employee

If your worker is classified as an employee, the tax burden increases. Under federal law, you are responsible for paying employment taxes related to the worker, even if there is only one.

Initially, you must withhold FICA, Social Security and income taxes from employee paychecks. As an employer, you must also contribute FUTA payments on your own, to wit, they are not deducted from the employees pay.

FICA stands for the Federal Insurance Contribution Act. This Act created a system to collect and provide benefits for workers who retire, are injured or become disabled. FICA is better known as Medicare.

FUTA stands for the Federal Unemployment Tax Act. This Act created a system to provide unemployed workers with temporary benefits until they obtain a new job. The system works in tandem with state unemployment acts. Most consider it a disaster, but you still have to pay.

In Closing

As you can see, it is cheaper to use independent contractors versus employees. The tax burden is significantly less, but make sure the IRS doesn't reclassify them as employees.

Richard Chapo is with http://www.businesstaxrecovery.com - recovering overpaid taxes for small businesses. Visit our article page - http://www.businesstaxrecovery.com/articles - to read more tax articles.

MORE RESOURCES:

Questions Linger About Palin Taxes - New York Times

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McCain Slings Right Wing Fairy Tales About Taxes - BuzzFlash

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Tax Foundation: Ohio among 10 worst for business taxes - Bizjournals.com

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McCain: I#39;m Not Raising Taxes. I#39;m Cutting Medicare! - The Plank on TNR.com

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Looking for low taxes in retirement? Avoid New Jersey - Boston Globe

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Republicans: Elect GOP and limit property taxes - Chicago Tribune

Polls show Obama in lead as debate turns to taxes, economy - Bizjournals.com

Mauritians Turn to the Internet to Pay Taxes - PC World

McCain and the Factchecking Fallacy - National Review Online

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/8i-0fd=Rurl=http://www.wkrg.com/politics/article/fact_check_did_obama_vote_94_times_for_higher_taxes/19661/cid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNGFMiKhgcdA1zvwElpAhSHQdmUNkQimg src=http://news.google.com/news?imgefp=VnI1YXFdjkAJimgurl=media.wkrg.com/media/news3/cache/art_b_obama-292x219.jpg width=80 height=60 alt= border=1brfont size=-2WKRG-TV/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/8-0fd=Rurl=http://article.nationalreview.com/%3Fq%3DMDgxMGU1ZTNlY2Q4MmVkYWM2MGMyYTdhNTg2N2U1NzM%3Dcid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNEslQxUu46WQD6LL3PNb3u247ky3gMcCain and the Factchecking Fallacy/abrfont size=-1font color=#6f6f6fNational Review Online,nbsp;NYnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1Palin said that Barack Obama “had 94 opportunities to side on the people’s side and reduce btaxes/b and 94 times he voted to increase btaxes/b or not support a b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-1fd=Rurl=http://www.wkrg.com/politics/article/fact_check_did_obama_vote_94_times_for_higher_taxes/19661/cid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNGFMiKhgcdA1zvwElpAhSHQdmUNkQFact Check: Did Obama Vote 94 Times for Higher bTaxes/b?/a font size=-1 color=#6f6f6fnobrWKRG-TV/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-2fd=Rurl=http://www.marketwatch.com/news/story/democratic-national-committee---post/story.aspx%3Fguid%3D%257B7AF8398A-B747-46F6-BE5F-DFA5D5CF81AD%257D%26dist%3Dhpprcid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNGrcgQIHTVydhG9eF7zk1jt6ErAvgDemocratic National Committee - Post Debate Update: #39;Count the b.../b/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/8-3fd=Rurl=http://www.thenewstribune.com/news/nationworld/story/498347.htmlcid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNGsmk9slqg5rhOHpdl-7WnC_IGFsQVeteran, ‘maverick’ go at it with different views, styles/a font size=-1 color=#6f6f6fnobrTheNewsTribune.com/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/8-4fd=Rurl=http://blog.newsweek.com/blogs/stumper/archive/2008/10/03/factcheck-org-loose-with-the-truth-in-st-louis.aspxcid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNEZoKXMnbvqNE2rTQq5iH6FSg66vgnobrNewsweek/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/8-5fd=Rurl=http://www.kltv.com/Global/story.asp%3FS%3D9121894%26nav%3D1TjDcid=1254886313ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNH4Og2RtJiAklHDAEOKD9Tue2lkZAnobrKLTV/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254886313hl=ennobrall 42 news articles/nobr/a/font/div/font/td/tr/table

The McCain Comeback Plan: Taxes, Crime, Associations And Real Reform - Atlantic Online

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/9i-0fd=Rurl=http://www.nytimes.com/2008/09/22/opinion/22kristol.htmlcid=1254888673ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNGkQg39LSI_aDcVzI_1bbvRl5vbkwimg src=http://news.google.com/news?imgefp=-r8O8OSl8egJimgurl=graphics8.nytimes.com/images/2008/03/12/opinion/kristol-190a.jpg width=58 height=80 alt= border=1brfont size=-2New York Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://marcambinder.theatlantic.com/archives/2008/10/the_mccain_comeback_plan_taxes.phpcid=1254888673ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNHcrhjWLDXzH3A8DHgLCcHif5fYTAThe McCain Comeback Plan: bTaxes/b, Crime, Associations And Real Reform/abrfont size=-1font color=#6f6f6fAtlantic Onlinenbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1bTax/b issues -- his votes to quot;raisequot; btaxes/b 94 times, etc. quot;We#39;re going to fight back against the false attacks and make clear who has the record of a b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://www.nytimes.com/2008/10/06/opinion/06kristol.html%3Fhpcid=1254888673ei=9IDqSNmMLpnK8ASH_tjtBwusg=AFQjCNEWnZUKpb4z7V-W5vNM47pRDnhjUAOp-Ed Columnist The Wright Stuff/a font size=-1 color=#6f6f6fnobrNew York Times/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254888673hl=ennobrall 24 news articles/nobr/a/font/div/font/td/tr/table

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