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What do I need to know if I want to hire other people to go out & do the labor & I take care of the books? |
I would like to have a home office & I am willing to go out & paint apartments & do cleaning & handyman work. Eventually, I would like to increase my business & focus more on getting customers, taking care of the books & other things I can do at home & not doing the labor. Is this easy cause I am thinking it is? What is your experience with this? or please share you knowledge if you haven't done it but know how. Thank you! It all depends on how you want to structure things, your local and state regulations, etc. I had to go before the local zoning board and get a home occupation permit. I had to file with the state for a sales tax license and register the business name with the state. I would suggest your research incorporating your business. Without the protection of a corporation of some sort, if you get sued, all of your personal assets are at risk, not just the assets of the business. When you hire people you can usually hire them as employees of the business which means you withhold taxes, etc. You then pay the withheld taxes to the government usually quarterly. You can also hire people as private contractors. You won't withold taxes but will supply them with a 1099 at the end of the year. The biggest problem I had with several off-site job sites was people not showing up for work. There was only one of me to fill in the empty spots which made for some interesting days. All this aside, check with your particular regulatory agencies, a good attorney and a good accountant. It is worth the money to make sure you are doing things right. Even when you do everything right, the IRS can be horrible to try to deal with. Once you get set up correctly you can easily do everything from a home office. Having a home office does have some attractive tax advantages plus with gas prices what they are, working from home is wonderful. There are so many great things about working from a home office there is not room here to cover them all. Good Luck to you!!! I appreciate the independent spirit! All I could say is google it,or go to the library! And read up on it!!! Im sorry I can not help you more!!! I WISH I COULD!! GOOD LUCK!!!! |
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