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Today more than ever, small businesses rely on independent contractors. But integrating outside hires into a company’s culture can be tricky business. A few simple guidelines, however, can connect those contractors to a business and its goals.
Hoping to avoid a visit from an IRS auditor next year? If any of the following red flags apply to you, reconcile them before tax time rolls around.
Make sure your next subcontractor agreement includes these 7 points in writing to avoid the high legal costs associated with surprises and misunderstandings.
Are you on top of what you need to know to protect yourself legally? From the time you open your doors for business even before there are many different areas you need to watch. Most likely, you've engaged an attorney at least for your startup. But if you're a sole proprietor, for example, who's ready to expand, plan on paying even more attention to the legal basics.
One of the thorniest problems employers handle is accurately making the distinction between independent contractors and employees. While the difference may be clear in your own mind, the Internal Revenue Service applies complex criteria to the question, so you should be certain that your independent contractors meet the IRS's test before treating them as contractors. Above all, seek outside legal advice when making the initial decision and throughout the employment/contractor relationship when circumstances change.
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