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How can you make it to a point in your life that you are a GC and not have enough ambition and/or sense of duty to look this up and research it?
I don't like to do the pile on thing, but it is curious a GC wouldn't be aware of this basic nor have a professional fiduciary person in place to ask.:blink:
 

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How can you make it to a point in your life that you are a GC and not have enough ambition and/or sense of duty to look this up and research it?
Maybe he's just starting off. A lot of guys don't know the ins and outs, they just want to do the work.

Although I would Google before asking such a question.
 

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I'm The BOSS
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How can you make it to a point in your life that you are a GC and not have enough ambition and/or sense of duty to look this up and research it?


"I don't like to do the pile on thing, but it is curious a GC wouldn't be aware of this basic nor have a professional fiduciary person in place to ask. "

look at his previous posts', I'm saying nothing further than what's below this line
 

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Discussion Starter · #12 · (Edited)
How can you make it to a point in your life that you are a GC and not have enough ambition and/or sense of duty to look this up and research it?
You're an idiot. Why do you think I'm on here asking. Isn't that what a forum is for. So what if I like to hear directly from contractors rather then read an article.

If you don't want to answer the question then please don't bother even wasting your precious time commenting. Please let a forum be a forum. Thanks.

And big thanks to the folks on here that spend their precious time to answer even supposedly dumb questions.
 

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Discussion Starter · #13 ·
Maybe he's just starting off. A lot of guys don't know the ins and outs, they just want to do the work.

Although I would Google before asking such a question.
Yes. I fall into that category. I don't know the business side of things.

I google all the time. I could google everything. But sometimes I like to have conversations
 

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It was stated above that there is no need to send 1099 to LLC. Not necessarily true. It depends on LLC.

If LLC is partnership, yes send 1099
If LLC is Sol Prop (single membe LLC), yes send 1099
If LLC is electing to be treated as S corp then no.
 

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Jacselee,

I know I'm / we're a little harsh on you.
I'm trying to make you think for yourself.

The questions you ask ARE basic, but very important to a small business.

Knowing how to get the CORRECT answers is just as important.

Certain questions you have asked in previous threads , really should be answered by hired accountants, bookkeepers or attorneys.

By asking us those type of questions, your risking your money and business to a strangers advise. What if the answer you go with, Is wrong and it cost you a years worth of profit?

SEEK ADVISE FROM PROFESSIONAL SERVICE PROVIDERS. IMOA
 

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It was stated above that there is no need to send 1099 to LLC. Not necessarily true. It depends on LLC.

If LLC is partnership, yes send 1099
If LLC is Sol Prop (single membe LLC), yes send 1099
If LLC is electing to be treated as S corp then no.

Thank you for the correction.:thumbsup:
 

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It was stated above that there is no need to send 1099 to LLC. Not necessarily true. It depends on LLC.

If LLC is partnership, yes send 1099
If LLC is Sol Prop (single membe LLC), yes send 1099
If LLC is electing to be treated as S corp then no.
Half the time I feel like a charity. Do I get a 1099 or no?
 

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If your sub is llc or corp. Then all you need to give them is a check.
We are a corporation and almost every business asks us for a W9 before they will send us a payment. I think the purpose for the W9 is so the business that writes a sub's check and can tell the IRS that the sub received the money and owes the taxes. But, I don't ever remember actually sending a W9 to the IRS. I'm not sure if we only keep it on file.

Without the W9, the business writing the check does not have the information they need to complete a 1099.

The difference and great thing I see about being a corporation is; a corporation gets throw the 1099's in the trash and we don't report them. I get several homeowners who call me every year and they want to send me a 1099 for a few thousand dollars. I only give them my Federal ID number and I never hear from these customers again.

I did business with a scumbag sewer pipe liner company a few years ago. He quoted a price of $3200 to line a sewer and the price we charged our customer was $6500. The scumbag had our customer write the check to his company and he owed me the balance of $3300. This scumbag sends me a check for $2400 and tells me that he deducted 30% because he had to pay taxes on the $3300 he owed me. He claimed this was because he didn't have a W9 on file for my company.

My wife went to the Philippines last week and wanted to close an account. The bank would not give her any money until after I emailed a W9. Without the W9 the bank was going to deduct income tax for the money she took out. The W9 relieves the bank of responsibility for income tax.
 

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I did business with a scumbag sewer pipe liner company a few years ago. He quoted a price of $3200 to line a sewer and the price we charged our customer was $6500. The scumbag had our customer write the check to his company and he owed me the balance of $3300. This scumbag sends me a check for $2400 and tells me that he deducted 30% because he had to pay taxes on the $3300 he owed me. He claimed this was because he didn't have a W9 on file for my company.
Then the contractor should have sent you a 1099 showing the withholding so you could get a credit for it on your income tax.
 
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