Hey guys. Sorry if this has been answered before. I searched but didn't find anything.
I just started a business, kind of by the seat of my pants, and just started making money. I have a couple people that are working with me and I agreed to pay them a percentage of the sales. I'm in CA, one guy is in MO and the other guy is in Brazil.
I guess my question is, when it comes time for tax season, do I need to treat the money spent on the brazilian contractor any different than the american contractor? How do I report this on my taxes? And do I need to fill out any official forms to send money abroad or can I just do a standard bank transfer?
Feel free to correct me on anything I ask that doesn't make sense. I'm completely brand new to this and expect that I am doing a lot of things wrong.
I just started a business, kind of by the seat of my pants, and just started making money. I have a couple people that are working with me and I agreed to pay them a percentage of the sales. I'm in CA, one guy is in MO and the other guy is in Brazil.
I guess my question is, when it comes time for tax season, do I need to treat the money spent on the brazilian contractor any different than the american contractor? How do I report this on my taxes? And do I need to fill out any official forms to send money abroad or can I just do a standard bank transfer?
Feel free to correct me on anything I ask that doesn't make sense. I'm completely brand new to this and expect that I am doing a lot of things wrong.
via Small-Business-Forum.net http://www.small-business-forum.net/accounting-taxes/10005-paying-contractors.html
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