I started a business last year with a couple employees and have a couple questions about tax filing as sole proprietorship.
1. I hired a contractor to do $2000 worth of work but I never submitted a 1099 to him or IRS. Can I deduct that expense?
2. I also hired a bank to do payroll taxes. I just received year end tax report with forms
W3: wages – 20k, Fed income tax – 375, Social Security tax – 1235, Medicare tax – 290
944: Fed income tax – 375, Social Security tax – 2475, Medicare tax – 580
940: FUTA tax – 250
I would like to know which expenses can I deduct on these forms. Thank you for your help!
1. I hired a contractor to do $2000 worth of work but I never submitted a 1099 to him or IRS. Can I deduct that expense?
2. I also hired a bank to do payroll taxes. I just received year end tax report with forms
W3: wages – 20k, Fed income tax – 375, Social Security tax – 1235, Medicare tax – 290
944: Fed income tax – 375, Social Security tax – 2475, Medicare tax – 580
940: FUTA tax – 250
I would like to know which expenses can I deduct on these forms. Thank you for your help!
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