Discussion:Independent Contractor Compensation by Car
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(Difference between revisions)
| Revision as of 17:32, 3 November 2009 AcadeTax (Talk | contribs) (Should have been) ← Previous diff |
Revision as of 17:44, 3 November 2009 SCCPA (Talk | contribs) (This sounds like) Next diff → |
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| {{ForumReplyPost|UserID=AcadeTax|Date=3 November 2009|Text=Should have been more explicit. Open ended working agreement, my services will be performed indefinitely for the foreseeable future, monthly payments on auto paid by LLC owner which will be clients monthly compensation to me. For example, if monthly payment is $700/mo. that is my monthly fee to him. I'm looking for best way to setup from LLC's perspective.}} | {{ForumReplyPost|UserID=AcadeTax|Date=3 November 2009|Text=Should have been more explicit. Open ended working agreement, my services will be performed indefinitely for the foreseeable future, monthly payments on auto paid by LLC owner which will be clients monthly compensation to me. For example, if monthly payment is $700/mo. that is my monthly fee to him. I'm looking for best way to setup from LLC's perspective.}} | ||
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| + | {{ForumReplyPost|UserID=SCCPA|Date=3 November 2009|Text=This sounds like one of those family situations where Dad is trying to buy a car for Son, and somehow get their tax returns involved to accomplish it. | ||
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| + | What's wrong with this scenario - You perform business services for Dear Old Dad, Dear Old Dad pays you what they are worth, and you go out and buy a car? You can then deduct the business use of the car on your tax return.}} | ||
Revision as of 17:44, 3 November 2009
Discussion Forum Index --> Basic Tax Questions --> Independent Contractor Compensation by Car
Discussion Forum Index --> Tax Questions --> Independent Contractor Compensation by Car
| 3 November 2009 | |
| I'm looking for opinions on how best to setup this scenario:
Single Member LLC as a client (owner is a related party (my father)), who wants to pay for business vehicle for my use as compensation to me for my services to the LLC. | |
| 3 November 2009 | |
| I'd set it up in a written agreement. Will the car be worth what the IC thinks it's worth when the job is finished? | |
| 3 November 2009 | |
| Should have been more explicit. Open ended working agreement, my services will be performed indefinitely for the foreseeable future, monthly payments on auto paid by LLC owner which will be clients monthly compensation to me. For example, if monthly payment is $700/mo. that is my monthly fee to him. I'm looking for best way to setup from LLC's perspective. | |
| 3 November 2009 | |
| This sounds like one of those family situations where Dad is trying to buy a car for Son, and somehow get their tax returns involved to accomplish it.
What's wrong with this scenario - You perform business services for Dear Old Dad, Dear Old Dad pays you what they are worth, and you go out and buy a car? You can then deduct the business use of the car on your tax return. | |
