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Taxes

This Simple Difference Could Cost You Thousands in Taxes

Take the time to clearly define your employees and subcontractors.
VIP Contributor
Author, Attorney and CPA
2 min read
Opinions expressed by Entrepreneur contributors are their own.

What's the difference between an employee and a subcontractor?

Entrepreneur Network partner Mark J. Kohler understands why business owners hate asking this question: It's tedious. Rather than properly examine the difference, many business owners choose instead to take a shortcut and simply label everyone in question a subcontractor, giving them a 1099 tax form and washing their hands of the whole situation.

However, being sloppy on state and federal tax forms can be dangerous. If your subcontractors turn out to be employeees instead, you could be on the hook for a lot more money than you realize.

Click play to learn about how you can tell the difference between an employee and a subcontractor and save yourself the time, energy and money that cutting corners could cost in the long run.

Related: Should You Invest in a Self-Employed Pension?

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Thanks to the New Tax Law There's Never Been a Better Time to Hire Your Kid