“Dad…when are we going to start paying taxes on this?”
My son is super intense.
He’s been running businesses since he was 11.
Some made money, some didn’t.
But the one he has stuck with the longest did about $300k in sales this past year (he just turned 18).
A couple years ago he wrote up a contract between him and his customers.
He makes them sign it.
And he has always wanted to pay taxes!
What he didn’t know was that I was running all his revenue through a business of mine so I was paying the taxes. This year, it’s going to be on him. Then we’ll see how anxious he is to pay taxes.
So what about with your online Filipino specialists?
Do you need to pay taxes?
What about using a contract?
Are they considered an “employee”?
The short answers are
Here’s a more full discussion about it:
We also have a more full post about taxes with your OFS.
PS. I’m not a CPA or an attorney. I’m not qualified to give legal or tax advice. You should NOT listen to anything I say. You should talk to a professional. Under no circumstances should you act based on what I said in the video or in this email. Ask your accountant and attorney.