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#2
06-02-2006, 05:37 AM
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 Re: Independent Contractor and Off-Shore Incured Expenses <victormariposano66[at]yahoo.com> wrote - quote - > I am an independent contractor at an insurance firm in
A contract with that consultant, and a canceled check should> Chicago and I was commissioned by my client to develop a > small software package for them. > My client is willing to pay, let say $2X, and I have an > opportunity to outsource this work. The work would be > completed off-shore by a non-US individual for, let's say, > $X. > Would I be able to deduct this cost ($X) from my > income($2X)? If yes, what kind of documentation would I have > to keep/have in order to stay fully IRS compliant? suffice. Other correspondence back and forth on the project is good too. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
05-11-2006, 07:52 AM
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| Re: Independent Contractor and Off-Shore Incured Expenses ike[at]irsos.com wrote: - quote - > Yes you may. You should have cancelled checks as evidence.
I would suggest far more than cancelled checks. The OP> You may need to issue a 1099 as well. Not sure about the > foreign element on this. should also have invoices showing the name of the contractor, the work done, with dates, and the charges. If the contractor does not provide the invoice, the OP can make one himself. I also don't know if fact that the contractor is located in a foreign country creates any additional reporting requirements here or in the contractors home country. -- Vic Roberts Replace xxx with vdr in e-mail address. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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05-10-2006, 08:23 AM
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| Re: Independent Contractor and Off-Shore Incured Expenses Yes you may. You should have cancelled checks as evidence. You may need to issue a 1099 as well. Not sure about the foreign element on this. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
05-05-2006, 03:07 AM
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| Independent Contractor and Off-Shore Incured Expenses I am an independent contractor at an insurance firm in Chicago and I was commissioned by my client to develop a small software package for them. My client is willing to pay, let say $2X, and I have an opportunity to outsource this work. The work would be completed off-shore by a non-US individual for, let's say, $X. Would I be able to deduct this cost ($X) from my income($2X)? If yes, what kind of documentation would I have to keep/have in order to stay fully IRS compliant? Best, Victor << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| contractor, expenses, incured, independent, offshore |
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