Required paperwork for crew?

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mattakfish
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Required paperwork for crew?

Post by mattakfish »

Can anyone give me a rundown of what IRS paperwork i will need to have my crew compete and what I will need to complete for them at the end of the season? I've never employed anyone before.
Is it the w4 when they start work and then a w2 for them afterwards?
Or, do I just do a 1099 at the end?
As far as non-tax forms, do i need to have them fill out an I9 as well? (employment eligibility verification)
I am fishing with a family member but they are not a dependent.
Any knowledge......or suggestions for a good fishing/taxes guru......gladly accepted!
Matt on the F/V Aurora
carojae
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Re: Required paperwork for crew?

Post by carojae »

1099 is probably good enough unless your organized as a business and incorporated somehow.

I like to use Microsoft's excel program to keep track of each trip's financial breakdown. Gross pay on top, deductions and the crew share at the bottom (plus the "sum" feature makes the summary so easy. Make sure you put a minus sign "-" before each cost if you deduct it such as fuel or grocery so your total will be accurate).

And, how many days involved in every trip out; your tax man will be wanting this for the grocery allowance (if they still do that).

At the end of the season it's all right there for you and your crew and taxman.
mattakfish
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Re: Required paperwork for crew?

Post by mattakfish »

Thanks for the advice! I imagine the summer will go by like a blur so its a good idea to keep it all straight on the computer.
Matt on the F/V Aurora
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