Tag Archives: contractor

Loans Help Contractor Build, Renovate Homes in Native Communities

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F. Leroy Pacheco

F. Leroy Pacheco, CEO, The Loan Fund

Doris Sandoval works in an industry hard hit by the recession and lagging recovery, yet by following a strategic plan of borrowing through lines of credit, the owner of SSC Construction has kept her business going strong.

SSC Construction is based in San Felipe Pueblo in northern New Mexico near Algodones. The woman- and Native-owned company builds houses on tribal lands all over New Mexico and employs seven members of Sandoval’s family and numerous subcontractors.

While most contractors struggled to find work and financing as home construction slowed and home prices dropped, SSC Construction received five lines of credit from The Loan Fund to underwrite various building projects in Native communities.

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Government Contracting: A New Path to Increased Revenue?

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Elaine Palin

Elaine Palin, Advisor, PTAP at Santa Fe Community College

In times of economic upheaval when private sector output slows, government contracts may mean the difference between running a company at profit rather than loss. The Procurement Technical Assistance Program, set up by the New Mexico Small Business Development Network in 2009, is a non-profit organization that helps small businesses obtain government contracts.

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Hired Hands: Employees or Independent Contractors?

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John E. Barraclough, Jr., CPA and Managing Principal, Barraclough & Associates, P.C.

John E. Barraclough, Jr., CPA and Managing Principal, Barraclough & Associates, P.C.

It is more than a matter of semantics to the Internal Revenue Service when a business owner determines that the people who work for him or her are independent contractors rather than employees.

If an individual is a genuine employee, the employer must withhold and pay Social Security and Medicare taxes, withhold income taxes, and pay unemployment taxes on the wages.  An employer also might offer benefits such as health insurance, vacation pay, and retirement incentives.

If an individual is an independent contractor, the employer does not have to withhold taxes or offer benefits or retirement incentives.  The independent contractor must file an income tax return and pay income tax as well as self-employment tax to cover his or her own Social Security and Medicare liabilities. Continue reading →