Way too much paperwork and bigger government :-( I do not like the changes that I am seeing in this industry. I did not plan to retire for another 18 years. I guess that I'll just have to put on my "big girl" panties and deal with this along with everything else. I no longer tell others that nail tech is a great profession when asked. I still love my career and my clients, but, it's not as good of a career as it used to be.
Katherine St. Louis, MO Sent from my iPad On Jul 11, 2010, at 11:05 AM, Marsha Rubino <[email protected]> wrote: Sounds to me like an attempt to catch tax avoiders (cheats)!!! Marsha Rubino Gimme Nails @ Skin Envy Day Spa 38 First Ave E. Ste. E Kalispell, MT 59901 From: Diana Bonn <[email protected]> To: [email protected] Sent: Sun, July 11, 2010 9:40:47 AM Subject: NailTech:: New tax forms for us/Small business owners Okay, first of all this new form tax requirement was in the Health Reform Bill that passed and will not start until 2012. Second, the IRS now has to weed thru this and write the new rules/regulations for the new law that Congress passed. It is very confusing, and we will get more info as IRS figures out what to do. But what it looks like, is anything a small business purchases over the amount of $600.00 per year, the small business owner will have to file a 1099 form for the vendor(the companies we use to purchase our supplies, rent, utilites) They give an example of if you, thru out the year, spend over $600.00 at Staples, then you would have to get the Fed Tax Id number from Staples and fill out the 1099 form, send Staples a copy, and then send irs copy. They also give the example of your phone bill, utility bills. In our life, our booth rent would be under this, and any of you that spend 600.00 at any one location. I am assuming our local suppliers would follow under this. Jeez, I wonder if all the paper towels, coffee and sodas, cleaning supplies at my local grocery store would include this??? Do I need to file a 1099 form for my local grocery store? QUOTE----------"Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties. In essence, the 1099-Misc is having its role changed from a form for tracking off-payroll employment to one that must accompany virtually any sizeable business transaction. "Just with business travel it would include hotels, rental cars," Henschke says. "Phone service: 1099. Computer service: 1099. Whoever does your postage meter: 1099. You do a little advertising, Yellow Pages: 1099. Your landlord: 1099. You might as well just keep them in your pocket and hand them out as you go around every day.""----------------UNQUOTE Many advocate groups are saying this is way too much paper work, and many companies said, well, I will cut down who I purchase products from, so I don't have to fill out so many 1099's forms. Which will hurt some small businesses because larger vendors will stop using small business to save on the paper work issue. (I have filled out the 1099's, not fun, more paperwork for all of us), and the hassle of getting everyone's federal tax id number, well that will be odd. Congress says it will increase income of up to 300 billion dollars per year. Some advocate groups say no. It did say as of now it will NOT include credit car transactions, so if we pay by credit card then we wouldn't have to file a 1099 form, which would take care of all supplies we purchase from one vendor over the internet or phone. Also, starting in 2011 all credit card companies (the companies we use to process our clients purchases) will report all purchases to the IRS, but the company must have atleast $200,000.00 in transactions, 200 transactions. You read thru this and see what you come up with. This will be a major change for all of us. Three links below. Just for your Info. diana from indiana http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/index.htm?postversion=2010050523 http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm?postversion=2010052113 http://money.cnn.com/2010/07/09/smallbusiness/irs_1099_flood/ -- You received this message because you are subscribed to the Google Groups "NailTech" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/nailtech?hl=en. -- You received this message because you are subscribed to the Google Groups "NailTech" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/nailtech?hl=en. -- You received this message because you are subscribed to the Google Groups "NailTech" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/nailtech?hl=en.
