There are ways to jot use a "credit card". I would just get a reloadable debit card and put $ on it when I need to get supplies. I just sent my son to college with one and we buy refill cards to put $ on his card.
Sent from Jennifer's iPhone On Sep 15, 2010, at 7:59 AM, Rhonda Kibuk <[email protected]> wrote: > Personally this sounds like a way to INCREASE credit card debt in America. > May this is an underhanded way to bail out the banks, yet once again. > > R > > On Wed, Sep 15, 2010 at 8:16 AM, Diana Bonn <[email protected]> wrote: > I know this is boring to some, but you have to realize that this impacts the > way you file your taxes (write offs/deductions) next year for your nail biz. > So if you know what is going to happen, you can simply change your buying > habits to save you alot of grief and bull crap when you do your 2011 taxes, > > As I stated before, this new tax requirement concerns our PURCHASES of > products, services goods for your business. If you purchase more than $600.00 > per company, you have to file a 1099 form and give it to this company. > Example, you purchase all year long 600.00 worth of office supplies at > Staples, your receipts add up to 600.00, you have to contact staples, get > their Federal ID number, and GIVE THEM a 1099 form. > > How you can avoid this new tax requirement is either pay by credit/debit > card.....you DO NOT have to file a 1099 form if you pay by credit/debit card. > If you pay by cash/check you have to file the 1099 form. > If you don't want to file a 1099 form and your receipts total up to 600.00 or > more, YOU CAN'T write it off as a deduction. > > Anyway, below is a post I received about the Senate trying to block this. It > failed. A couple of Senators even tried to make the filing of 25 or more > employees and even up the 600.00 to 5,000.00 dollars. It didn't work. This > is all part of the Obama Health Care package. > > As I hear more I will let you know. This all just happened and I can't find > anything in the news as of right now. I don't know if this will be repealed > or not. If the Fall elections change in the House and Senate, don't know if > this will get changed. > > I just wanted you to realize that starting in January 2011 you may want to > take advantage of anything you pay with cash/check and expect to spend more > thatn $600.00 at one location, you may want to change to credit/debit card to > save you the headache of filing 1099 forms. diana from indiana > > > > > > By Alexander Bolton - 09/14/10 12:47 PM ET > The Senate on Tuesday defeated an effort to strip a controversial > tax-reporting provision from the sweeping healthcare law Congress passed > earlier this year. > > In a 46-52 vote, lawmakers killed an amendment sponsored by Sen. Mike > Johanns (R-Neb.) that would have saved businesses and nonprofit groups from > having to report an array of small and medium-sized purchases to the Internal > Revenue Service. > > A handful of Democrats voted for the Johanns proposal, including Sens. Evan > Bayh (Ind.), Michael Bennet (Colo.), Blanche Lincoln (Ark.), Ben Nelson > (Neb.), Mark Pryor (Ark.), Mark Warner (Va.), and Jim Webb (Va.). > > The vote puts the Senate on track to pass small-business assistance > legislation this week or early next week. > > The U.S. Chamber of Commerce and other business groups had lobbied furiously > in favor of the Johanns amendment. Business groups argue the new requirements > impose a heavy cost on small businesses and will harm the economy. > > The provision, which is estimated to raise $17 billion over 10 years to pay > for a new prevention and public healthcare fund, requires businesses and > other groups to file 1099 tax forms to report purchases from a single > supplier that total more than $600 in a year. > > PLEASE NOTE: That's a 1099 for each and every time a $600 purchase or > service is transacted. It's going to add to the cost of whatever service or > product the purchaser does. > > An alternative to Johann's amendment sponsored by Sen. Bill Nelson (D-Fla.) > also fell short of passage. Nelson's proposal would have increased the > reporting threshold to $5,000 and eliminated the requirement for businesses > with fewer than 25 employees. > > Nelson's amendment failed by a vote of 56 to 42, four votes short of the 60 > needed to cut off debate and move to a final vote. > > Republicans expressed concerns over the Nelson alternative because it would > have been paid for by repealing a tax break for large oil-and-gas producers. > > Senate Republicans said they were not surprised the Johanns amendment did not > attract more votes, citing staunch opposition from President Obama. > > "The White House does not want to set the precedent of rewriting the > healthcare bill," said a GOP aide. "They don't want to admit they made any > mistakes in the bill before the election." > > Democratic leaders scheduled the vote on the Johanns amendment to secure the > support of Sen. George Voinovich (R-Ohio) to advance the small-business bill. > Voinovich had demanded consideration of the small-business reporting > provision before agreeing to a final vote on the broader bill. > > The legislation would provide $12 billion in tax cuts to small businesses > and set up a $30 billion Small Business Lending Fund. It would allow > businesses to write off up to $500,000 in capital investments and 50 percent > of the cost of new equipment. It would also increase to $10,000 the tax > deduction for small business start-ups. > > Julian Pecquet contributed to this story. > > This story was posted at 11:59 a.m. and updated at 12:47 p.m. > > > -- > 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]. 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