Bingo. "Katherine Fahrig" <[email protected]> wrote:
>>>I have always used a business credit card to pay for all salon product and >>>supplies. More documentation the better when it comes to taxes. I pay the >>>bill in full each month so that I avoid interest charges, I also save on COD >>>charges when products are shipped to me. I earn points on this credit card, >>>too and there is no annual fee. Credit cards can help you save money if you >>>use them the right way. I get a free airline ticket to the Las Vegas Hair >>>and Nail Conference every other year because of my responsible use of my >>>business credit card. Credit cards are not the root of all evil, >>>irresponsible credit abuse is. >>> >>>Katherine >>>St. Louis, MO >>>Sent from my iPad >>> >>>On Sep 15, 2010, at 9:59 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]. >>>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. >>> -- Sent from my HTC Evo on Sprint's Now Network. -- You received this message because you are subscribed to the Google Groups "NailTech" group. 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