Another way around the cc issue......interesting diversion. Marsha Rubino Gimme Nails @ Skin Envy Day Spa 38 First Ave E. Ste. E Kalispell, MT 59901 406-755-3771
________________________________ From: Jennifer White <[email protected]> To: "[email protected]" <[email protected]> Sent: Wed, September 15, 2010 9:18:28 AM Subject: Re: NailTech:: 1099 deduction form updates 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 I don't know if this will be repealed 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]. 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.
