No Angie, sales tax is a state issue, we don't have a national sales tax.
This for those that pay cash, for example, you bought something for
your biz for cash, lets say 600.00 and you can deduct this. But
since you paid cash you say hey since I paid cash I'm going to write
this off as a business expense, and heck lets just say I spent 1,000
dollars instead since there is no paper trail, no one will know. Gov
loses 400.00.
Now the guy that you purchases this stuff from, for $600.00 and paid
cash to him, says hey, I don't wanna pay taxes, and since I have the
cash, and no one will know, I won't report it at all. Gov loses 600.00.
Now of course this isn't exactly 400 and 600, because of percentages
blah blah, just using it as an example. The whole 1099 thing and the
credit/debit card thing is paper proof.
and Maggie, you just sooooooooooooooooo make me giggle!!!!!!! diana
from indiana
At 01:50 PM 9/16/2010, you wrote:
Do you think it is to keep track of what we are buying out of state
that we are not being charged sales tax on?
[]
Angie Wingerter
From: "[email protected]" <[email protected]>
To: [email protected]
Sent: Thu, September 16, 2010 11:12:35 AM
Subject: Re: NailTech:: 1099 deduction form updates
Rhonda, thanks for explaining what I meant, i type faster than I think!!LOLO
Jess, you say that you don't keep receipts, only bank
statements. Now this would scare me. If the IRS came in and said,
let me see your receipt for this check you wrote to Wal-mart to make
sure all your purchases were for nail supplies. How could you prove
that the check listed on your bank statement was used 100% for
business expenses?
And the debit/credit issue...well I use both. Rhonda is soooooooo
right, if you get scammed with your debit card, you are OUT of money
until it gets sorted out. Credit card Scam,it will mess with your
balance for a month or so, but that is it.
That is why I only use debit card locally, and credit card with
computer purchases, and traveling. I agree, checks are on the way
out, coming sooner or later, get used to it. But still have a check
book that I write my boothrent and other small purchases.
diana from indiana
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