Where is this information that you all are talking about (I must have missed
the beginning post)
I am thinking your paper trail is your receipt where you bought something for
cash. You have to have those so they can pour over them when you get audited.
So what you all are saying, is when you go to a trade show for example and buy
lots of goodies with cash(because that is easier there) you have to have a 1099
made up for each company you purchased from?
Secondly, not everyone uses credit cards. Some people cannot get them due to
various financial situations. If you have bad credit and cannot get a credit
card, you have to purchase everything with cash or check. How would this be
enforceable?
In my many dealings with the government agency, they are not worried about
the 10.00 bottle of polish you bought with cash. They are after the larger
amounts them can collect from you. This is very interesting. If someone could
please send me what started this whole thread?
Sent from my U.S. Cellular BlackBerry® smartphone
-----Original Message-----
From: Diana Bonn <bonn.di...@att.net>
Sender: nailtech@googlegroups.com
Date: Thu, 16 Sep 2010 21:13:21
To: <nailtech@googlegroups.com>
Reply-To: nailtech@googlegroups.com
Subject: Re: NailTech:: 1099 deduction form updates
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: "db...@iquest.net" <db...@iquest.net>
>To: nailtech@googlegroups.com
>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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