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| Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | Views: 2176 |
| Oct 14, 2010 2:13 am | | Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Eileen Brown | | Eve'ng Folks.
In case you have not read this before, it will impact your
small business, whether you work from home or not:
http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/
Be aware that if you pay anyone for services or goods that
total $600.00 (or more) you will be required to file a 1099
with the gov.
This is (of course) another gov. gimmick.
Example:
'Mary' across the street helps me take care of Russ and
I am paying her for her time. I may be paying her in cash
BUT IF I want to take that outpay and claim it as a medical
expense at the end of the year on his tax return, I'll have
to provide the gov. with the 1099's to prove I paid out the
money.
SO this does not only apply to business small and large but
to individuals as well.
Eileen
Tweet ME @SuperEB - http://twitter.com/SuperEB
Web Development - http://www.bekansas.com/
Web Site Graphics - http://www.buddywebgraphics.com/
ABHP http://abhp-network.ryze.com/ ~~~ JOKE http://todaysjoke-network.ryze.com/Private Reply to Eileen Brown |
| Oct 14, 2010 3:06 pm | | re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Bobbi Jo Woods | | Not sure what this would mean for micro-businesses like me, I just have myself, and my healthcare coverage is through the state. Private Reply to Bobbi Jo Woods |
| Oct 17, 2010 10:01 am | | re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Eileen Brown | | For small business:
http://www.entrepreneur.com/money/taxcenter/taxpertisecolumnistbonnielee/article207404.html
Eileen Private Reply to Eileen Brown |
| Oct 17, 2010 1:27 pm | | re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Scott Wolpow | | As Linda McMahon told Richard Bluementhal in the debate.
It is not his fault he has no idea how to create jobs, he has been in government all his life.
I would suggest finding out if your lawmakers voted yes or no, then never vote for them again. And let them know why you wantthem fired.Private Reply to Scott Wolpow |
| Oct 17, 2010 4:09 pm | | re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Bobbi Jo Woods | | Thanks, Eileen
I have several clients who paid me at least $600 this year, but a few paid via PayPal, so I'll check with my tax accountant to see if those count.
-Bobbi Jo
Bobbi Jo Woods, Owner, B. Woods Design
Professional Websites for Small Business
877-996-9932 Toll-free
http://www.bwoodsdesign.comPrivate Reply to Bobbi Jo Woods |
| Oct 17, 2010 4:53 pm | | re: re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Scott Wolpow | | Bobbi,
They have to send you 1099. If you are a corporation, this is not needed.Private Reply to Scott Wolpow |
| Oct 17, 2010 11:00 pm | | re: re: re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Bobbi Jo Woods | | But I have to request them or else I won't get them. Private Reply to Bobbi Jo Woods |
| Oct 17, 2010 11:28 pm | | re: re: re: re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bill. | # |
Scott Wolpow | | No, the onus is on them. They should ask you for your EIN or SS number before January 30th. Private Reply to Scott Wolpow |
| Oct 18, 2010 1:50 am | | re: re: re: re: re: re: re: Small Business Owners and the 1099 - The New Law in the Health Reform Bi | # |
Bobbi Jo Woods | | That's what I mean - I'll be sending a letter to them with my EIN so it's clear that they need to do 1099 for me. Otherwise, many assume since I'm a freelancer that I don't require one. Private Reply to Bobbi Jo Woods |
| Oct 19, 2010 3:17 am | | re: re: re: re: re: re: re: re: Small Business Owners and the 1099 - The New Law in the Health Refor | # |
Eileen Brown | | Here's the thing I dislike about the whole scenario. My
web business is what I consider "my business". With Russ,
because of the power of attorney for his financial matters,
that also makes an LLC (for me)separate from what my actual
working business is. So now, I suddenly have two
businesses.
I've had this all along, but with some of the new rules,
HIS taxes and situation become a huge can of worms for ME.
I don't keep all his personal items in detail, like I used
to do. I DO keep all payments for services, but not in any
real accounting manner. His properties are listed in my
name however, with the LLC designation.
Same 'ol political crapola we've always had with a new
twist, much more paperwork. Yeck.
Eileen :(
Tweet ME @SuperEB - http://twitter.com/SuperEB
Web Development - http://www.bekansas.com/
Web Site Graphics - http://www.buddywebgraphics.com/
ABHP http://abhp-network.ryze.com/ ~~~ JOKE http://todaysjoke-network.ryze.com/Private Reply to Eileen Brown |
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