floorguy said:
With some potential upcoming changes to how we must file our taxes (starting next year) - you credit card haters might want to rethink that position -
really rethink that position - you can thank Obama care for this.
Section 9006 of the healthcare bill, a few sentences in the over 2400 page document, requires you to file a 1099 for ANY and EVERY vendor you spend over $600, or you lose the write off.
All you disty's out there better get ready for it too.
You have to issue it for individuals and even to corporations.
From what I have read, purchases on a credit card can be exempt from having to file a 1099 on >$600/yr.
The real problem lies in having your vendors return the w-9 you must send them in order to 1099 them. Like every gs station you use - you are going to have to do legwork just to find out where to send the w-9's.
I'm going to send a w-9 to every vendor this November with a note, if you want my business as of Jan 1 - I have to have this back.
I think this is something that should have it's own thread, so I'll repost it that way.