Interesting read for Small Businesses... - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 27 (permalink) Old 05-21-2010, 11:08 PM Thread Starter
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Interesting read for Small Businesses...

Stealth IRS campaign mandates millions of new 1099 tax forms - May. 21, 2010

Just a little nugget...

Quote:
Henschke's group had previously surveyed its members and learned that they average 10 filings a year of 1099 forms, each of which takes about half an hour to prepare. That's in line with the GAO report, which found that a typical small business spent between three and five hours per year filing 1099s.

But SMC's survey found that extending 1099s just to services purchased from corporations would push that number to at least 200 filings per year for a typical small business -- adding an estimated $6,000 to the cost of preparing the average tax return. And that's without even accounting for the requirement that 1099s be filed for purchases of goods, a provision that Henschke's group didn't see coming when it conducted its survey last year.

"These folks are doing their paperwork in the evenings and on the weekends already," he says. "This certainly adds to the burden substantially."
Going to have to budget $10,000 just to do your taxes every year...

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post #2 of 27 (permalink) Old 05-22-2010, 02:13 AM
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Re: Interesting read for Small Businesses...

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Originally Posted by 02BigD View Post
Going to have to budget $10,000 just to do your taxes every year...
Why?

Not only is your tax prep fee deductible, this additional filing is pretty slight.

Besides, how can you argue that this isn't a good thing?

Quote:
The goal of the new regulations is to catch income that is going unreported to the IRS. The federal government loses an estimated $300 billion each year from the "tax gap" between what individuals and businesses owe and what they actually pay.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #3 of 27 (permalink) Old 05-22-2010, 02:23 AM
Yeah, it's like that
 
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Re: Interesting read for Small Businesses...

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Originally Posted by AK Gandy View Post
Why?

Not only is your tax prep fee deductible, this additional filing is pretty slight.

Besides, how can you argue that this isn't a good thing?
You clearly don't run a business. What are the limits that the gov't actually oversteps the bounds in your eyes? Why do I need to 1099 a supplier when they are incorperated and the check is made out to the corperation that has it's own bank account with a federal tax ID number and that deposit is already tracked when they deposit it?

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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post #4 of 27 (permalink) Old 05-22-2010, 02:26 AM
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Re: Interesting read for Small Businesses...

Read the article Ducati.

Quote:
The new 1099-K aims to shine a light on a currently hard-to-track payment stream: credit cards.
If you currently report all of your income (non-wage), you have nothing to worry about.

If you don't, then don't go whining about the fact that you can no longer get away with tax evasion.

Just be thankful you've gotten away with it up until now.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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Originally Posted by Binderpower View Post
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post #5 of 27 (permalink) Old 05-22-2010, 02:56 AM
Yeah, it's like that
 
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Re: Interesting read for Small Businesses...

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Originally Posted by AK Gandy View Post
Read the article Ducati.



If you currently report all of your income (non-wage), you have nothing to worry about.

If you don't, then don't go whining about the fact that you can no longer get away with tax evasion.

Just be thankful you've gotten away with it up until now.
Better reread that article Gandy, it says shine the light on Credit Card transactions, it doesn't say that if you pay by check you don't have to file a 1099. So I will have to 1099 about 8 different fuel stations alone since I go through about $350 worth of diesel every 10 days and at whatever station is closest to my equipment. I will have to file probably an extra 100+ 1099's a year, but you don't give a #### because you don't run a business and it doesn't effect you, or at least you think. I guess you don't ever need a new roof on your shack, or the oil changed in your car, or your carpets cleaned, or your yard mowed, or your toilet replaced, or any other service. The end customer is the one that will get to pay for this not the business owner. I will just transfer the costs of this on to my customers, so I don't give a crap.

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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post #6 of 27 (permalink) Old 05-22-2010, 03:15 AM
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Re: Interesting read for Small Businesses...

You're right about one thing, your little bit of additional paperwork won't affect me.

Cause I won't be hiring you.

It also says that if you buy less than $600 from any one supplier.....it doesn't apply.

PS. I'm buying paper stocks.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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Originally Posted by Binderpower View Post
I can be possible.
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post #7 of 27 (permalink) Old 05-22-2010, 06:51 PM
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Re: Interesting read for Small Businesses...

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Originally Posted by AK Gandy View Post
You're right about one thing, your little bit of additional paperwork won't affect me. Mine won't, but unless you plan on doing all service work on your house, vehicles and other things, it will effect you. You will end up paying the costs that what ever business you hire. Last I checked most cities over 150k people, you can't do any mechanical work to your house yourself, (there is a process to test out to do some of it, but I highly doubt you could pass the tests, without taking some classes, which would also affect your bottom line). Your like the people that are happy with gas prices because they are $.30 less than diesel so you think the high diesel prices don't effect you. What did you fill that train that you used to run with? How about the truck that takes it from the rail yard to the distributer and the distributer to the store you buy your goods at?

Cause I won't be hiring you.

Don't worry the feeling is mutual, I would mark up my prices by 200-300% as a liberal tax to you

It also says that if you buy less than $600 from any one supplier.....it doesn't apply.

I can't think of one store that I don't spend at least $600 a year at, maybe Ace Hardware but that would be the only one.

PS. I'm buying paper stocks.
A short list of stores that I easily spend over $600 per year at:

Plumb Supply
Suburban Lumber
O & A Lumber
Gilcrest Lumber
Menards
Home Depot
Lowe's
Sears
Amama General Applinaces
Slager Appliance
Over Head Doors
Tri-County seamless Gutters
Glass Concepts
A & M Roofing
Daughtry Drywall
King's Material
Pesek Masonary
Pella Window store
Carpet's Plus
CR Tile
Adam's Tile
House of carpets
Stall Drywall
Beam Cental Vacs
Residential Connections
A-1 Insulation
Kelly Concrete
Century Concrete
Wendling Quarries
ABC Disposal
Action Portable Services
Mid American Energy
Rural Electric Company
Alliant Energy
Electrical Connections
Kulish Electric
ABC Supply
Campbell Supply
White Cap Supply
Acme Supply
Tri-state Crane and rigging
Coonrod Crane and rigging
Star Rentals
A-1 Rental
Staples
Sticka Design Studios
Ar-Jays lighting
Ralston Creek Fireplaces
Cabinet studios
The Rock Shop
Advanced Tops
Flemming Nursery
ProLawn Plus Landscape
All Clear
At least 10-15 sub labor companies that are INC's so I don't have to 1099 them now
At least 8 different fuel companies

Most of these I will spend $600 for them doing just one job. The list could easily go on, if I sat down and really thought about it, these were just at the top of my head. Again I will ask at what point do you think the Gov't is too big?

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan
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post #8 of 27 (permalink) Old 05-23-2010, 02:21 AM
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Re: Interesting read for Small Businesses...

Better stock up on 1099's.

It will be worth it if they catch a few bucks that have slipped through the cracks in the past.

And maybe the extra time you spend making out the 1099's, means that you won't be on here to make a fool of yourself quite as often.

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
Quote:
Originally Posted by Binderpower View Post
I can be possible.
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post #9 of 27 (permalink) Old 05-23-2010, 02:46 AM
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Re: Interesting read for Small Businesses...

Quote:
Originally Posted by AK Gandy View Post
Better stock up on 1099's.

It will be worth it if they catch a few bucks that have slipped through the cracks in the past.

And maybe the extra time you spend making out the 1099's, means that you won't be on here to make a fool of yourself quite as often.
Wow. i've read alot of these political threads over the last few months and it just now hit me like a ton of bricks. do you really need to login to this forum to make you feel better about yourself? i just find it interesting that you feed off of all of this and am wondering if you are a true narcissist? Did all of the political blogboards at some point in time make you feel like a complete ass so you now have reverted to truck sites? i cant imagine what drives an individual such as yourself. seriously. but i am completely awestruck by your typing skills and apparent availability of time to make an ass of yourself again.... and again..... and again......


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post #10 of 27 (permalink) Old 05-23-2010, 03:05 AM
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Re: Interesting read for Small Businesses...

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Originally Posted by brianb7.3 View Post
Wow. i've read alot of these political threads over the last few months and it just now hit me like a ton of bricks. do you really need to login to this forum to make you feel better about yourself? i just find it interesting that you feed off of all of this and am wondering if you are a true narcissist? Did all of the political blogboards at some point in time make you feel like a complete ass so you now have reverted to truck sites? i cant imagine what drives an individual such as yourself. seriously. but i am completely awestruck by your typing skills and apparent availability of time to make an ass of yourself again.... and again..... and again......
Thank you for taking the time to post.

Did you have something intelligent to add to the subject?

If so...............you've failed.

Or did you just post to make yourself look petty, empty-headed and foolish?

If so...............you've succeeded beyond all expectations.


PS. Being retired, with a guaranteed annuity, certainly helps in having "availability of time."

Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
Quote:
Originally Posted by Binderpower View Post
I can be possible.
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