I.R.S. Wants Your Money!! January 16, 2011 05:59AM
In 2011 the IRS is changing things so that the buyer will have to send a 1099 to the people or buisness they purchased new or used parts, tv, turbo, pump, Darton, Crower, ect. for $600.00 or more. Even a new computer from Walmart. You send Walmart a 1099 at the end of the year! Check out the Web. ( 2011 1099 requirements ) Will make selling any parts tuff! ( I need your S.S. number please )
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Re: I.R.S. Wants Your Money!! January 16, 2011 06:04AM
Did they vote on it already ??
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Re: I.R.S. Wants Your Money!! January 16, 2011 06:08AM
They said it was in with the health bill. Don"t know much just what I read on the 1099 site.
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Re: I.R.S. Wants Your Money!! January 16, 2011 06:40AM
no worries that portion will be repealed.
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Re: I.R.S. Wants Your Money!! January 16, 2011 08:49AM
In my shop its all farming , no tax and no worries ; screw em
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Re: I.R.S. Wants Your Money!! January 16, 2011 11:04AM
Quote
TIMMYC
In my shop its all farming , no tax and no worries ; screw em

10-4 on that, the IRS can kiss my "a double s" !!
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Re: I.R.S. Wants Your Money!! January 16, 2011 11:07AM
Can you say pay in $$$$$ CASH $$$$!!
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Re: I.R.S. Wants Your Money!! January 16, 2011 11:44AM
Gotta watch the "farm" use stuff. If you get audited and you don't itemize exactly what it was you worked on, they can nail you...

In Wisconsin, they IRS is the least of your worries. The WI dept of revenue will audit just about every business at least once in their life for sales tax compliance.. They hit a local trucking company here a few years ago. They had dump trucks for hire, hence an LC # and no tax on the stuff for their trucks. IRS audited them and found out they had a gravel pit. If you sell gravel and haul it yourself, you're not "for hire" as you're selling your own product. They hauled at LEAST one load of gravel with each of their trucks each year, so NONE of them qualified AT ALL for LC # tax exemption, and they had to pay $25,000 in back sales tax...

My rule, it better have no doubt in my mind, or you get charged tax. Period.. If you feel you shouldn't have to pay, you can file to get it back at the end of the year.. Then it's the customer's problem instead of mine. Smiling

Greenbacks however can change things I've heard. haha
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Re: I.R.S. Wants Your Money!! January 17, 2011 03:24AM
Farm tax exemptions are the problem, not the way around it, as I understand. I was told you can buy all the groceries and Christmas presents you want at walmart, but if you spend $601 on feed for your cows, you need to report it. My tax preparer is going to start charging to send out 1099 forms, to the tune of $4 each. She suggested as a way to limit it, put everything on a credit card. That way you only have one payment. But she was hopeful that it would be repealed. Perhaps we need to be contacting our representatives....
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