$600 Nightmare!

"We'll have to pass this bill to see what's in it"

So buried somewhere in 2400 pages of the healthcare bill...

From CNN: The 1099 changes attached to the health care reform bill are another kettle of fish. These massively expand the requirements for filing the "1099-Misc" form, which companies use for recording payments to freelance workers and other individual service providers. Until now, payments to corporations have been exempt from 1099 rules, as have payments for the purchase of goods.

Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.

I will have to keep that in mind for 2011/2012 winter plowing season. Please tell me fuel will be exempt from this. YOu how many gas stations I will have to 1099.

Hey be happy,

Mrs Horse lips and the "Magnificent" himself our taking another trip. Be thankful, its on the tax payers money. More taxes, more taxes, to come up with so the demo's dont have to pay there's...

BTW

Eric, if I do send you one of my drop box transmissions from one of my fork lifts, I'll have to write a check, and 1099 ya.
Unless it's under $600.

i had my ghost invoice ready for a guy yesterday, that is until he pulled and peeled out the white envelope...to the shredder!

those who invest in crude stock are happy, 401's IRA's???
tell you what, im buying a cache of silver, locking it in a safe
thats how you make money. make a point to buy 1 ounce of silver a week and stash it, better than a savings account....I only tell my best friends this

if you can afford gold, then buy gold...dont fcn sell it to these idiots on TV

they are buying it for a reason, i really think in 10 years gold will hit 5k an ounce, its at the 1500 mark now, and dont listen to your fianancial advisor, his work is based on commission

Eric, no matter what it is, if it goes up fast, it's likely to come down fast when the bubble bursts. I don't know if it's a good investment or not. I think if it stays high, it's a sign of a lousy economy in the future. Housing was a great investment until it started appreciating 10% to 20% per year for about 5 years straight. At least you can live in a house. Seems the only good investments I've ever made were in myself.

But where would you have lived and kept your silver? Our market has leveled off with 5% and lower mortgage rates. I can guess what's going to happen if rates start to rise, and I'm receiving a lot of emails saying there's a huge glut of foreclosers in the pipeline that we've haven't seen yet, so housing is still very risky from an investment standpoint. Maybe gold, silver and cash in the mattress is the way to go. Or old Correct Crafts.

eric lavine wrote: rented, safety deposit box

All fine and dandy unless something happened to you and correct me if I'm wrong, but wouldn't the Gov get their cut of the contents of the safety deposit bow if it were over a certain amount. Wouldn't the Death Tax fall into place here?

Your survivors would get screwed and have to pay taxes on the worth on the gold and silver you had in there.