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Small Business Owners and the 1099 - The New Law in the Health Reform Bill.

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

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