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Archives for 1099

Business Bartering and Taxes

Yup.  There’s a form for that, too.

Chef Louie was in a pickle.  It was tax season.  And those taxes weren’t going to prepare themselves.  Cash was tight.  Despondently, Chef Louie walked down the street with his hands in his empty pockets.  Then, Hark!  What was that?  He heard of a guy, Tax Man Stan, who was into barter.  No money changes hands?!  Could there be a way out?  Chef Louie’s spirits were rising like a double decker devil’s food cake.

They met.  Tax Man Stan’s ex-wife Nan had been needling him to provide something for their daughter Fran’s baby shower.  Tax Man Stan agreed to do Chef Louie’s $650 taxes, and Chef Louie agreed to cater $650 worth of pink and blue themed delicacies.  They smiled, shook hands, and got to work.

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1099: What Business Owners Need to Know

Okay, business owners, here we go! Your favorite task of the year:  1099s!

What is the dollar limit?

If total payment for the year is $600 or more, issue a 1099.

If total payment for the year is under $600, ignore the 1099.

Who might get a 1099?

Anyone who provided a service for you in 2012.

Here is a list of common services.  The list is not complete. Contact me if you are unsure.

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