Health care law's massive, hidden tax change

Discussion in 'Politics, Religion, Social Issues' started by squeeks, Jul 19, 2010.

  1. squeeks macrumors 68040

    squeeks

    Joined:
    Jun 19, 2007
    Location:
    Florida
    #1
    http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/

    Liberals are really out to destroy small business aren’t they?

    Just our company alone (my family owns a small hardware store) i can think of at least 100 vendors off hand we're going to have to try and get a 1099 form from.

    • Gas Stations
    • office supply
    • coffee / beverage vendors
    • uniform services

    on top of that, we have about 250-300 business charge accounts that WE will have to supply 1099s FOR

    pretty soon businesses will be so busy reporting to the government on what they are doing they wont have time to do anything else. :mad:
     
  2. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #2
    I'm having a tough time getting worked up over this....:rolleyes:
     
  3. Eraserhead macrumors G4

    Eraserhead

    Joined:
    Nov 3, 2005
    Location:
    UK
  4. mcrain macrumors 68000

    mcrain

    Joined:
    Feb 8, 2002
    Location:
    Illinois
    #4
    What's the big deal? Quicken or any other software program makes keeping track of those types of expenses very easy, and at the end of the year, if you spend more than $600 you send the 1099.

    You have to do the same thing today, but the dollar amount might be different. Are you angry because of paperwork, or because you know that this will increase tax compliance?
     
  5. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #5
    I think the answer you're looking for is "Obama's in office" or something like that ;)
    And btw, LOL at "the liberals" causing this. There is little if anything liberal in the healthcare bill.
     
  6. Gelfin macrumors 68020

    Gelfin

    Joined:
    Sep 18, 2001
    Location:
    Denver, CO
    #7
    Paperwork required to deduct: not too much paperwork.
    Paperwork required to discourage fraudulent deduction: too much paperwork.
     
  7. Peterkro macrumors 68020

    Peterkro

    Joined:
    Aug 17, 2004
    Location:
    Communard de Londres
    #8
    Bingo.
     
  8. leekohler macrumors G5

    leekohler

    Joined:
    Dec 22, 2004
    Location:
    Chicago, Illinois
    #9
    Yeah, liberals are out to destroy small business. :rolleyes:

    You know what? You'll do a lot better in here if you knock it off with that crap. No one is out to destroy small business. You sound like Rush Limbaugh's favorite pet.
     
  9. Desertrat macrumors newbie

    Joined:
    Jul 4, 2003
    Location:
    Terlingua, Texas
    #10
    It means that small shops which regularly buy small amounts during a year on a somewhat J Random Basis will have to keep more records to see if they exceed the $600 limit. Thrift shops. Coin stores. Small mom'n'pop stores. It just adds bookkeeping time and costs.

    It also means more people know more SS #s, which means more problems with identity theft.

    Worse than that, however, in this so-called reform bill BS is the proviso that any employer-paid medical coverage is to be declared as ordinary income. (Unless you're in the UAW.)
     
  10. squeeks thread starter macrumors 68040

    squeeks

    Joined:
    Jun 19, 2007
    Location:
    Florida
    #11
    Thats probably because you dont own a small business

    Paperwork. Trust me, we make sure we're compliant with the IRS, seen way too many companies we know get audited, we dont want that ever happening.

    except it was the liberal congressmen who stuck this little thing in the bill :rolleyes:

    actually I don't listen to Rush, I prefer Bortz

    I'm glad someone understands where I'm coming from.
     
  11. gibbz macrumors 68030

    Joined:
    May 31, 2007
    #12
    Massive?
     
  12. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #13
    Oh my mistake, I forgot that no one votes on these things, they just slip a bunch of paperwork together and call it a day.

    Are you serious?
     
  13. sushi Moderator emeritus

    sushi

    Joined:
    Jul 19, 2002
    Location:
    キャンプスワ&#
    #14
    I also understand where you are coming from.

    I would venture to say, that most who don't see this as an issue have never ran a small business so they don't realize what it takes to do so. Note, when I say ran, I mean the owner. Being an employee doesn't count since you are not responsible for the reporting.
     
  14. leekohler macrumors G5

    leekohler

    Joined:
    Dec 22, 2004
    Location:
    Chicago, Illinois
    #15
    Well, his favorite pet must be a parrot too.

    You could have started this thread in a manner that might have gotten you a nice discussion. Instead, you chose to piss people off. Good luck.
     
  15. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #16
    I get that if you do it yourself, it may become a little time consuming, but I don't see what principle the objections are on, other than not wanting to fill out any more paper work.
     
  16. Peterkro macrumors 68020

    Peterkro

    Joined:
    Aug 17, 2004
    Location:
    Communard de Londres
    #17
    I have a feeling that those small businesses who qualify for the $35 billion in taxes breaks won't have a problem with any extra paperwork.
     
  17. squeeks thread starter macrumors 68040

    squeeks

    Joined:
    Jun 19, 2007
    Location:
    Florida
    #18
    They do. How else do you think the bill got so huge?

    I dont remember who it was that said it, but someone in congress made the comment that we need to pass the bill just so we can see what all ended up making it in. :rolleyes:


    oh Lee calm down, you're just pissed because you dont agree with me. I get just as pissed when someone posts a negitive post on something the GOP does. :)
     
  18. leekohler macrumors G5

    leekohler

    Joined:
    Dec 22, 2004
    Location:
    Chicago, Illinois
    #19
    If the Republicans would have worked with everyone instead of against everyone, maybe things would be different. Instead, we have a crappy law that no one likes, with no public option.

    I don't agree that Liberals are out to destroy small business. Damn right I don't agree with that. That's a blatant untruth, and you know it. You could have gotten me to sympathize with the tax form issue, but that clearly wasn't what you wanted. You just wanted to blame an entire group of people for it- it was the first line in your post.
     
  19. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #20
    It was Nancy Pelosi that said that.

    http://www.speaker.gov/newsroom/pressreleases?id=1576
     
  20. Sdashiki macrumors 68040

    Sdashiki

    Joined:
    Aug 11, 2005
    Location:
    Behind the lens
    #21
    Its a damn 1099, get over it.

    ITS HALF OF A PAGE LONG.
     
  21. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #22
    The IRS just wants to make sure that...

    WriteOff Taken = 1099 sent

    Sort of a pain for small business, when they slip through the cracks and don't file a tax return, yet the company that hire them has a bill and is taking a deduction for their services.

    Which is something that might happen with a catering firm run out of someones house.

    Edit: though if you think about the paperwork aspect, it will kill people running small businesses as a dBA ... since they will have to incorporate, get an EIN, or lose business if they don't wish to supply a SSN on their receipt.
     
  22. squeeks thread starter macrumors 68040

    squeeks

    Joined:
    Jun 19, 2007
    Location:
    Florida
    #23
    Thats your opinion. Besides if you read what I said I was ASKING a QUESTION thus the ? mark

    because with all of these new regulations lately it sure seems that way.
     
  23. Eraserhead macrumors G4

    Eraserhead

    Joined:
    Nov 3, 2005
    Location:
    UK
    #24
    To be perfectly honest if you want to run a successful business you do need to keep proper accounts.
     
  24. ProwlingTiger macrumors 65816

    ProwlingTiger

    Joined:
    Jan 15, 2008
    #25
    There's far worse stuff in this clusterf*** of a bill than this. Honestly, I'm not surprised that this sort of crap is even in there given the way the bill went. Can't wait for it to be repealed or states revolt.
     

Share This Page