Beginning January 1, 2012, you will be required to report just about everything to the IRS. There has been some discussion recently about this in relation to gold, but it applies to everything if you purchase in aggregate over $600. In other words purchases that add up to more than $600 over the course of a year require IRS form 1099 to be filed. It applies to “all persons engaged in business.” Clean someone’s house? Mow a lawn? Write an article? Write a program? Graphic design? Realtor?
So if a person buys a computer on January 1st for $399, paper and ink and printer for more than $202 on December 31st of that year from the same person or business (flea market, Bill’s Computer Condo, Office Depot) for their office, they are required to file IRS Form 1099. Forgot about it over Continue reading 1099 Your Freedom Away – Reporting everything to the IRS with 1099s