You can still get IRS tax Forms by mail

You can still get IRS tax Forms by mail.

Here’s how:

Call 1-800-TAX-FORM (800-829-3676)

You can order current year forms, instructions and publications as well as prior year forms and instructions.

The IRS says that you will receive your order by mail, usually within 10 days.

1099′s – New Law changes requirements beginning in 2012

The burden placed on small businesses and start-ups just keeps getting higher and higher.

Beginning in 2012 businesses will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year. These changes will cause businesses to have to track many more of their transactions and issue many more forms – if they stand.

This will hugely increase the number of 1099s issued each year and massively increase the paperwork required to track these transactions because it adds both corporations and goods.

Under this new law you will be required to issue a 1099 to companies such as Costco and Smart & Final, and all other vendors for items purchased for resale.

This provision is beginning to be noticed by more and more people in the small business community and will hopefully be reconsidered.

First year depreciation dedution increased to 500K

Good news for business owners who bought equipment in 2010 or want to buy new equipment in 2011 and want to expense it fast. The Sec 179 limit was increased to 500K for 2010 and 2011 by the The Small Business Jobs Act of 2010. This can really help defer taxes for businesses that are otherwise profitable even though they spent on depreciable equipment.

Here is what the IRS said about the new law:

Continue reading “First year depreciation dedution increased to 500K”