I know – I know. Why would I do that on a Sunday morning? There are lots of other things to do. But it’s money saving week on the Food Network which started me thinking about money inflow and outflow. And overnight I received a couple of email requests for W9’s so that people can send 1099’s for the voiceover services I provided last year.
A few years ago when I was producing and hiring sub-contractors, I had a few 1099’s to fill out, but since moving to voiceoverwork full-time, I have not had to do this paperwork. Well, according to a provision in the “Affordable Health Care Bill” that was passed last year, beginning in 2012, as a small business person, we will need to issue 1099s for all services and goods purchased from all vendors in excess of $600.
Do yourself a favor – use your credit or debit card to pay for goods – not cash or check. Apparently then, the credit card company will take care of it.
Perhaps the new legislature will start slicing and dicing that bill and by the time 2012 rolls around, this provision will be gone.