4 ms·

I hate to break it to you, but a whole lot of people in the US don't have accountants and yet still spend more than $600 at various stores over the course of a

• _delirium 16y ago
  As the article notes, this doesn't apply to individuals, no matter how much money they spend at a store per year; it only applies to businesses, who are already required to keep track of their business expenses.
  • spinchange 16y ago
    Individuals are small businesses too. Consultants, contractors, lots of people. More people, yes people, file a Schedule C than you might be aware of. Hell, someone who does a lot of business selling stuff on eBay or Craigslist is subject to this I they're reporting their income from that activity. Many do.
    • _delirium 16y ago
      Sure, I file a Schedule C myself (for a pretty tiny side business). But I also keep track of all the expenses for that, since I have to to report on the Schedule C, so it's trivial for me to determine if I paid anyone more than $600 this year (just export my expenses from Gnucash, grouped by payee). And yes, it'd be an added hassle to file 1099s, and I don't really support it. My main point is that, contrary to the impression some people here seem to have, non-business expenses won't require 1099s. The discussion here (in particular the thread I was replying to) seemed to think that the law would require their grandmother to send Best Buy a 1099 if she spent more than $600 on her new computer, or that you'd have to add up all your Home Depot receipts to see if you spent more than $600 on home-improvement this year, which isn't the case.