Did I mention: More Tax Paperwork in 2012

This information was supplied by the PMA Newsline Daily Photo News.

There is a new tax law that will become a burden to every small studio and small independent photographers, and it had nothing to do with the New Massive Health Care Reform act that Obama Signed into law.

In 2012, every business will be required to issue to any vendor of services or property to which the business has paid more than $600 for those services or property, a Form 1099. The Form 1099 is also sent to the Internal Revenue Service. In addition to issuing the forms, a business will required to get Federal Taxpayer Identification Numbers (TINs) from all of its vendors and withhold payments to them until it receives the TIN. Penalties apply if the business fails to issue the Forms 1099.  Lastly, if you are a small studio or freelance photographer, you will also be required to get a Federal Tax Payer Identification Numbers if you or your studio has not already gotten one.

For more information go to PMA Newsline Daily Photo News


~ by pthomaslambert on April 21, 2010.

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