Blog from Anthony Giannette, CB

Are you one of the millions of Americans who own rental property? Do you enjoy filling out lots of extra tax forms? If so, you’re in luck!As reported by the Examiner’s Susan Ferrechio, a provision of the Small Business Jobs Act passed by Congress last fall mandates that rental income be subject to the same tax reporting requirements as a business or trade.Thus, rental income recipients making payments of $600 or more to a service provider in the course of earning rental income are required to provide an information return (typically, Form 1099-MISC, Miscellaneous Income) to the IRS and to the service provider.

Pasted from <http://askmikebutler.com/new-tax-law-creates-big-headaches-for-rental-property-owners/>

As an astute bookkeeper and student of Accounting, I have been saying for years that business owners should embrace the information reporting requirement and apply it across all vendors regardless of whether their services are provided as an employee replacement contractor or not. Now rental property must report to the IRS and to the vendors. Do you know how tough it is to convince big stores to provide 1099 information? Oh boy is this going to be a busy year!

I was looking around the internet at my hobby stuff. Stock investments, realty investments and ran across a quote worthy of sharing with my readers:

” I found that when you start thinking and saying what you really want then your mind automatically
shifts and pulls you in that direction. And sometimes it can be that simple, just a little twist in
vocabulary that illustrates your attitude and philosophy.”

“Formal education will earn you a living. Self education will earn you a [friggin] fortune.”

–Jim Rohn

Yes! I am available to the highest bidder!

Actually this is not an auction, but since becoming independent, I have discovered the need to continually plug myself in order to attract new clients and employers. If you found this article, it is likely you have come from my linked in account. Below is a snapshot of what I offer to all my clients, employers and friends. If you are thinking about hiring a bookkeeper, give me a call. I won’t charge you for asking a couple simple questions. I’m not a lawyer after all…

Contacting me is pretty easy as I monitor the blog daily to clear out the pesky spam this site keeps getting.

Accounting 7 yrs Experience

As a professional bookkeeping and accounting systems advisor, I provide strategies that allow clients/employers more time to market, sell, and operate their benefit revenue stream. My goal is to assist your identification of additional revenue streams, streamline your accounting procedures and develop variance budgeting. Experience with personal budgets & real estate development accounting has proven that a 4 year budget is the slimmest of cash flow forecasts. I believe in targeting a 12 year forecast including lean and robust years of growth.

I have developed methods any small business can implement. My clients enjoy access to information security, near paperless operations, email on a localized computer, online video conferencing, an online mailing solution, and an advisor who does not charge by the minute when contracting.

My network of professionals and affiliations with local Chambers of Commerce, Business Networking International, the American Institute of Professional Bookkeepers, and Biznik online presents access to hundreds of professionals in many fields.

As we approach the end of 2010, tax time and changes in reporting will begin to hound all business owners from the Pacific Ocean to the Atlantic seaboard. A major change in the way we report vendor expenses to the IRS is both a simplification and a complication all in one major swoop. In effect, beginning January 1, 2011, we must report every penny spent for vendor expenses above $600.00 whether it be product purchases or services rendered.

Your bookkeeper likely has already changed processes and contacted all of your vendors to ensure this 1099 law change goes into effect without a hitch. However, if you are like several of the vendors I contacted during 2010, you might be wondering what I am talking about. The 1099 reporting requirements have changed. There are no longer any exceptions to reporting. They were all swept away!

All dollars spent for business purposes must now be reported. What was not said by the law or by the IRS is this might actually be one way to assist in auditing our expenditures and income for future reporting periods.

Do all of your 1099′s match your income?

Do all of your out-going 1099′s match your vendor’s record for what they report receiving from you?

As we all read from the novel, 1984, George Orwell was concerned that the government would become socialist enough to track our every move. This change with 1099′s might just be what the good writer predicted. Is “Big Brother”watching over us or just making us tattle on each other?

For anyone in my circle who has been paying attention, Windstream is upward trending above 13.10 per share today and expected to continue rising. I bought this stock in the Spring of 2010 and was expecting to sell before December. I think I will buy a few more shares to put my growth over the 20% mark for the year.

“Windstream [Communications] (NASDAQ:WIN) traded in a range yesterday that spanned from a low of $13.10 to a high of $13.36. Yesterday’s high of the day pierced the 3-day high of $13.16 on volume of 4 million shares.” –Comtex SmarTrend(R)

The news is all good for Windstream. Fundamentals are sound. Not being a licensed broker I am not telling anyone what to do with their decisions on this stock. But as you can see, I placed an order to purchase a few more shares today.

I thought I would pass this along

On Nov. 11, veterans and active duty military personnel are getting more than just recognition for their service.

More than 400 bed and breakfasts and inns in 46 states and Canada are offering current and former military members and their families a free night’s stay on Nov. 10, the day before Veterans Day. According to Kathleen Panek, owner of the Gillum House in Shinnston, W.Va., the promotion first was offered in 2009 by ten members of the West Virginia B&B Association but this year has expanded nationwide.

Participating locations must offer at least one room free of charge, and service members wishing to take advantage of the promotion must present a current military or VA identification. For a list of participating properties, go to BnBsForVets.org .

PLEASE CHECK the Veteran and Family Support Events Calender at: http://www.my.calendars.net/cencapgrevents

Doug Lyvere
SgtMaj, Marine ret
Chairman, Eagles Up
www.eaglesup.us
Assistant State Captain, PGR
www.patriotguard.org
Road Guard, Run For The Wall
www.rftw.org
American Legion Rider
www.americanlegionriders.net/

415-309-2510

 

hirepatriots.com

 

I’ve always wanted to do something magnificent. Now I finally have my chance to help others where I did not have help myself. My own military career ended in 1992. Back then, there was only the local employment office where a serviceman could be treated like a human being instead of an uneducated hack.

Today there are several recruiting companies, temp agencies and other professional organizations to assist in finding a living wage employment opportunity. How times have changed! This year I stumbled upon a website that looks to help our military veterans (milvets) while they are still on active duty OR when they happen to be between jobs OR when they simply wish to reach a hand out to the community.

Local residents and small business owners nearby any military base can now post their small one-day job on hirepatriots.com to find a polite, hard-working individual. Have a garage to clean out and wish you had an extra pair of hands to help out? Have you been injured and can’t push the lawn mower and really need to get that grass cut?

Our troops have largely heard of this website and comb it regularly looking for something to do. How about you give them a hand and post a job?

Its Free!

I’ve decided to take a break from business writing to give us all a few tips. As you can see, I took a snippet from Reader’s Digest September 2010 issue just to point out the Irritating Phrases to avoid. Mostly, because I have seen all of these THIS YEAR! I guess I was right to roll my eyes silently and smile…

Also, support the digest and pick this issue up at news racks everywhere. It really does have the funniest articles this time!

A new website caught my attention which I would like for all my readers to drop by and take a look for themselves. I spoke with Mark Baird and asked about getting a sub-domain started here in Western Washington. I would like to hear comment whether anyone thinks our local veterans and service men from Mcchord, Fort Lewis, Whidbey Island, Bangor, and Bremerton would benefit.

If so, are there generous souls out there who would like to pitch in on the start-up costs on such a venture? Are there local supporters who have been waiting for the right opportunity to really help our vets out? You can help by pledging donations to the “Western Washington Sub-domain” fund and by posting ads on the national sub-domain for help around your house or community.

Please review www.hirepatriots.com and let me know what you think about Mark Baird and the Hire Patriots crew!

I looked over my stock portfolio this morning and see the following:

WIN: Winstream
YHOO: Yahoo

Since Apple just soared over 260 the other day, it sold along with another tech stock I was carrying. Anyone have ideas for growing this list or share your own diversification expertise?
www.thedollarkeeper.com