Sneaky sneaks

Sneaky sneaks

Soon you will have your gold sales reported to the IRS.

Well apparently the new health care reform bill has a provision tucked in that has just recently come to the public attention. Gold dealers will have to file a 1099 to report sales activities over 600.00 when purchasing gold from an individual and business.

So, be a good little citizen and remember to bring your social security card when you sell your gold.

Here is the story
http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

Not to worry! I have a few suggestions: Obviously try to keep transactions under 600, hard to do with today's gold prices, but keep in mind when purchasing gold and consider smaller quantities. Also consider using an S-corp, with a tax ID. An s-corp is exempted from 1099 filings, when the corp is receiving money. But if you are a corp then you are supposed to file a 1099 when paying another, Then you too can be an IRS tattle tale! If you chose to report another (hint-hint)

Setting up an s-corp is the best business move I ever did. Its easy too!