Originally Posted by
Ditchdigger
It could very well cut into the price you are paid at the scrapyard too. Think of all the extra expense of keeping track of how much has been paid to the hundreds, no, thousands of people that come and go at a typical scrapyard each year. You think the cost for that record keeping is going to come out of their profits? Think again...
Its all done by computer right now. It wouldn't take much to along with my ID, my name and adress, my picture, and my signature along with a check, also include how much money they are paying me and my tax ID number.
The 1099s will NOT be a big deal… If you get a 1099 at the end of the year, so what? I declare how much money I make at the end of the year anyway, so what is the problem?
If you buy more than $600 worth of scrap metal from a customer, 1099 them at the end of the year.
This is just going to make you a more reliable, respected, and recognized business highlighting your service in the community. It will also make companies that avoid the 1099
illegitimate and you come out ahead.
Bookmarks