Business and Math

I just had to share this little snipped I read on a forum today.

Quote:

Originally Posted by Anonymous  DO I have to do the math thing about costs, labor, etc....I'm dead

Naw, you dont have to do the math.... but your chances for success are far greater if you do.  It reminds me a little of the two fellas who went into the hay business. They could buy hay from the neighbor for $1.00 per bale and found a market for it about 50 miles away where the guy offered them $100 bucks for every 100 bales they could bring him. After about a week of loading, hauling, and unloading hay they noticed they were not prospering.... the brighter of the two asked the other.... "Do you think we need to get a bigger truck?" 

Business and math go together. 

Quickbooks Pro Download on Sale $99.00

For those looking to buy Quickbooks Pro 2012 I saw it was available for just $99.99 for the download version. I don't know how long this price is good for so I'd take advantage of it now if you're looking to upgrade or buy the software!

Changes to 2011 1099-misc reporting requirements

If you're a business owner, there's a good chance that you'll be preparing 1099-misc slips sometime this month. There are some important changes to 1099-misc reporting requirements.

If you made payment to vendors via a third party payment system such as google checkout, credit-card, debit card, or paypal, do not include these amounts on the 1099-misc you issue to your vendor. The third party company will be responsible for reporting these payments on a form 1099-K.

Here's a link to the IRS instructions.

In most cases, 1099's should be issued to the recipient by January 31.

2012 Standard Mileage Rates

Happy new year!

Here are the 2010 Standard Mileage Rates:

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55.5 cents per mile for business miles driven
• 23 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.