Need advice on taxes

With the tax year here and my first year in business I have a small question. I've found an article that mentions I need to send a 1099-misc form to the companies I lease equipment from.
I am leasing a HAAS machine. Does anyone know if I need to send this form to Haas? Thank you for any guidance!

You would send the 1099 to the leasing company. If you are leasing directly from Haas, then yes you would send it to them. You need their tax ID number and correct address, but all of that information should be on the leasing paperwork. If Haas does their own leasing, I suspect it is incorporated separately from the machinery side, like General Motors Financial is seperate from GM Auto.

Thank you very much, Jim!

Quote:

---

Originally Posted by Jim Dawson

You would send the 1099 to the leasing company. If you are leasing directly from Haas, then yes you would send it to them. You need their tax ID number and correct address, but all of that information should be on the leasing paperwork. If Haas does their own leasing, I suspect it is incorporated separately from the machinery side, like General Motors Financial is seperate from GM Auto.

---

I think the company where you rent a HAAS machine handles all tax issues. When you purchase a product or service, value added tax must be included in the final price. I have never had any problems paying taxes. I have always taken tax issues seriously so as not to break the law.