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  1. #1
    Join Date
    Nov 2011
    Posts
    10

    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!
    Last edited by RaderSidetrack; 03-17-2023 at 01:22 PM.

  2. #2
    Join Date
    Dec 2013
    Posts
    5716

    Re: Need advice on taxes

    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.
    Jim Dawson
    Sandy, Oregon, USA

  3. #3
    Join Date
    Nov 2011
    Posts
    10
    Thank you very much, Jim!

    Quote Originally Posted by Jim Dawson View Post
    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.

  4. #4
    Join Date
    Jan 2023
    Posts
    1

    Re: Need advice on taxes

    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.

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