I've mentioned the new 1099 reporting requirements a couple of times already, but now that it's tax season, and the new IRS Form 1099-K is going to make its debut, it's a good time to review the new 1099 rules.

First, some background on the new 1099 reporting rules...

A few years ago the Housing Assistance Tax Act of 2008 was passed as part of the Housing and Economic Recovery Act of 2008. While the main purpose of this bill was to provide much needed housing reform,...

Back in 2008, I reported that eBay and PayPal would have to start sending 1099s out to sellers who use those sites.

In the original bill, it was proposed that credit card processors would be required to file Form 1099 (there will be a new 1099-K just for credit card merchants) for each seller that has at least $10,000 in gross sales and 200 transactions. Since then the numbers have changed to at least $20,000 in gross sales and 200 transactions, so less people will be affected by...

Just a reminder that your fourth quarter 2008 tax estimate is due on January 15, 2009.

This estimate goes towards your 2008 tax liability so it reduces the amount you will owe on your 2008 tax return when you file.

To avoid the penalty for not paying enough estimated tax, you need to pay in at least 90% of your 2008 tax liability or 100% of your 2007 tax liability, whichever is less.

Alternatively, you can choose to file and pay your 2008 taxes by January...

In the second half of 2008, the IRS increased the standard mileage rate to 58.5 cents per mile from 50.5 cents per mile for people who use their personal car for business use. This was in response to skyrocketing gas prices earlier in the year.

Since then, gas prices have dropped dramatically. Prices were as high as $4.10 in some states during the summertime, but have dropped to a national average of $1.90 in this last week in November.

I was wondering how the IRS...