Skip to main content
April 17, 2020
Question

Business Income? 1099MIsc?

  • April 17, 2020
  • 1 reply
  • 0 views

Professor of Drama gets W-2 wages and does an acting gig/ got a 1099MISC for the job. Report on C?

He has expenses directly relating to the side job.    HELP

1 reply

Critter
Employee
April 17, 2020

You received a 1099-MISC for your self-employed income.
Type “1099-misc” in the Search box and then select the “Jump to” link. This will take you directly to the section where you can enter your 1099-MISC. You’ll also be able to enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment.

 

Your self-employment income was only from cash or personal checks or credit card payments.    
Type “Schedule C” in the Search box and then select the “Jump to” link. This will take you to where you can enter any cash, personal checks or credit card payments (Form 1099-K) related to your self-employment. You may first be asked some general questions about your business. After you answer them, you’ll be taken to the Let's get income for (your line of work) screen where you can enter this income as Additional Income.

Related Information:

 

 

If you are new to being self employed, are not incorporated or in a partnership  and  are acting as your own bookkeeper and tax preparer you need to get educated ....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf

 

Publication 946 … Depreciation

https://www.irs.gov/pub/irs-pdf/p946.pdf